UAE's Al Ansari, India's Federal Bank, tie up in remittance service

UAE foreign exchange house and remittance provider Al Ansari Exchange has signed up with India's Federal Bank to provide quicker remittances for the Indian expatriate community in the country.

Indian expatriate workers in the UAE could now send their remittances to their Federal Bank accounts in India through Al Ansari Exchange, which can be available in real-time, the exchange house said in a statement.

Federal Bank's, 'Fed Flash' service allow bank customers to remit money real-time into to their accounts through at any Al Ansari Exchange branch to all branches (over 750) of Federal Bank in India. A key feature of this product include SMS alerts as soon as the account is credited, both the remitter as well as the beneficiary will receive SMS alerts on their mobile, saving on follow-up costs, the statement added.

“Our strategic alliance with Federal Bank from India demonstrates our continued commitment to provide Indian expatriate workers in the UAE with key services that will allow quicker and more convenient way of sending their money back home through banking channels,” said Rashed Ali Al Ansari, General Manager, Al Ansari Exchange.

“The new ‘Fed Flash’ service reflects the latest in remittance technology where our customers will be able to send money in a matter of minutes through any of our branches spread out in the UAE. They can be assured of a speedy process as both the sender and the receiver will receive an SMS confirming the transaction. This new service is just one of the many services we will be launching as part of our promise to provide our customers with strategic and faster services.”