Mashreq Bank, a leading financial institution in the UAE, has announced the launch of Quick Remit– Instant Money Transfer service to India.

 The service is designed to be instantaneous, smart and convenient as it ensures instant account transfers at attractive exchange rates.

India tops the international remittance charts with remittances of $66 billion in 2017. The UAE leads India’s source countries for money transfers through remittances of $12.575 billion.

Quick Remit is part of the stable of innovative products and services that are designed to offer uninterrupted digital banking to customers. Mashreq customers can avail the service round-the-clock through Mashreq’s online banking platform and mobile banking application, Snapp. The safe, convenient, and secure service powers instant account transfers to all leading banks in India that are connected to the Immediate Payment Service (IMPS) network.

Rohit Garg, senior vice president at Mashreq said: “We are excited to have added India to Quick Remit – Mashreq’s instant money transfer service network. The UAE, home to 3.3 million Indian expatriates, is the highest source of remittances to India and as a leader in digital banking, Mashreq is proud to diversify our product and solution offerings to suit the needs of our customers and provide leading, innovative banking experiences that are fast, accessible and secure.”

To remit, customers have to register their beneficiaries by adding their name, account number and IFSC code. Upon completion of this step, customers can use the service immediately. The service is launched at zero fees to all banks in India for a limited time period. – TradeArabia News Service