HSBC, the world’s local bank, has launched a new payment service that is ‘One World’ money-transfer service for Indians people residing in the Middle East.
India is the world’s largest receiver of remittances as much as approximately $23 billion a year. About $8 billion comes from the Middle Eastern countries where about 3.5 million Indians lives.
Manasije Mishra, head of NRI services for HSBC India, said, with the help of ‘One World’ scheme, Indians will be allowed to open bank accounts in the UAE even before arriving here. They will be able to transfer their credit history from India.
The ‘One World’ scheme will help Indians living in the UAE to transfer money to their HSBC accounts in India without any cost by using cheques or the internet.
Almost 1,000 branches of other Indian banks are also linked electronically. The remittance will take three days time.
Niall S.K. Booker, deputy chairman and CEO of HSBC Bank Middle East Ltd
HSBC has also introduced another scheme of money transfer facility to India through HSBC’s 79 ATMs in the UAE. The amount can be maximum $10,000 for a day.
An NRI banking centre was also inaugurated at the Business Centre on Khalid Bin Al Walid Street in Dubai yesterday. It will help NRIs in personal financial services including remittances to India, NRI accounts and mortgages, opening bank accounts in India and providing rupee-based mortgages for property in India.
According to Booker, this will be a unique flawless banking service between the UAE and India and the bank could repeat it for other communities residing in other countries.
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