Mumbai: South Indian Bank has launched a new module in their Mobile Banking Application called “SIB Mirror+” to better facilitate the “remittances to” abroad in foreign currency. The Bank has enabled ‘Remit Money Abroad” through Mobile Banking on the Outward remittances front, ensuring savings on time, convenience, and safety.
‘Remit Money Abroad” facilitates Foreign Outward Remittance through the bank’s “SIB Mirror+” mobile banking application for its NRE and Resident Savings Bank Account customers. South Indian bank provides the same facility in its Internet Banking platform “SIBERNET” also for their Resident Savings Bank Account and NRE Savings Account customers. Customers can transfer foreign currency abroad without visiting the branch and with more convenience in a secure, fast and paperless manner.
Speaking on the launch, Thomas Joseph K, Executive Vice President & Group Business Head, South Indian Bank, said “This is a major milestone in the digital journey of South Indian Bank. Through this newly launched feature, our customers can now initiate foreign outward remittances in more than 100 currencies across the globe. We are certain that this new feature would make foreign remittances a smooth and seamless transaction for all our customers using the mobile platform.”
‘Remit Abroad Feature’ on Mirror +, enables customers to remit money for purposes such as family maintenance, gifting, education, emigration, and travel. This feature helps customers to initiate outward remittance requests 24×7 in USD currency, while remittances in all other currencies can be initiated during market hours. The per day limit for resident customers is USD 10000 and in an FY USD 25000, for NRI daily limit is fixed at USD 25000, and the FY limit is USD 100000, within the LRS limit.