Federal Bank, a leading private sector bank based out of Kerala, has inked an agreement with Transfast Remittance LLC, a leading provider of cross-border payment solutions, to provide inward remittance services to the bank’s NRI customers. Tansfast Remittance boasts an operations network than spans over 120 countries in Africa, Europe, Asia and North America. As a result of this agreement between Transfast and Federal Bank, non-resident Indians based in the United States can instantly transfer money to their Federal Bank NRI account from their US account. The NRI customers of Federal bank can even use a credit or debit card to facilitate the transfer and these transactions can be completed either online or via a mobile app.
Federal Bank is currently offering its US-based NRI customers two products to facilitate such transfers – Fastrack and Value+. In case of Value+, the beneficiary account would be credited in 3 to 5 business days and no transfer fee is charged. However, the exchange rate charged in case of the Value+ option is higher than the Fastrack option. In case of Federal Bank’s Fastrack option, the credit to beneficiary account occurs within 24 hours and a transfer fee of $4.99 is charged for each transfer. This transfer fee is waived in case the amount transferred exceeds $1000.