Context:
IDFC FIRST Bank has launched RemitFIRST2India, a next-generation digital remittance platform enabling Non-Resident Indians (NRIs) to send money to India quickly, securely, and at zero transfer fees. Developed in partnership with SingX, the platform aims to provide a transparent, compliant, and customer-friendly cross-border payment experience.
About RemitFIRST2India
- Purpose: Simplify and speed up NRI remittances to India with competitive forex rates and full transparency.
- Availability:
- For IDFC FIRST Bank NRI customers – direct transfer via Mobile Banking App without extra registration.
- For non-customers – quick, paperless onboarding via a dedicated web portal.
- Current Coverage: Transfers from Singapore and Hong Kong; expansion planned to more countries.
- Partnership: SingX (licensed by Monetary Authority of Singapore) for regulatory compliance and operational efficiency.
About IDFC FIRST Bank
- Type: Private sector universal bank in India.
- Customer Base: 35.5 million live customers; presence in 60,000+ cities/towns/villages.
- Branch Network: 1,016 branches; digital-first approach with highly rated mobile app.
- Core Banking Principles: Ethical banking, customer-friendly products, financial inclusion, ESG focus, and transparent zero-fee services.
