Global payment services major, Western Union, has tied-up with State Bank of India (SBI) to enable international direct cash-to-account transfers.
Indians working and living overseas and general consumers holding SBI accounts will soon be able to send international cash transfers from Western Union directly into SBI online banking-linked accounts following an agreement between SBI and The Western Union Company, a press release issued in Mumbai on Thursday stated.
This new arrangement allows consumers to send money from any one of the 3,70,000 global locations of Western Union straight into their SBI online account, thus complementing SBI's existing online remittance facility.
Western Union's Account Based Money Transfer (ABMT) forms a part of Western Union's electronic channels strategy as the company seeks to offer a variety of ways to transfer money for existing and new customers.
ABMT with SBI is the first electronic service of its kind to be introduced in India and is expected to commence early next year, the release said.