Wells Fargo & Company has doubled its ExpressSend remittance network payout locations in India through an agreement with HDFC Bank (view press release). With the addition of HDFC Bank’s around 2,500 branches and approximately 8,900 ATMs, Wells Fargo customers’ beneficiaries can now send remittances to India from a network in India of around 5,200 branches and approximately 16,000 ATMs. Wells Fargo ExpressSend customers can send up to USD5,000 per day to their beneficiary’s HDFC Bank account using the account-based ExpressSend service for a USD5 fee which will be waived through August 31.
Remittances to HDFC Bank are denominated in Indian Rupees. Once a customer has set up the ExpressSend agreement and the beneficiary account information is verified with HDFC Bank, the customer needs to conduct their first transaction in a store. Subsequent account-based transactions can be conducted online, in branch or over the phone. Funds are sent to HDFC Bank for credit during HDFC Bank’s local processing hours: Monday – Saturday, excluding India holidays.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more