ICICI partners with UAE Exchange to offer instant money transfer service

ICICI Bank has tied up with UAE Exchange to offer an instant bank transfer service to the Indians residing in the Gulf nation.

'FLASHremit' service started by the private sector bank enables customers to conveniently send money instantly to their beneficiaries in India in rupee denominations.

"By using the services the customers of the bank, residing in the UAE, can send money instantly to any ICICI Bank account in India," a statement released in Dubai said.

ICICI Bank customers will be able to avail this service by visiting any of the over 135 branches of UAE Exchange in UAE including over 15 branches across the Dubai Metro network.

"Our experience of serving more than 1.5 million NRIs across the globe for over a decade has helped us build significant expertise in the field of remittances," said ICICI Bank President Vijay Chandok.

Additionally, an instant SMS confirmation is sent to the sender and receiver informing about the credit, thus eliminating any follow up.

"The service is available to our customers 24x7 and 365 days a year. Our partnership with UAE Exchange is a reinforcement of our commitment to deliver best-in-class service propositions to NRIs across the UAE," he said.

"India continues to receive the maximum amount of remittances in the world and has a large expatriate population living outside the country," said Promoth Manghat, deputy CEO, UAE Exchange.

With over 3800 branches in the domestic banking sector, ICICI Bank has the largest branch network among private sector banks in India.

UAE Exchange currently has over 750 branches across 32 countries, and is the world's largest networked remittance brand. Its strong correspondent banking relationship, with close to 150 global banks, adds to the might.