Monday, October 24, 2011

Maybank ties up with India's Axis Bank for remittance services

KUALA LUMPUR: Malyan Banking Bhd expects 15% growth in remittances for its Maybank Money Express (MME) service following its tie-up with Axis bank of India to introduce remittance services to'' beneficiary accounts in India.

Maybank said on Monday, Oct 24 this service offered competitive service charge to its customers and it also reduced the time taken for remittances from Malaysia to India compared to conventional remittance method (Swift) which took about two days to reach the beneficiary.

Maybank deputy president & head, community financial services, Lim Hong Tat said the tie-up with Axis Bank 'speaks volume' about the potential from the large number of remitters to India from Malaysia and vice-versa.

'We expect this new service to strengthen Maybank's foreign remittance segment for which we currently have a 36 % overall outward remittance value amongst the banks and we are targeting it to grow 15% by June 2012,' he said.

The new remittance service is an extension of the existing facilities offered by Maybank Money Express service. The service offers straight-through remittances to intended beneficiaries holding accounts with Axis Bank or any of the 78,000 National Electronic Funds Transfer (NEFT)-enabled branches of over 100 other banks in India.

For individual customers, there is a limit of RM10,000 per customer, per day for remittance via Maybank. Maybank Money Express currently serves nine countries which include Indonesia, Vietnam, Pakistan, Nepal, the Philippines, Cambodia, Brunei, Singapore and India.

India is the largest remittance receiving country in the world, receiving inward remittances of more than US$55 billion in 2009 to 2010.

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