India’s third-largest private sector bank, Axis Bank, has announced a strategic partnership with Wells Fargo & Company to offer seamless remittance facility to their NRI customers from The United States of America (USA). Contributing more than 30% of total remittance volume to India, USA is one of the key corridors for remittances to India.
Beginning April 8, 2017, customers can send money directly to their beneficiary account at Axis Bank with zero transfer fee. Meanwhile, in December 2016, Wells Fargo added more than 2,500 Axis Bank locations and 12,300 ATMs to its ExpressSend payout network in India.
The arrangement marks the first bilateral retail remittance relationship with Bank in USA for Axis Bank thereby providing a further edge to the bank’s NRI Proposition in the region. With this arrangement in place, Axis Bank’s NRI customers can send remittances to their accounts in India 24×7 through Wells Fargo's ‘ExpressSend Service’, after due enrollment in the service. The customer can send remittances either at Wells Fargo's branches, on phone or online at www.wellsfargo.com.
Besides the seamless nature of the facility, the service would be economical and convenient as well. Customers can send money at competitive exchange rates for low transfer fees with the Wells Fargo ‘ExpressSend’ Service while the online-savvy can send money online via the Wells Fargo Phone Bank, or at a Wells Fargo branch location.
Commenting on the arrangement, Himadri Chatterjee, president and Head, Transaction Banking, Axis Bank said, “We are delighted to partner with Wells Fargo to launch a service which addresses not only business opportunities but the needs of a wide and evolving diaspora. We are confident that this expansion of network will make it even more convenient for our NRI customers to send money from USA and give them another reason to choose Axis Bank as their Banking partner of choice.”
“We know that our ExpressSend customers have a choice of remittance providers, and they choose our service because it is economical, dependable, and convenient for both the customer and their family and friends back home,” said Daniel Ayala, executive vice president and head of Wells Fargo's Global Remittance Services.
“By adding Axis Bank to our network in India, this expansion will make it even more convenient for beneficiaries in India to receive their money, and give our customers another reason to feel good about sending money back home,” he added.