DCB Bank sees significant jump in foreign remittance services on coronavirus pandemic

DCB Bank has witnessed significant jump in its foreign remittance services on the coronavirus outbreak, specially for education purposes, as parents want to ensure their children abroad have sufficient money to sustain themselves in situation of a lockdown.

"Since March 15, our volumes on outward remittance services have increased many fold. There is a significant difference in before-and-after demand since mid of March," said Praveen Kutty, Head of Retail and SME Banking, DCB Bank without quantifying the increase in demand.

Kutty said the bank has been getting large number of calls from resident Indians as to how they can send money to their children studying abroad, for immigrant Indians and for medical emergencies, among others.

"There are people whose children are stuck in various places and flying back is not an option. Parents are really worried and want to ensure that at least economically they have means to keep going...That is where DCB Remit comes in," he said in an interaction.

Kutty said one need not to be a DCB customer to send money abroad, the person can avail the remittance service by logging into www.dcbremit.com.

One can use the DCB Remit platform by transferring funds from savings bank account in another bank anywhere in India to a specified DCB Bank account. However, one needs to activate the fund transfer by using the net banking facility from existing account.

"Once the indicative exchange rate is put forth, the customer can transfer the funds from any account to DCB Bank's account. The funds will then be transferred to the beneficiary account abroad latest by the next business day," the official added.

DCB Bank offers this service for as many as 22 countries including the US, the UK, Australia, Singapore, Canada, the UAE and the Eurozone.

This facility can be availed of in seven currencies the US, Australian, Canadian and Singapore Dollar, British Pound, Euro and UAE Dirham.

Money can also be transferred abroad for health purposes and payment of hostel fees by Indian students abroad, family maintenance, business travel, gifting, visa fees and private visits, Kutty added.

The limit for overseas fund transfer via DCB Remit is USD 25,000 and/or equivalent in other permitted currencies per financial year, subject to the purpose available on DCB Remit platform.

The bank said it has been offering the services, which was launched nearly one and half years back, with a zero cost for a limited time promotion.