Trusted Remittance Partner

Online Money Transfer Interface Concept
Online Money Transfer Interface Concept

India-based Canara Bank is bringing seamless experiences with its Remit Money app while partnering with several money exchange firms in the UAE



by

Anam Khan

Published: Mon 29 Aug 2022, 10:52 AM

Last updated: Mon 29 Aug 2022, 11:11 AM

Every month, many Indian workers in the UAE set aside a significant portion of their wages to support families back home. With over 3.5 million expats, Indians make up the majority of the expat community in the UAE. The US, Saudi Arabia, Kuwait, and the UAE are the dominant countries sending money to India from non-residents.

India is by far the world’s largest recipient of remittances. According to the World Bank, the country received $87 billion in 2021, showing a growth of 4.6 per cent. China and Mexico come next, with $53 billion in remittances each. Remittances from the UAE now account for 17-18 per cent of India’s total inward remittances, the RBI said in an article on the impact of Covid-19 on remittances. In FY21, remittances amounted to $87 billion, nearly 2.75 per cent of GDP.

CEPA boosting financial corridor between UAE-India

The Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE was signed on February 18, and came into force on May 1. The agreement covers trade in goods, rules of origin, trade in services, technical barriers to Trade (TBT), sanitary and phytosanitary (SPS) measures, dispute settlement and digital trade, among other areas. With the fintech industry growing significantly in India and UAE, it was imperative to make payments affordable for the masses and that requires greater access to critical technologies, new investments and homegrown solutions that can enable real-time money transfer on mobile payment solutions. The CEPA, which also considers the prospects of digital trade between the two countries, mentions offering service providers an open and non-discriminatory environment for cross-border trade in financial and insurance services. It will also help boost the UAE-India remittance corridor.

Concerning cross-border payments, Canara Bank is all set to create a favourable financial ecosystem. The India-based bank is the third largest nationalised bank in India and is an ideal destination for personal banking needs.

Remittances at your fingertips

Are you sick and weary of waiting in line to send money? It appears that Canara Bank has a remedy for it. Widely known for customer centricity, Canara Bank’s ‘Remit-Money’ application gives seamless control, allowing customers to remit funds hassle-free to a beneficiary cost-effectively, giving them instant credit. It is an innovative API-based remittance platform that allows users to send money hassle-free to their loved ones in India.

Aside from relying on exchange centres, prominent banks in the UAE allow clients to enter the beneficiary details straight through their internet banking facility. After adding the beneficiary, the account owner can transfer the desired account directly from their bank account. This is typically one of the quickest ways to send money online from the UAE to India. Al Razouki International Exchange Company, Index Exchange LLC, Al Fardan Exchange, Emirates India International Exchange LPC, Al Rostamani International Exchange, Joyalukkas Exchange, L M Exchange LLC, GCC Exchange, AL Ahalia Money Exchange Bureau, Send Exchange, and Al Ansari Exchange LLC are currently the exchanges in the UAE through which the Canara Bank offers its services.

Revolutionising money transfers

By making money transfers simple and quick, Canara Bank has made sure to put its devoted customer base at the centre of its operations. Money transfers to the recipient's bank account are possible. At the moment, Canara provides free direct bank transfers to India. As a result, sending money from the UAE to India is now among the least expensive options available.

For the finest results for its customers, the bank has also made sure to offer both safety and innovations. Among the advantages, the bank offers are:

IMPS Support

In addition to Intrabank/NEFT/RTGS, the application offers IMPS transactions, allowing the beneficiary to obtain credit right away.

Instant SMS Confirmation

The correspondent exchange will immediately send an SMS to the remitters confirming that the transaction has been processed. This message will also update the transaction's status.

24*7 Support

The application ensures that remitters can send money easily and is accessible around the clock.

Security Compliant

The application ensures that remitters can send money easily and is accessible around the clock.


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