South Indian Bank has entered in a tie-up with National Australia Bank (NAB) for online inward remittance from Australia at competitive rates. The remittance fee is as low as AUD 7 and the arrangement enables faster, hassle-free remittance through internet at the best exchange rates, the bank said. NAB is SIB’s main banking correspondent in Australia. SIB executive vice president (treasury) K N Reghunathan said as the exchange rate is decided by SIB, NRI customers in Australia would get the best possible rates. The remitted money can be either converted into Indian rupee or maintained in Australian dollar, he said.
