Standard Chartered India Begins Online Remittance Service

Standard Chartered India launched its online remittance service offering clients a trouble-free option to initiate both inward and outward remittances at their personal convenience.

The outward remittance online services would allow the clients to easily transfer money overseas via their mobile phones or laptops from India.

Using this service, the resident Indians, expats working in India, and Non-Indian Residents (NRIs) or Persons of Indian Origin (PIOs) can easily send funds overseas from India through the online banking platform.

Resident Indians can also make a remittance under the Liberalised Remittance Scheme without visiting the bank branches. Keep in mind that if you are sending above $9500 dollars, you are subject to a 5% tax collected at source (TCS) according to the new taxation rules on money transfers from India.

For a country like India that receives the highest amount of remittances at $83 billion in 2019. India sent only around $7.5 billion in outward remittances according to the World Bank. People send money from India primarily for tourism, medical expenses, education fees, and as gifts to friends and family.

Standard Chartered has catered to the NRI audience through various banking products and services specially designed for them. For example, NRIs can open various bank accounts with Standard Chartered such as NRE/NRO savings account.

Existing Standard Chartered bank account holders can avail the new inward remittance facility through the internet banking platform. The transaction can be initiated online by providing the necessary information and disposal instructions for the inward remittance.

There are different ways to send money online to India and traditionally sending money through banks has been one of the most expensive ways of sending money.

To find the best deal that suits your needs, compare different offers from both banks and money transfer companies. Few important factors to keep in mind when you are sending money internationally:

• Exchange rate
• Transfer fee
• Speed of transfer
• Security

Benefits of the new remittance service by Standard Chartered

• Convenience - One-time registration and a hassle-free option for initiating remittances online
• Multiple currencies - It covers a host of currencies including USD, GBP, EUR, AED, BHD, CHD, AUD, SGD, and HKD.
• Speed - The speed of transfer is between 1-2 working days. This may not be attractive if you are sending money home for an emergency.

Standard Chartered bank has been in operation in India since 1858 and is India's largest international bank with 100 branches in 43 cities. The coronavirus pandemic has propelled digitalization for all industries. With more customers opting for contactless payment, it was essential for banks like Standard Chartered to ride the high tide of digital banking.

Nitin Chengappa, Head of NRI Banking, Standard Chartered Bank stated that the platform will offer the convenience that its clients have always been looking for. He also added that with the increasing need to remit money outside India for children's education, medical treatments, and gifts to relatives, the customers now have the opportunity to carry out these transactions in a few basic steps on a desktop or through the mobile app.