DBS, State Bank of India to launch service

New online remittance service can transfer money from Singapore to India in no time.

Through the service, known as 'DBS2SBI Remittance', DBS/POSB customers will now be able to transfer funds quickly and conveniently to beneficiary accounts at over 16,000 SBI branches, as well as to 30,000 other branches in India, according to a report in BankingBusiness Review.

Rajan Raju, head of consumer banking at DBS, said: "We are constantly exploring opportunities to offer greater convenience to our customers. 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." 

Seah Boon Ching, head of consumer banking at SBI Singapore, said: "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. 

"Through this tie-up with DBS, we are able to provide speed, convenience and ease to customers banking with DBS/POSB, who wish to send remittance to our clients of the SBI Group in India."

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