Federal Bank has entered a tie-up with Speed Money Transfer Japan KK (SMTJ), a leading financial services company, to facilitate instant money transfer from Japan to India. Customers can send money to India using the mobile app or by visiting any of the branches of Speed Money Transfer Japan KK in Tokyo, Roppongi, and Nagoya. The beneficiary in India will get the funds in real-time and the cost for the service is as low as JPY 500 per transaction with the best exchange rates in the market.
Speaking on the occasion, Mr. Ravi Ranjit, Vice President & Head, International Banking Department, Federal Bank said “We are pleased to announce our Rupee remittance tie-up with Speed Money Transfer Japan KK (SMTJ) in Japan. NRIs and small businesses in Japan will now enjoy a modern, low cost, fast, easy and more reliable way of transferring money to India.”
Speed Money Transfer Japan K.K. (SMTJ) leverages the latest technology to offer customers unparalleled user experience. Customers can enjoy substantial savings by using this new platform.
Speaking on the occasion, Ms. I.T. Manalastas-Watanabe, President & Representative Director of SMTJ said, “We are pleased to partner with Federal Bank to facilitate instant money transfers to India from Japan. At SMTJ we have always embraced innovative technology that gives rise to services that enhance the customer experience. We are sure that this new integration will ease the process and bring further convenience to our customers. The official launching of the remittance service from Japan to India was during the Namaste India Festival in Tokyo on 28th September 2019.”
About Federal Bank:
Federal Bank is a leading private sector bank with a branch network of 1,251 branches and 1,934 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at Rs 2.46 Lakh Crore as of March 31, 2019, and it has earned a net profit of Rs. 1,244 Crore for FY19. The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.14%. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve center for NRI customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.