A money remittance service provider Xpress Money has introduced a flat fee of Rs 208 (15 dirhams) for remittances of any denominations to India.
The revised fee comes on the heels of the company’s decision to discontinue its earlier slab system of differential pricing based on the amount being transferred.
Working with a network of banks and non banking financial institutions,Xpress Money has a country-wide network in India comprising more than 35,000 agent locations. It has presence in more than 125 countries.
Sudhesh Giriyan,Head,Xpress Money Business,said: “One of the fastest-growing economies in the world,India is also the largest ‘receive’ market in the remittance industry having received upwards of USD 58 billion in 2011.”
Similarly,he said,UAE is one of the largest ‘send’ markets in the world,having a sizeable Indian population with a clear need to send money back home.
The company offers remittance through ‘Cash-to-Cash’,’Cash to Bank Account’,’Cash-to-Mobile’,and ‘Online Money Transfer’ modes.
“Introduction of a flat fee for all transactions to India is an endeavour to further strengthen our presence in these regions and offer our customers a unique advantage in terms of affordability,” Giriyan said.