By filling in transfer details and beneficiary details, customers can pay US $ 25,000 or equivalent per day through Kotak remit and up to US $ 250,000 or equivalent in a financial year.
If you want to send money to your relatives living abroad, now you can transfer funds directly from your phone. Kotak Mahindra Bank, the largest private sector bank, launched a new service for customers on Monday. The bank has launched the Outward Forex Remittance Service Kotak Remit on mobile. It allows users to send money abroad directly from their mobile phones. Outward Forex Remittance Solution is live on Kotak Mobile Banking App.
Money can be sent up to $ 25,000 without document- Kotak Mahindra Bank said in a release, for the first time Kotak customers can transfer money directly from their mobiles to their beneficiaries abroad. Private sector lenders said that this is the first step of the industry and customers will not have to pay any physical documents for transactions up to US $ 25,000.
“Mobile revolution has changed the way we bank, invest, shop and pay,” said Phani Shankar, president and co-head of Treasury and Global Markets, Kotak Mahindra Bank. Domestic payments have been one of the main areas of focus. With the launch of Kotak Remit on Mobile, we have entered a new phase of digital transformation involving international payments, which allows our customers to transfer banking as well as international funds on mobile.
Can send money in 15 currency
Kotak Remit offers remittances in 15 currencies including US Dollar, Australian Dollar, UK Pound Sterling, Hong Kong Dollar, Saudi Riyal, Canadian Dollar, Singapore Dollar, Euro, Japanese Yen.
Can transfer more than 18 lakh rupees
Through Kotak Remit, you can transfer more than 18 lakh rupees from your mobile. By filling in transfer details and beneficiary details, customers can pay US $ 25,000 or equivalent per day through Kotak remit and up to US $ 250,000 or equivalent in a financial year. The customer will get a notification at every stage of the transaction process. This will keep them updated.