Federal Bank tie-up with UAE’s Mashreq Bank: Federal Bank’s agreement with Mashreq Bank; Immediate money transfer from UAE to India – federal bank tie up with uae’s mashreq bank for quick remittance service
- Mashreq is one of the oldest banks in the UAE and is spread across twelve countries across Europe.
- Federal Bank accounts for 17% of the remittance market in India
- Federal Mashreq Bank agreement allows remittances to Indian migrants from UAE
Mashreq is one of the oldest banks in the UAE and is spread across twelve countries across Europe. The partnership will support the Mashreq system of quick payments, quick money transfers, launched by Mashreq in 2017. US, Asia and Africa. It is also the only privately owned bank in the UAE.
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Speaking on the occasion, Federal Bank Executive Director Shalini Warrior said, “We are excited about this partnership with Mashreq Bank to provide low cost fast money transfer services from the UAE to India. With our 17 per cent share in the personal remittance market in India, we have always been at the forefront of ensuring that the money transfer business is a testament to our “digital foremost, man-centered” objective. This fully automated solution from one end to the other will ensure that customers will have the benefit of having their money transferred in a safe and secure manner and Indian migrants in the UAE will definitely benefit from this.
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Federal Bank is one of the leading banks in the world in terms of soliciting money into personal accounts, with over 90 remittance systems. The conclusion of this partnership is that Mashreq customers can avail a lot of savings as well as send instant remittances to India through Mashreq’s online and mobile banking channels from their home or office as convenient.
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Speaking on the occasion, Turan Asif, Executive Vice President, Mashreq Bank and Head, Consumer Banking, said,
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