Transfast targets to capture 7 per cent of remittances to India

KOCHI: The US-based money transfer company Transfast is targeting 7 per cent share of inward remittances to India in the next two years. The company that started Indian operations a few years ago now has 45,000 payout locations in the country.

"We handle around 7 per cent inward remittances to Philippines. We are aiming at that figure in India," said Transfast CEO Samish Kumar adding that the company is rapidly expanding its presence in south west India.

Kerala, he said, with 2.4 million expatriates is a key market, which places a priority on Gulf currencies and European remittances. Transfast is scaling up its operations across the state encouraged by the continued strength of inward remittances. The annual remittances flow to India is over $70 billion, of which 50 per cent is from Gulf countries.

Transfast, according to him, differs from other money transfer firms in that it offers multiple options to the customers in the form of bank deposit transfers or cash pickup along with competitive foreign exchange rates and lower fees. "We are the only money transfer company with instant bank transfer offering round the clock throughout the year."

With a strong base in the US and head start in online remittances payment, the company having a network over 120 countries, is well equipped to handle increased remittances from that country to India, he reckoned.