South Indian Bank has launched a foreign remittance service through mobile banking.
Non-resident (NRE) and resident foreign savings bank account holders can make foreign remittances through the bank’s ‘SIB Mirror+’ mobile banking application. This service is also available on its Internet banking platform ‘SIBERNET’. Customers can transfer foreign currency abroad without visiting a bank branch.
Thomas Joseph K, Executive Vice President and Group Business Head, South Indian Bank, said, “Through this newly launched feature, our customers can now initiate foreign remittances in over 100 currencies worldwide. We are sure that this new feature will make foreign remittances a smooth and seamless transaction for all our customers using the mobile platform.”
This feature allows 24×7 outgoing remittances in dollars, and in other currencies during market hours. The daily limit for resident customers is $10,000 and in FY $25,000; for NRIs the daily limit is $25,000 and the FY limit is $100,000, within the Liberal Remittance Scheme (LRS) limit.