Xpress Money launches direct account credit service

Money transfer company Xpress Money has added a ‘Direct Account Credit’ service for customers sending money to India.

The new service will allow customers to send money to any bank account in India, where the firm previously only offered cash remittances.

Now, a customer can walk into any Xpress Money location in UK and ask for the money to be sent to their beneficiary’s account through the ‘Direct Account Credit’ service. Once the transaction has been processed, the amount will be credited to their beneficiary’s account within 24 to 48 hours. The remitter also will receive an SMS confirmation, as soon as the money is credited to the selected account, ensuring a hassle-free transaction.

Customers can already send money for cash pickup and to the recipients remit card, which can be used to withdraw money from an ATM in the country shop at POS terminals.

“The Direct Account Credit service […] encourages saving, as beneficiaries can withdraw only the required amount while the rest can be saved in the account,” said Nirav Parekh, regional vice president for business development in Europe.

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