Federal Bank ties up with US based payments company for faster international remittances

MUMBAI: Kerala based private sector lender Federal Bank has tied up with Transfast Remittance LLC for facilitating online inward remittance to India in Rupees for their NRI customers based in USA. Transfast which is an omni-channel provider of cross-border payments solutions to consumers around the world, operates its network across 120+ countries in the USA, Asia, Europe and Africa.

With this tie-up, the US-based NRI customers can transfer money instantly to their NRI account in India from their US bank account even by using Debit card/ Credit card. Customers can send money to India by creating an account on https://transfast.com/send-money-to-india or by downloading Transfast App in iOS/android mobiles.

Shri. Varghese K I, chief general manager, Kerala Network said that customers in USA can choose from two products. One is ‘Fastrack’, which enables credit within zero to twenty four hours at a transfer fee of just 4.99 Dollars. There is no transfer fee if the amount is one thousand dollars or more. The other option is ‘VALUE+’ wherein the credit will happen at higher exchange rate with no transfer fee, but with a delay of 3 to 5 business days.