Axis Bank Ltd. has entered into a partnership with Singapore-based DBS Bank Ltd. to offer DBS customers funds transfer through the Indian bank’s AxisRemit Online service, the companies announced Feb.13.
The service enables nonresident Indians from such locations as the U.S., Australia and Hong Kong to send funds to any bank account in India, a spokesperson tells PaymentsSource.
Under the partnership with DBS, any DBS or POSBank accountholder may make a remittance into an Indian account for posting within 48 hours, he says. POSBank is a brand of consumer banking services offered under DBS Bank after the latter acquired it November 1998.
“The AxisRemit Online service is free of charge, and we do offer competitive exchange rates,” the spokesperson says. The customer must book the transfer through the bill-payment facility on DBS Internet Banking, he adds.
Axis limits the amount they may transfer for free though the service at 5,000 Singapore dollars (US$3,960 or 3,016 euros), the spokesperson says. However, for online transfers up to 100,000 rupees (US$2,028 or 1,543 euros), Axis will levy a service fee equal to 0.103% of the transaction, with a minimum of payment of 25.75 rupees, he says.
For transfers that exceed 100,000 rupees but are less than or equal to 1 million rupees, the customer pays 103 rupeeruckus 0.053% of the transaction amount after conversion, he says.
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