New Remittance Facility Launched-State Bank of India, DBS tie-up.

Indian Based Singaporeans have one more channel to remit money to their loved in Indians via DBS2SBI Remittance’

More details of this tie-up can be accessed @

https://eremit.sbising.com/Public_DBS2SBI.aspx

The highlights this facility is : -

01)                      Till now DBS Singapore customers could transfer funds to only the 10 DBS Branches in India.

02)                     With the above tie-up, DBS Singapore Customers will be able to transfer funds straight to 16,000 + State Bank Group Branches on a T+1 day settlement basis.

03)                       With the above tie-up, DBS Singapore Customers will be able to transfer funds straight to 40,000 + Indian Bank ‘s NEFT enabled  Branches on a T+2 day settlement basis.

04)                     To remit funds, customers will have to initiate the remittance via SBI’s online remittance service E-Remit at https://eremit.sbising.com

05)                     There are two steps for effecting the Remittance Transactions.

a)    To remit funds using DBS2SBI, consumers first need to initiate the remittance via SBI’s online remittance service E-Remit.

b)   Using the reference number, consumers would then need to perform a separate bill payment to SBI using DBS’ online banking channel.

As of now, I am unable to locate the details of the charges for this facility either or SBI, Singapore Net Site or DBS Site.

State Bank of India, Singapore site is not clear regarding failed transactions.

Maybe, this will be addressed in the coming days.