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Al Ansari in new India remittance service

Dubai, July 3, 2011

Al Ansari Exchange, a leading exchange house in the UAE, and India-based Federal Bank have launched a new service that will allow Indian expatriates to send funds to their Federal Bank accounts in India.

Al Ansari Exchange will offer Federal Bank’s Fed Flash service, now available at any of the 100 Al Ansari Exchange branches across the UAE, a statement said.

“Our strategic alliance with Federal Bank from India demonstrates our continued commitment to provide Indian expatriate workers in the UAE with key services that will allow quicker and more convenient way of sending their money back home through banking channels,” said Rashed Ali Al Ansari, general manager, Al Ansari Exchange.

“The new Fed Flash service reflects the latest in remittance technology where our customers will be able to send money in a matter of minutes through any of our branches spread out in the UAE.”

“They can be assured of a speedy process as both the sender and the receiver will receive an SMS confirming the transaction. This new service is just one of the many services we will be launching as part of our promise to provide our customers with strategic and faster services,” he added.

According to Federal Bank, Fed Flash allows Federal Bank customers to remit money real-time into to their accounts through at any Al Ansari Exchange branch to all branches (over 750) of Federal Bank in India.

A key feature of this product is that it not only credits the account in seconds, but also completes its product cycle in a fully automated environment, the statement said.

The moment the account is credited, both the remitter as well as the beneficiary will receive SMS alerts on their mobile, while taking out apprehension both at the 'Send' and 'Receive' sides of remittance, and saving on follow-up costs, it added.

“The new Fed Flash service highlights the strong ties that India has maintained with the UAE over the years. There is a strong Indian expatriate workforce in the UAE and these workers primary concern is how to send their money to their families in a faster and more convenient way,” said Shyam Srinivasan, MD and CEO, Federal Bank.

“Our partnership with Al Ansari Exchange will allow us to offer our new Fed Flash service, which affords our customers the convenience and the quickness of sending money back home with the added advantage that there are more than 100 branches spread out in the country,” he added. – TradeArabia News Service




Tags: Expatriates | Dubai | India | Remittance | Al Ansari Exchange | Federal Bank |

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