DIB in­tro­duces in­stant money trans­fer ser­vice

Banking Frontiers - - Banking In The Gulf -

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.

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