Money transfers to India accounts within four hours.
By American Bazaar Staff
NEW YORK: The digital money transfer company Xoom has now introduced a new facility: NRIs (Non-Resident Indians) can now send money directly to their NRE (Non-Resident External) and NRO (Non-Resident Ordinary) bank accounts in India.
In a press release, Xoom (www.xoom.com) says that NRIs can now send bank deposits within four hours to recipients with NRE/NRO accounts, with their motto of, ‘great locked-in exchange rates.’ The hours are applicable only when money is sent through the bank’s normal service hours.
“In a continued effort to provide superior services to our customers, Xoom now introduces bank deposits to NRE/NRO accounts, giving NRIs every reason to use Xoom,” said Julian King, Senior Vice President of Marketing and Corporate Development for Xoom, in a statement. “Plus, with our new App for Android and iOS devices, Xoom is committed to making money transfers easy and trustworthy for everyone.”
Film star Amitabh Bachchan, who is the Brand Ambassador for Xoom, said in a statement: “Xoom takes care of all your money transfer needs. No one gets your bank deposits to India faster than Xoom.com, and now to NRE and NRO accounts too!”
Bank deposits are processed in India through Xoom’s partner Punjab National Bank.
“We are pleased to partner with Xoom to provide NRIs a fast and easy way to send remittance to their NRE/NRO accounts, and other Rupee denominated Bank accounts in India,” said Thyagarajan, GM IBD, Punjab National Bank, in a statement.
According to the release, service is available to all major banks in India including Punjab National Bank, ICICI, HDFC, SBI, Axis Bank, Citibank and many more. Customers can send up to $2,999 per transaction.