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Axis Bank, Wells Fargo tie up for remittances

Axis Bank has tied up with US bank Wells Fargo to offer real time remittances from the Indian diaspora to their relatives back home. Under the arrangement, any member of the Indian diaspora with an account with Wells Fargo will be able to transfer money to their relatives back home and there will be no transaction fee applicable to the money transfers from USA. But the relative or the beneficiary in India will need to have an account with Axis Bank. According to Daniel Ayala, executive vice president and group head, Global Remittances at Wells Fargo, the beneficiary will get a competitive price for a real-time transfer. From 8 April, the bank will be waiving transaction fees for Axis Bank customers, he added. The tie-up is the first of its kind with a US banking entity and will offer multiple channels of remittance to Axis Bank’s customers, said Himadari Chatterjee, president and head, Transaction Banking at Axis Bank. Wells Fargo has similar tie-ups with ICICI Bank and HDFC Bank.

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