DEHRADUN, Apr 24: HDFC Bank and Wells Fargo, a diversified financial firm, have joined hands to enable NRIs in the United States to quickly remit money to beneficiary’s HDFC Bank savings account in India.
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 dollars in 2011, up 8 per cent over 2010 and is slated to touch 441 billion dollars by 2014.
Worldwide remittance flows, including those to high-income countries, are expected to exceed 590 billion dollars 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.
Remittances to HDFC Bank are denominated in Indian Rupees.
Once a customer has set up their 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 India holidays, Harish Engineer, executive director, HDFC Bank informed.(UNI)
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