RIYADH, 6 June 2003 — Riyadh-based Arab National Bank and HDFC Bank of Mumbai (India) announced here on Tuesday a tie-up for the launch of a new remittance service for Indian expatriates in the Kingdom through ANBs TeleMoney facility.
This tie-up with ANB will ensure that customers get the best conversion rate and faster credit to their accounts, while a doorto- door remittance will be delivered within 48 hours for major Indian cities, Harish Engineer, executive director of HDFC Bank, told a press conference held here. With this, ANBs remittance service extends to the Philippines, Sudan, Egypt, Jordan, Lebanon, Yemen and now India.
Currently, three banks — the Saudi British Bank, Saudi American Bank and Al Rajhi Banking and Investment Corporation — provide remittance service to Indian expatriates in the Kingdom, who number an estimated 1.5 million. Citing World Bank statistics, Harish said the volume of remittances from the Kingdom to India stood at SR7.5 billion annually.
He disclosed that a total of 900,000 remittances are sent to India every month, of which 500,000 transactions take place through banking channels and the rest through unauthorized channels like hundi, in which the cash changes hands through illegal operators in both countries. The rates offered are attractive, but the channels are illegal.
Speaking on behalf of ANB, Abdrabu Al Majhed, head of the TeleMoney Department, said the agreement between the two banks would enable non-resident Indians to open accounts through online banking.
