Karnataka Bank can now boast of online money remittance services owing to its tie-up with TimesofMoney. Though online money transfer is nothing new, the facility has been introduced to enable Non Resident Indians (NRI), transfer funds to their friends/relatives residing within the country.
Is inward remittance a good business?
One might not be surprised to know, India is the largest receiver of funds from foreign lands. No wonder that multiple web companies have now started to explore the possibility of offer money transfer facility. This huge influx of relatively micro-funds is difficult to organize & streamline in such a way that the remitter & receiver have a hassle free transactional experience. TimesofMoney, as a monetary handling & processing company has gained a lot of trust from multiple companies. In fact, this company already has strategic alliance with Bank of India (BoI) for similar facility. Ever since the emergence of the company, TimesofMoney has carefully sculpted its image & striven to offer virtual currency exchange programs & worked to gain the trust of even e-commerce companies via unique offerings.
In case of Karnataka Bank, TimesofMoney will offer facility of sending / receiving funds from more than 20 countries confirmed an official statement, “With this partnership, NRIs can use the Karnataka Bank Web site to transfer money online from 23 countries leveraging Times of Money’s expertise in cross-border remittances”
Online money transfer has surely enabled even rural India to quickly receive funds & better their situations. Perhaps, rural banking initiatives are still progressing relatively at a slower pace. What do you think?