DIB introduces instant money transfer service
Dubai Islamic Bank has introduced a new service, ‘DIB Express Transfer’, that ensures transfer of funds to any ICICI bank account in India within 60 seconds and any other bank in India within one hour. The service is available at key customer touch points including DIB branch kiosks and through online and mobile banking portals. Sanjay Malhotra, chief of Consumer Banking at DIB, said DIB Express Transfer will simplify the process of transferring money to India and customers can manage their remittances for planned or emergency transfers and know their money will be received immediately. According to the World Bank, the UAE comes in third largest outward remittance markets in the world, with cash remittances estimated to have reached AED 77 billion in 2016. The top beneficiaries of money transfers were India, Pakistan, Philippines and Bangladesh.