Transfast ties up with State Bank of India for Remittances

Money Transfers from the U.S. to India Will Be Seamless

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Feb 16, 2018, 08:30 ET

NEW YORK, Feb. 16, 2018 /PRNewswire/ -- Transfast, a leading provider of remittance solutions with presence in over 125 countries, ties up with State Bank of India (SBI), the largest commercial bank in India by asset size, to enable the Indian community residing in the United States to send money transfers to their Indian bank accounts seamlessly. The direct integration will deliver an enhanced customer experience by adding speed and traceability to transactions from the U.S. to India. According to World Bank data¹, in 2016 the remittances from the U.S. to India accounted for nearly US $11 billion.

"The State Bank of India is one of the most reputable and far-reaching financial institutions in India and it is an honor to tie up with them for the betterment of the Indian community," says Samish Kumar, CEO, Transfast. "Through this arrangement we will provide our large Indian customer base with the ability to deposit money speedily into SBI bank accounts and other bank accounts in even the remotest areas of India."

"We are happy to announce this mutually beneficial tie up with Transfast. Now the Indian diaspora in the United States will be able to conveniently send funds directly into their account across various banks in India in the shortest possible time using SBI India's technology platform," said Siddhartha Sengupta, DMD & Group Executive - International Banking. "It has always been our endeavour to offer value to our customers and effective remittance offering will further cater to the needs of the large US Indian population."

As of 2015, there were 2.4 million Indian immigrants residing in the United States, making them the second-largest immigrant group².

About Transfast
Transfast is the simple and affordable way to send money around the world. For 30 years, our strong network of trusted financial partners, combined with best-in-class technology, have enabled us to deliver savings, convenience and peace of mind to millions of customers in 125+ countries. For more information visit https://transfast.com.

About State Bank of India
State Bank of India (SBI) the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. As on September 30, 2017, the bank has a deposit base of Rs. 26.23 lakh crore with CASA ratio of 43.81% and advances of Rs. 18.92 lakh crore. SBI has 31.97% market share in home loans and 34.64% market share in auto loan. The Bank has the largest network of 22900 branches in India and ATM network of 58,916. SBI is present in 36 countries with 205 offices. SBI has 2.57 crore mobile banking users and 4.2 crore internet banking customers. On social media platforms, SBI has the highest number of followers on Facebook, YouTube, LinkedIn and Pinterest. Bank tops the list of followers on Facebook and YouTube across all banks in the world.

Contact:
Transfast Public Relations
[email protected]
Tel: +1.212.382.2828 x5183

¹ Migration and Remittances Data, World Bank- http://www.worldbank.org/en/topic/migrationremittancesdiasporaissues/brief/migration-remittances-data

² Migration Policy - https://www.migrationpolicy.org/article/indian-immigrants-united-states

SOURCE Transfast