On 12/30, in a post entitled RBI to Allow Outward Remittances, I covered the fact that the central bank (Reserve Bank of India) had been approached by a number of players to enable outward remittance facilities on their money transfer channels. It looks like Citibank was one of them...as Citibank has announced the launch of Citi Online Remit.
The new online money transfer service provides Non Resident Indians (NRIs) the possibility to transfer funds to India from any US Checking/Savings account.
Money transfer in the system is also possible through a US Credit/Debit Card as a direct transfer into the beneficiary’s Bank account or as a draft couriered to the beneficiary’s mailing address in India. The platform is powered by the QuikRemit platform from Citi’s Global Transaction Services.
At the times when the average value of remittances is increasing, Paul Galant, CEO of Citi’s Global Transaction Services, highlighted that the service is aimed at offering “a fast, safe, and secure platform for cross-border money transfers.” This is being achieved through a wide range of built-in security features, including Online Identity Verification, Multi-Factor Authentication, Global IP tracking and Account authentication. Besides, an online tracking system enables NRIs to follow their transaction at every stage of the transfer process. Regular 24/7 customer service on phone and online are also offered.
The Citibank NRI Business offers a wide range of money transfer services globally with eight major regional hubs in USA, Canada, UAE, UK, Australia, Kenya, Singapore, and Bahrain. The service manages assets exceeding US$ 6 billion and has 200,000 customers. The NRI Business account domiciled in India is denominated in Rupees, under the aegis of Reserve Bank of India. To ease the life of global Indians who have been customers of Citibank NRI Business for more than two decades, the bank offers such services as the Citibank Rupee Checking Account, international ATM and Debit cards and an unparalleled service in draft delivery to beneficiaries in India. More
The new online money transfer service provides Non Resident Indians (NRIs) the possibility to transfer funds to India from any US Checking/Savings account.
Money transfer in the system is also possible through a US Credit/Debit Card as a direct transfer into the beneficiary’s Bank account or as a draft couriered to the beneficiary’s mailing address in India. The platform is powered by the QuikRemit platform from Citi’s Global Transaction Services.
At the times when the average value of remittances is increasing, Paul Galant, CEO of Citi’s Global Transaction Services, highlighted that the service is aimed at offering “a fast, safe, and secure platform for cross-border money transfers.” This is being achieved through a wide range of built-in security features, including Online Identity Verification, Multi-Factor Authentication, Global IP tracking and Account authentication. Besides, an online tracking system enables NRIs to follow their transaction at every stage of the transfer process. Regular 24/7 customer service on phone and online are also offered.
The Citibank NRI Business offers a wide range of money transfer services globally with eight major regional hubs in USA, Canada, UAE, UK, Australia, Kenya, Singapore, and Bahrain. The service manages assets exceeding US$ 6 billion and has 200,000 customers. The NRI Business account domiciled in India is denominated in Rupees, under the aegis of Reserve Bank of India. To ease the life of global Indians who have been customers of Citibank NRI Business for more than two decades, the bank offers such services as the Citibank Rupee Checking Account, international ATM and Debit cards and an unparalleled service in draft delivery to beneficiaries in India. More
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Thanks Frank for your post. Sending money online has today become a necessity. Money transfer services are fast, safe, simple and secure and most beneficial for those who work abroad and want to transfer money to their family.
The other benefits of Internet payments are:
1. With online money transfers, you don’t need to carry cash.
2. Your time is saved, as there is no need for you to go in the retail shops as you can do all your transactions through the Internet.
3. Internet Payments (or money transfer) enables you to transfer money anywhere around the world.
Online money transfer is a safe and quickest way to transfer money. With a few precautions you can take the full advantage of this service.