HSBC joins remittance race, woos UAE expats seamlessly

HSBC today launched seamless banking in India and the United Arab Emirates (UAE). The 'OneWorld' package, rolled out as a joint banking proposition by HSBC Bank Middle East and HSBC India, offers the facility of opening accounts in India when in the UAE and vice versa.

NRI customers based in the UAE will be HSBC's primary target customers.

The OneWorld package will also combine on a single platform HSBC's wealth management offerings for investments in India and global products, as well as provide 'free' money transfers at competitive exchange rates across the UAE and India through both the routes "" cheques and internet banking.

Customers banking with both HSBC Bank Middle East and HSBC India will be able to transfer monies in dirhams from their accounts with HSBC Bank Middle East, UAE, to their NRI (non-resident Indian) accounts held with HSBC India, in a speedy and convenient manner.

HSBC said through "this first-of-its kind facility" customers would also be able to remit monies to their NRE accounts in India through any of the 64 HSBC ATMs in the UAE.

Niall S K Booker, deputy chairman and CEO of HSBC Bank Middle East, said, "To extend the reach of our services, a dedicated NRI banking centre has also been launched in Dubai providing personal financial services including rupee-based mortgages for property in India. Booker was HSBC India head till April this year.

HSBC services over one lakh non-resident Indian customers through thirteen international NRI centres in cities located in West Asia, the United Kingdom, Hong Kong and New York, and in 25 cities in India through its 46 branches.