HDFC Bank, Wells Fargo launch US-India remittance service

Excelsior Correspondent
JAMMU, Apr 24: HDFC Bank and US-headquarterd Wells Fargo have joined hands to enable NRIs in the United States to quickly remit money to their beneficiary’s HDFC Bank saving accounts in India.
The new service will significantly enhance remittance opportunities to India as 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 number of NRIs based in US.
Executive vice-president and head of Wells Fargo’s Global Remittances Services said, “India has one of the highest remittance volumes in the world according to World Bank, which is also evident by high customer demand as well”, adding that they are glad that they can make payout locations even more conveniently now by working with HDFC Bank.
“While we are a major player in the Gulf-India remittance market, this alliance will help us consolidate in the US-India sector which has been growing exponentially. Given our reach and the web-based nature of the service, this will allow people to send money back home in one of the safest and fastest possible ways”, said Harish Chander, Executive Director, HDFC Bank.
Remittances to HDFC Bank are denominated in Indian Rupees. Once a customer sets up his ExpressSend agreement and the beneficiary account information is verified with HDFC Bank, the customer needs to conduct his first transaction at a Wells Fargo branch. Subsequent transactions can be conducted through Wells Fargo.com, or via Wells Fargo Phone Bank.
Funds are sent to HDFC Bank quickly for credit during HDFC Bank’s local processing hours from Monday to Saturday excluding Indian holidays.

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