IDBI Bank in association with Times of Money is offering the online money transfer product that allows the customer to transfer money from US and UK to India with 1-3 days. This service is called as INDIARemit and it represents a complete online mode of transferring money where customer can send money by simply following the below mentioned steps.
(1)Customer needs to get register on INDIARemit site by submitting the personal details.
(2) Once registered, customer needs to provide his bank details
(3) Submit the details of receiver in India
This facility is available to any person that wants to make a payment in foreign currency to his friends or families in India (in Indian Rupees).
At present, the customer can make a remittance in only two foreign currencies including U.S Dollars & GBP. This remittance is delivered to the beneficiary’s account. Receiver can also receive the money at his/her address in form of locally payable demand draft in Indian Rupees only. The INDIARemit is offering its services only in United States & United Kingdom.
Customer can make the Inward remittances through INDIARemit for variety of reasons like
Investments, purchase of property, family maintenance, transfers to NRE accounts and others.
INDIARemit is offering only one payment mode that includes Online ACH Transfer and Online Bank Transfer.
(1) Online ACH Transfer- It is a completely web-based procedure for sending money to India. It is practiced in the United States where the transfer of money is carried out via the Automated Clearing House and money is directly debited from the sender’s US bank account and it is credited to the receiver’s account.
(2)Online Bank Transfer: This feature comprises of online mode of transferring money from the bank account in the United Kingdom by following the Internet Banking service of the Bank.