Bank of India Ltd. has signed an agreement to use TimesofMoney’s remittance services to support funds transfers from the United Kingdom, the Chennai-based bank announced March 29.
The strategic partnership will enable the bank’s nonresident Indian customers to send funds in British pounds to beneficiaries in India, a spokesperson for the bank tells PaymentsSource.
TimesofMoney is a part of Times Internet Ltd., a wholly owned subsidiary of The Times Group, which controls the company’s operations along with its other Internet-based businesses.
To send funds using the service, nonresident customers of the bank must use their online-banking service to debit their bank account and register the beneficiary. The funds route through TimesofMoney.
This remittance service will offer all users competitive pricing, he adds, with remittances between £50 (US$80 and 60 euros) and £700 priced at £3 and those above £700 at £5.
India is the highest remittance-receiving country in the world, estimated at more than US$58 billion, Avijit Nanda, TimesofMoney president, said in the press release.
TimesofMoney will use its proprietary Remittance in a Box platform, which provides banks with a plug-and-play service to power their online remittance service, he added.
Bank of India has a heavy overseas presence. It has offices in 19 foreign centers spread over five continents where its services are extended through 49 branches, including seven in the UK. Almost 25% of the its business is contributed by its foreign offices, according to the bank.
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