HDFC Bank on Monday said it had partnered Wells Fargo for remittance services between America and India. This would allow Indians residing there to remit money to their beneficiaries’ HDFC Bank savings accounts in India. Wells Fargo has 6,000 branches in the US, while HDFC has 2,544 branches in India.
“While we are a major player in the Gulf-India remittance market, this alliance will help us consolidate in the US-India sector, which has been growing exponentially. Given our reach and the web-based nature of the service, this will allow people to send money back home in one of the safest and fastest possible ways,” said Harish Engineer, executive director at HDFC Bank.
Wells Fargo has a similar partnership with ICICI Bank in India.
The rupee fell to near a one-week low on Monday hit by heavy demand for dollars from oil importers and tracking a euro that was under pressure.