- Partnership helps Indian workers in the US
- US to India transfers hit $11bn in 2016
Remittance provider Transfast has recently announced a partnership with India's largest commercial bank to offer better international money transfer services to Indian workers in the US.
The Transfast deal with State Bank of India (SBI) will allow Indian citizens living and working in the United States to easily send funds abroad to their bank accounts in India or to deposit funds to other SBI accounts, with improved speed and transparency for each transaction.
According to World Bank, international money transfers from the US to India reached roughly $11bn in 2016.
Transfast has praised the agreement, saying the joint venture with SBI will offer better and expanded service to the Indian community in the US.
“Through this arrangement we will provide our large Indian customer base with the ability to deposit money speedily into SBI bank accounts and other bank accounts in even the remotest areas of India," said Transfast CEO Samish Kumar.
There were 2.4 million Indian immigrants living in the US as of 2015, making them the second-largest group after immigrants from Mexico.
SBI is also pleased to offer customers expanded remittance services to better serve the significant Indian population in the US.
"Now the Indian diaspora in the United States will be able to conveniently send funds directly into their account across various banks in India in the shortest possible time using SBI India's technology platform," said SBI's DMD & Group Executive in International Banking Siddhartha Sengupta.
With branches and services in more than 125 countries worldwide, Transfast is one of the remittance industry's leading service providers. While SBI has the largest network of bank branches and ATMs in India – 22,900 and 58,916 respectively.
SBI also leads all global banks in social media followers on Facebook, YouTube, Pinterest and LinkedIn.
