UAE-based non-resident Indians (NRIs) can now use a locally issued credit card or bank-to-bank transfer to send money to any bank account in India without the pain of long queues.
The new Remit2India service comes with real-time transaction alerts and 24/7 customer support – and no paperwork.
Customers need to register on the site and give bank account details for the recipient in India.
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Remit2India is a service offering from TimesofMoney, which is majority-owned by Middle Eastern payment solutions provider Network International.
India was the largest recipient of international remittances in 2013 with $70bn – and 20 percent of that came from the UAE, Network International’s chief executive officer, Bhairav Trivedi said.
There are 1.8 million NRIs in the UAE, who remitted around $14bn last year.