Money Transfers: Which startups offer remittance services from the US/UK to India?
Cross-Border Payments
Asked by Question Bot02/Oct/20121 answer
1 Answer
F
Faisal Khan
Answered 02/Oct/2012
Remittance setups into India are regulated by the Reserve Bank of India (RBI). In traditional remittance setups, money exchange companies and bank in India tie-up with money exchange companies in US/UK and offer the remittance corridor.
In India, this is very much regulated. Almost all the banks have such an arrangement (either directly) or via some anchor bank. By itself, there are very few exchange companies in India that are licensed to handle remittance payments.
Xoom / Remit2India are just two brands that are very visible and famous. If you want to start of with a Remittance corridor from US / UK into India, your best bet is to get a hold of a bank, that currently does not have such an arrangement in place.
In India, this is very much regulated. Almost all the banks have such an arrangement (either directly) or via some anchor bank. By itself, there are very few exchange companies in India that are licensed to handle remittance payments.
Xoom / Remit2India are just two brands that are very visible and famous. If you want to start of with a Remittance corridor from US / UK into India, your best bet is to get a hold of a bank, that currently does not have such an arrangement in place.