TimesofMoney launches new remittance product

MUMBAI: Remit2India, the flagship brand of TimesofMoney and a one-stop destination for money transfers for Non-Resident Indians (NRIs), on Wednesday launched a remittance solution called My Exchange Rate, targeted at its NRI customers in the United States.

"Using this facility, NRI customers now have the choice of fixing the exchange rates for making a remittance to India," a company press release said here.

"The remittance transaction goes through only if the rupee-dollar hits the exchange rate specified by the customer. With this offering, NRIs can make remittances starting from USD 1,000," it said.

NRI customers also have the choice of sending money through various options such as automated clearing house (online transfers), cheques, wire-transfers and PayPal, amongst others, the release said.

The product does away with the need to check exchange rates multiple times before executing the actual transaction. It also protects the customer from the vagaries of exchange rate fluctuations.

Transactions through the TimesofMoney website are Verisign-secured and offer the highest degree of online security, the release said.