In keeping with its legacy of offering innovative products, Remit2India.com, the world’s No.1 independent online money transfer portal, has launched a first of its kind product, Rupee Express. Rupee Express helps you send money to India online.
The customer can fix the INR amount to be sent to the beneficiary, thereby fixing the exchange rate at the time of the booking of the remittance transaction. Between 25-30% of the NRI money transfer goes towards payment of loans, insurance premiums, house rent, etc. in terms of EMIs or fixed rupee denomination amounts.
Earlier, NRIs would send an estimated foreign currency amount, depending on the indicative exchange rate displayed at the time of booking the transaction. However, the exchange rate which would be finally applied was that on the day of conversion of funds, typically on the 3rd working day. With Rupee Express, the overseas Indian can pay the exact EMI rupee amount for his loans or premiums as well as guard himself against any exchange rate fluctuations. T
his product further enhances the existing Guaranteed Exchange Rate product at Remit2India.com. Currently, Rupee Express supports only USD currency for all its transactions done via- automated clearing house system of the US. Additionally, customers can track the status of their transaction online or on SMS Alerts facility. “Rupee Express marks yet another pioneering service in the industry. We are committed towards offering differentiated services customized to the needs of our NRI customers,” Suresh Rangarajan, Chief Operating Officer, TimesofMoney, said.