A recent press report said that Axis Bank, India’s third largest private Bank, has tied up with Malayan Banking Berhad (Maybank), Malaysia, for remitting money from Malaysia to beneficiary accounts in India. The bank has signed an agreement with Maybank for offering remittance facility to India, under Maybank Money Express (MME) service.
According to reports the service will facilitate straight through remittance facility for sending money to the intended beneficiaries, holding an account with Axis Bank or any of the 78000 NEFT enabled branches of over 100 other banks in India.
Mr.P. Mukherjee, President and Head – Treasury & International Banking at Axis Bank said that the main purpose of the tie up was to offer immediate remittances to help Indians living in Malaysia remit money to beneficiaries in India in a quick, seamless and economical manner.
Reports said that the bank already offers inward remittance facility to India through tie-up with various banks, exchange houses, money transfer operators as well as through wire transfer and its online money transfer platform, ‘AxisRemit Online’. The bank is also renowned for its loan schemes such as Axis home loans, Axis Personal loan, Axis car loan etc.