Business Standard

Axis Bank ties up with Xpress Money for mobile fund transfer

Xpress Money has 1.35 lakh agent locations operational in 125 countries

Related News

today said it has entered into a tie-up with to launch inward remittances through mobile.

Under the tie-up, people can send money through any agent locations of UAE Exchange and Financial Services called to a registered mobile number in the country, the private sector bank said in a statement.

Xpress Money has 1.35 lakh agent locations operational in 125 countries.

The recipient has to register at any Axis Bank branch once and can withdraw the money sent from any Axis Bank ATMs with the help of codes sent to their registered mobile number, the statement said.

"This solution will help customers eliminate the need to visit physical agents and provide documentation every time they receive a money transfer," bank's president and head of treasury and international banking P Mukherjee said.

A beneficiary can receive a maximum of 30 transactions in a calendar year and the maximum amount one can receive is at present capped at Rs 18,000, per remittance transaction, it said.

Meanwhile, Federal Bank, also announced a tie-up with Saudi Arabia-based Samba Bank for inbound remittances which can be collected by the beneficiary through any of the bank's 976 branches in the country, it said in a statement.

This is the 68th such tie-up the bank has stitched with financial institutions in the Gulf region having significant population from the diaspora, it said.

Read more on:   
|
|

Read More

RBI says open to revisiting priority sector lending norms

Even though the final guidelines on priority sector lending (PSL) was released over a fortnight ago, the Reserve Bank today said it is open to ...

Quick Links

More news from Finance Rss icon

Retail bond issuance preferred route of fund raising for NBFCs despite costs

Muthoot Finance planning to raise Rs 400 cr by public issue of bonds to meet working capital needs

SBI defends loan to Adani, says money disbursal after scrutiny

The loan will go through proper due diligence both on credit side as well as on viability side, said the SBI chairperson

FM discusses steps to control NPAs with PSU bank chiefs

Asks them to ensure smooth credit flow to projects

Back to Top