Singapore-based DBS Bank has teamed up with the State Bank of India (SBI) to launch an online remittance service from Singapore to India.
The new service, called DBS2SBI Remittance, will allow DBS/POSB customers to move funds to beneficiary accounts at more than 16,000 SBI branches, and to 30,000 other branches in India.
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DBS head of consumer banking Rajan Raju said: "India is one of the key recipients of home remittance from Singapore. We currently offer direct remittance service from DBS/POSB accounts in Singapore to accounts with 10 DBS branches across India.
"The DBS2SBI Remittance service will further enhance our current offerings, providing our clients with extended reach and distribution for payments in India by leveraging the SBI branch network."
To remit funds through the new service, consumers have to initiate the remittance through SBI’s online remittance service E-Remit. They have to then make a separate bill payment to SBI using DBS’ online banking channel DBS iBanking using the given reference number.
Funds will be transferred to the beneficiaries in India by the next working day.
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By GlobalDataSBI Singapore head of consumer banking Seah Boon Ching added: "SBI is a household name in India, and it is only natural and makes perfect sense for us to partner with a bank which resonates similarly in Singapore. Establishing this arrangement with DBS marks another milestone we’ve achieved since attaining our QFB license in Singapore."
