Axis Bank ties up with Xpress Money for mobile fund transfer

Axis Bank today said it has entered into a tie-up with UAE Exchange and Financial Services 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 Xpress Money 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.