Mumbai, March 26, 2011: Bank of India, India’s premier public sector bank, has signed a service agreement with TimesofMoney to offer remittance solutions to NRIs in UK. This strategic partnership will enable NRIs send remittances in Great Britain Pounds (GBP), seamlessly and securely.
This online remittance service will offer all users competitive pricing, both in terms of exchange rates and transaction costs. Moreover, the customer is assured of convenience as he has no longer, to visit a branch and can execute the online money transfers from the comfort of his home/office.
Speaking on occasion, Shri Alok K. Misra, Chairman and Managing Director, Bank of India said that ‘’NRIs are a strong focus for our bank, and our global reach makes us uniquely positioned to serve them. We are happy to offer a technology driven service to U.K. based NRIs. The main concern for all NRIs is to have a fast, secure and cost effective way to send money to India. The product will ensure that the users can now transfer money 24×7 in an affordable and secure manner’’.
Commenting on the occasion, Avijit Nanda, President – TimesofMoney said “India is the highest remittance receiving country in the world, estimated at over US$ 58 billion. TimesofMoney’s proprietary platform, ‘Remittance in a Box’ provides banks with a unique plug-and-play solution to power their online remittance service. This platform offers user interface & design, risk management, technology, operations and customer service. This alliance with Bank of India gives us a great sense of pride and we look forward to growing this relationship.”
Bank of India has an overseas presence of over 65 years. It has offices in 19 foreign centres spread over 5 continents, where its services are extended through 49 outlets, including 7 in UK. Almost 25% of the Bank’s business is contributed by its foreign offices. TimesofMoney is India’s leading digital payment service provider and serves a varied client base. Spanning Indian and international clients, its offerings include specialized NRI services, Money Transfers, and e-Payments.