This tie-up will ensure customers in Europe can easily send remittance in Great Britain Pound (GBP) to their near & dear ones in India. The service will ensure remitters get the best possible exchange rates & the lowest possible transaction costs. Additionally just like e-banking or mobile banking, these foreign exchanges done online will do away with visits to the bank.
TimesofMoney has lately begun its aggressive expansion plans. The company has been helping track transactions too, both good & bad. It started its operations way back in 2008 when it introduced DirecPay. The company already has a NRI centric portal. Hence it make sense to club the intel & expertise from both the ventures.
Security & ease of use are the two aspects desired direly in any online transaction. More so when dealing internationally. After all, threats lurk at every corner. Alok K. Misra, Chairman and MD, Bank of India has assured that, “The product will ensure that the users can now transfer money 24×7 in an affordable and secure manner”. Interestingly India is the highest inward remittance receiving country. Annually US$ 58 Billion come into India.
TimesOfMoney’s ‘Remittance in a Box’ provides banks with a unique plug-and-play solution to power their online remittance service. This platform offers user-interface & design, risk management, technology, operations and customer service. In simpler words, TimesofMoney offers a ready to deploy package for Banks to start offering foreign remittance with minimum down-time. Judging by this, we may soon see other banks lining up to use this service. Additionally, TimesofMoney also offers specialized NRI services, Money Transfers, and e-Payments.
Bank Of India has an international presence across 19 foreign destination & 25% of of the Bank’s business is contributed by its foreign offices. Lets see how quickly this service is adopted by European NRIs.