UAE-based non-resident Indians may now use a locally issued credit card and bank transfers to transfer money to any bank account in India through Remit2India, a global leader in online cross-border remittances. Remit2India is a service offering from TimesofMoney, which is majority owned by Network International.
"While India remains the largest recipient of international remittances according to World Bank figures, touching $70 billion in 2013 alone, it is interesting to note that the number one source country for outflows to India is the UAE," said Bhairav Trivedi, Chief Executive Officer, Network International. "More than 20 per cent of the total remittance to India last year, was from the UAE, and non-resident Indians (NRIs) in this country are always on the lookout for speedy, secure and convenient means to remit money to their loved ones back home. We are delighted to launch this new service offering through Remit2India, which will enable NRIs to transfer money to a bank account in India, anytime and from anywhere."
Avijit Nanda, CEO, TimesofMoney, said, "Remit2India always makes a positive impact on its customers. We have added new ways of sending money to India from the region, where an NRI can use his local credit card or a bank transfer to send money home. With our service, customers get simple, cost-effective and transparent methods of sending money home. With a strong NRI population of around 1.8 million in the UAE, remitting around $14 billion last year, we are confident of offering a superior product to meet this growing need of Indians in the UAE."
NRIs interested in using this service need to register on www.remit2india.com and also include the recipient bank account details in India. A remittance transfer may be made through entering the UAE card details or bank details and the amount to be transferred.