UAE-based RAKBANK has expanded its real-time money remittance service, RAKMoneyTransfer, in India through a network of 26 major banks, including Axis Bank and ICICI Bank.

The lender said that the money transfer service will offer attractive exchange rates and no deductions for the beneficiary from the banks in India.

Bank customers can transact funds through RAKBANK’s online banking solution, which will allow transfer up to INR 200,000 to any beneficiary within just 60 seconds to the participated banks in India.

RAKBANK said: “If the amount is transferred to any other bank in India, then the transaction process takes up to 60 minutes.”

The bank also plans to launch RAKMoneyTransfer to other nations, such as Philippines, Pakistan, Bangladesh, Nepal and Sri Lanka.

RAKBANK’s remittance service was introduced in February 2016.