Standard Chartered Bank India launches online remittance service

By Edil Corneille

Standard Chartered Bank India announced the launch of its online remittance service solution offering clients a hassle-free option to undertake both outward and inward remittances at their convenience.

Kusal Roy, Head, Retail Banking, India, Standard Chartered Bank 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.”

The outward remittance online service will enable clients to transfer funds overseas using their laptops or mobile phones. Resident Indians, Expats working in India and Non-Resident Indians (NRI)/ Persons of Indian Origin (PIO) can send funds from India through the online facility for multiple reasons such as for children’s education (course fees), gifts to relatives, medical expenses, etc. Resident clients can make a remittance under the Liberalised Remittance Scheme without visiting the branches.

The inward remittance option will be available for existing NRI clients through the internet banking platform of Standard Chartered. They can initiate the transaction online, provide details and disposal instructions on the online banking facility. Post which, the clients will be required to provide instructions to their bank to send funds to Standard Chartered Bank’s NOSTRO account using the reference numbers generated earlier. Standard Chartered will sight the funds and the equivalent amount of Indian Rupees will be credited to the beneficiary account after the necessary checks are performed.

Nitin Chengappa, Head, Non-Residents, India, Standard Chartered Bank said, “This platform should offer the convenience that our clients have always been looking for. 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.”

An intuitive interface is used for the online remittance facility that displays purpose linked documentation to the client. A one-time beneficiary registration is required, thereby making it convenient for repeat transactions. The experience provided is personalised with customised pricing based on the segment and relationship. The status of the transaction can be tracked and the transaction history can be viewed with complete details.