Bank Nizwa partnered with Axis Bank, India’s third largest private sector bank, to provide its customers with fast, convenient, and competitive rates to transfer and receive funds in over 120 banks and over 80,000 branches across India. The partnership offers a real time Rupee Remittance Facility, based on using the innovative and automated Axis Remit Direct (ARD). The service allows customers to save on transfer charges and enjoy instant transfers to Axis Bank accounts and within one working day to all other accounts in India.

“The Bank Nizwa international money transfer service appeals to individual and corporate clients alike. It offers complete security and reliability with competitive exchange rates,” said Khalid Al Kayed, CEO of Bank Nizwa. He added, “Our goal is to continue being ahead of the curve, always setting-trends of reliability, customer excellence and positive experiences.”

Customers will also benefit from corporates availing remittance services and their expat staff on account of their salary account with Bank Nizwa. These salary accounts will be funded monthly from the corporates’ current account, thereby giving access to their staff to enjoy a suite of personalized products and services that meets their day-to-day financial needs at highly competitive terms. With the launch of this service, Bank Nizwa is offering an end-to-end solution to both its retail and corporate clients with other value added Shari’a-compliant products and services.

Satheesh Krishnamurthy, Senior Vice-President, Affluent Business Axis Bank, said, “Banking transactions, including remittances between the Middle East and India, have been growing continuously and we look forward to playing a significant role in serving the banking needs of our customers in Oman. We are delighted to partner with Bank Nizwa, which will further help us expand our reach in the Middle East.”

The new service is in line with Bank Nizwa’s strategy to continue expanding its Shari’a-compliant secure and competitive electronic international money transfer service. The service is available to customers transferring money electronically to a foreign bank’s beneficiary account. A range of currencies is available including US Dollar, Euro, Great Britain Pound, Japanese Yen, South African Rand, Jordanian Dinar, Pakistani and Indian Rupee, as well as GCC currencies.