SingPost partnership will provide remittance services to India
Singapore Post (SingPost) has extended its retail portfolio through a partnership with the State Bank of India (SBI), Singapore, to provide remittance services to India. The secured service, called CASHOME, will now be available through all SingPost branches, as well as those belonging to SBI in India.
SingPost said “customers can enjoy convenience and speed” when they remit funds to the beneficiary accounts at over 13,000 SBI branches in India.
Funds remitted before 4pm will be credited into the recipient’s bank account, maintained with SBI, by the next working day before 2pm. Funds remitted after 4pm will be credited on the second working day before 2pm.
SingPost’s executive vice president for Retail & Financial Services, Loh Choo Beng said: “India is one of our major remittance destinations and it continues to hold tremendous growth potential.
“This partnership with SBI enhances our CASHOME offering to better serve the Indian community working and residing in Singapore, giving them a secure and affordable way to send money back home.”
Seah Boon Ching, head of consumer banking, SBI Singapore said: “As one of the market leaders in providing remittance services to India, we are happy to partner with SingPost to provide customers with quality remittance service to India.
“With our large network of SBI branches in India, customers of SingPost are able to enjoy the speed and ease when they remit funds to their loved ones and business partners with SBI bank accounts in India.”