The South Indian Bank has launched an overseas money transfer service through mobile banking.
Non-Resident (NRE) and Resident External Savings Bank account holders can transfer funds abroad through the bank’s mobile banking application “SIB Mirror+”. The service is also available on its Internet banking platform ‘SIBERNET’. Customers can transfer foreign currency overseas without going to the bank branch.
Thomas Joseph K, Executive Vice President and Group Chief Business Officer, South Indian Bank, said, “With this new feature, our client can now initiate overseas remittances in over 100 currencies across the world. We are confident that this new feature would make sending money abroad a smooth and seamless transaction for all of our customers using the mobile platform.
The feature allows outbound funds transfers 24/7 in dollars and other currencies during market hours. The daily limit for the resident client is $10,000 and $25,000 for the fiscal year; for NRIs, the daily limit is $25,000 and the exercise limit is $100,000, within the Liberalized Remittance Scheme (LRS) limit.