HDFC Bank, Wells Fargo launch US-India remittance service
GK NEWS NETWORK
Jammu, Apr 24: HDFC Bank and the US-headquartered Wells Fargo have joined hands to enable NRIs in the United States to quickly remit money to their beneficiaries in India through HDFC Bank savings account.
The new service will significantly enhance remittance opportunities to India given that Wells Fargo has one of the largest number of banking locations among US banks and HDFC Bank has over 2500 branches in India, a country that has a large and growing number of NRIs based in the US.
HDFC Bank is already one of the most preferred remittance channels for NRIs residing in The Gulf.
According to a World Bank report, the officially recorded remittance flows to developing countries are estimated to have reached $351 billion in 2011, up 8% over 2010 and is slated to touch $441 billion by 2014.
“India has one of the highest remittance volumes in the world according to the World Bank,” said Daniel Ayala, executive vice president and head of Wells Fargo's Global Remittance Services.
“This is evident by high customer demand as well. We are glad we can make payout locations even more convenient now by working with HDFC Bank.”
Lastupdate on : Tue, 24 Apr 2012 21:30:00 Makkah time
Lastupdate on : Tue, 24 Apr 2012 18:30:00 GMT
Lastupdate on : Wed, 25 Apr 2012 00:00:00 IST
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