Standard Chartered Bank (SCB) has launched its online remittance service solution for its clients in India, offering both inward and outward remittances.
Clients can use the outward remittance option to transfer money abroad using their mobile phones or laptops.
As per the Liberalised Remittance Scheme (LRS), they need not visit a branch to make remittances.
The facility is available to native Indians, expats, and non-resident Indians (NRIs) or persons of Indian origin (PIO).
They can send funds overseas for their child’s education fees, gifts to relatives, medical expenses, and more.
On the other hand, the inward remittance option is available for existing NRI clients via SCB’s internet banking platform.
Clients can make cross-border payments online by providing details and disposal instructions. The funds will be sent to SCB’s NOSTRO account.
The bank will sight the amount, and credit equivalent Indian Rupees (INR) to the beneficiary account.
SCB India head of retail banking Kusal Roy said: “Given our focus on our affluent client base, the platform will be a game changer in driving our remittance business.
“This will further enhance our digital capability and is a milestone in our endeavour to be best in class for our clients.”
SCB head of NRIs Nitin Chengappa said: “Given the increasing need of remitting outside India for children’s education, medical treatments, gift to relatives, etc., it will offer our clients the opportunity to carry out these transactions in a few basic steps on a desktop or through the mobile app.”
The online remittance solution’s interface displays purpose-linked documentation to clients.
It provides a personalised experience with customised pricing, and facilitates repeat transactions through one-time beneficiary registration.
Clients can track their transaction status and view the complete transaction history as well.
Last month, Standard Chartered Korea partnered PayKey to launch a mobile banking keyboard.