Axis Bank has tied up with Wells Fargo (the third largest American bank by assets) to offer real-time remittances from the Indian diaspora to their relatives back home.
Under the arrangement between the two banks, any member of the Indian diaspora with an account with the 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 the USA. But the relative or the beneficiary in India will need to have an account with Axis Bank.
The tie-up is the first of its kind with a US banking entity and will offer multiple channels of remittance to the customers.
Takeaways from above News-
- Axis Bank has tied up with Wells Fargo for US remittances
- Wells Fargo is the third largest American bank by assets
- Wells Fargo & Company WFC is a diversified, community-based financial services company
- WFC was founded in 1852 and is headquartered in San Francisco
- Axis Bank is Headquartered in Mumbai and its CEO is Shikha Sharma.
If you have any other takeaways, do share with us in the comment section
Source- The Hindu