News >> Finance >>

Remit Funds From U.S. To Indian Bank Accounts Instantly

Thursday, 19 June 2014, 01:07 IST
By SiliconIndia

BANGALORE: Moving to U.S. or already there and worried about money transfers back to India? Now, you don’t have to worry as Punjab National Bank and Xoom Corporation,  have partnered together to bring in an instant bank deposit services in India.
Xoom Corporation is a Nasdaq-listed online International money transfer service provider. It offers a secure, fast and inexpensive way to send money online to anyone anywhere in their listed companies.

With the transactions not been done in real time and can be done only during the working hours of the RTGS system, money reached late to the concerned recipients. To make money transfer hassle-free and easy, National Payment Corporation of India has brought in mobile payment system, known as Immediate Payment Service, launched on 22nd November 2010. IMPS offer 24x7 interbank electronic fund transfers through mobile phones.

By using the IMPS service and Xoom’s technology, Money transfers can be made instantly and easily not only to Punjab National Banks, but to any other bank accounts in India as well. Currently IMPS has 63 banks as part of its functioning.

K.R.Kamath, Chairman and Managing Director, PNB said, “Through this tie-up, money could be transferred instantly by a Xoom user from the U.S. to not only bank accounts held in Punjab National Bank, but to any other bank account in India.”

Kamathalso added that PNB and Xoom have an ongoing tie-up for money transfer for over a decade but the facility of instant remittance to India was missing. Adding up to this, President and CEO, Xoom Corporation, John Kunzze marked that India is the only market where Xoom does not apply any remittance fee for its users.

The partnership will for sure be a great help to the money being sent to India for emergency purposes. Currently India leads as the largest recipient of incoming funds in the world.

-With PTI inputs

READ MORE: The World's Greatest Investors

5 Simple Ways To Save Big Money in 2014