Federal Bank’s money transfer facility for NRIs in US

Federal Bank, on Wednesday, launched Fed-India remit service (FIRSE), the Web-enabled money transfer facility between the US and India, targeted at the NRI population. The traditional means of money transfer, through issue of cheques and drafts, used to take close to a month and at a cost to the customer. The telegraphic transfer used to be fast but entailed a service charge of between $25-50 (Rs 1,000-2,000) per transaction. Now, a similar facility is being offered free to Federal Bank NRI customers in the US. A couple of new generation private banks, which are offering similar services, are charging a fee for the same. And the bank is the first among the old generation private sector banks to offer such a facility. Federal Bank uses 128-bit encrypted technology offering 100 per cent security to both the remitter and recipient.