Kotak mobile banking app launches international payments solution

By Leandra Monteiro

Mumbai- based Kotak Mahindra Bank announced that Kotak Remit, its outward forex remittance solution, is live on the Kotak Mobile Banking App. Now, Kotak customers can make international money transfers hassle-free. Moreover, customers can transfer up to US$ 25,000 or equivalent with no physical documentation.

Designed to cater to the mobile friendly customer profile that values the ease and security of the Kotak Mobile Banking App, Kotak Remit significantly enhances customer accessibility and gives customers the flexibility to make a transaction at any time and place of their choosing.

Phani Shankar, President & Co-Head – Treasury & Global Markets, Kotak Mahindra Bank said, “The mobile has been at the centre of a revolution of sorts and it has changed the way we bank, invest, shop and pay. Domestic payments has been one of the core areas of focus. With the launch of Kotak Remit on mobile, we have entered a new phase of digital transformation encompassing international payments, which gives our customers the advantage of banking on mobile for making international fund transfers as well.”

Kotak Remit offers payments in 15 currencies that include Australian Dollar, UK Pound Sterling, Hong Kong Dollar, Saudi Riyal, Canadian Dollar, Singapore Dollar, Euro, Japanese Yen, US Dollar, Swiss Franc, South African Rand, UAE Dirham, Danish Krone, New Zealand Dollar, Swedish Krona.

The transaction process involves two simple steps that include entering transfer details and beneficiary details. Upon providing the same customers can remit up to US$ 25,000 or equivalent per day and up to US$ 250,000 or equivalent in a financial year through Kotak Remit. A notification will be sent to the customers at every stage of the transaction process, keeping them updated and they can also save beneficiary details to facilitate quick repeat remittances.

The Liberalised Remittance Scheme (LRS) for Resident Individuals has witnessed a decline in terms outbound remittances owing to the global pandemic. However, remittances from India have been steadily growing prior to FY2020-21 and offers a significant market opportunity.