South Indian Bank has launched foreign outward remittance service through mobile banking.
Non-resident external (NRE) and resident savings bank account holders can make foreign outward remittance through the bank’s ‘SIB Mirror+’ mobile banking application. The service is also available on its Internet banking platform ‘SIBERNET’. Customers can transfer foreign currency abroad without visiting the bank’s branch.
Thomas Joseph K, Executive Vice-President and Group Business Head, South Indian Bank, said, “Through this newly launched feature, our customer can now initiate foreign outward remittances in more than 100 currencies across the globe. We are certain that this new feature would make foreign remittances a smooth and seamless transaction for all our customers using the mobile platform.”
The feature allows outward remittance 24×7 in dollars, and in other currencies during market hours. Per day limit for resident customer is $10,000 and in a FY $25,000; for NRIs the daily limit is $25,000 and FY limit is $100,000, within the Liberalised Remittance Scheme (LRS) limit.
Published on November 1, 2022
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