business-northeast-logo

HDFC announces full remittance service for trade and retail clients

BNE News Desk


Spread the love

Guwahati: HDFC Bank has announced a full value outward remittance service for trade and retail clients in US Dollars (USD), Euro (EUR), and Pound Sterling (GBP). 

Outward remittance means the remitting bank, entrusted by the remitter, remits funds to his sister banks or his correspondent banks by a certain instrument and instructs them to pay a certain amount to the nominated payee.

The unique "Complete Value" system ensured that when a customer transfers money abroad, the full amount sent reaches the overseas beneficiary, with no reductions for foreign bank costs.

Previously, the bank has only supported full value remittances in USD for individual clients. It has expanded this product to cover trade-related remittance transactions, which is an industry first. It will also be available in USD, GBP, and EUR and will be available to current and savings account customers for both trade and retail remittances sent globally.

"HDFC Bank has always been in the forefront of developing custom-tailored, innovative products to please its consumers." As a result, we are very thrilled to launch our full-value external remittance service, which will be available not just to people but also to merchants. We noticed an urgent consumer need in the remittances market and were delighted to meet it. "We are certain that this product would be a game-changer for our consumers," said Mr. Jatinder Gupta, HDFC Bank's Business Head, Retail Trade and Forex.

This service is available by visiting a branch for trade-related remittances from India, individual-related remittances under the Liberalized Scheme, and non-resident remittances from India in (in USD, GBP, and EUR), and RemitNow – NetBanking portal (in USD only) for foreign outward remittances under the Liberalized Remittance Scheme.

BNE News Desk