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Press Release

WorldRemit and YES BANK launch instant money transfers to India

New partnership significantly improves payout options for the Indian diaspora

Mumbai and London, 30 August 2017 - Leading digital money transfer service WorldRemit has partnered with India’s 5th largest private sector bank, YES BANK, to launch a new instant money transfer service to India.

YES BANK has an extensive network of 1,000 branches and 1,800 ATMs.

The partnership is expected to further support the growing demand for remittances in the country and over 16 million Indians living abroad. Currently, India is the top-remittance receiving country in the world; it received $69 billion in remittances in 2015, according to the World Bank.

WorldRemit customers living abroad will now be able to send secure, instant bank transfers to friends and family in all 29 states and 7 Union Territories in India, from their mobile phone.

YES BANK will disburse funds using its instant payment service. It has built a network of partnerships across the globe to enable remittances and instant payments into India, using its state-of-the-art API banking platform.

WorldRemit enables the Indian diaspora in over 50 countries around the world to send money home as easily as sending an instant message. Since the start of its operations in India, WorldRemit customers have completed 1.2 million money transfers.

Globally, WorldRemit customers send 700,000 transfers every month to over 140 destinations. WorldRemit makes sending money as easy as sending an instant message.

Ismail Ahmed, Founder and CEO at WorldRemit, comments: “We’re excited to expand our fast demonstrates our long-standing commitment and convenient service to Indian migrants abroad. YES BANK is a highly respected financial institution with an extensive network throughout the country. Our partnership will ensure our Indian customers in the diaspora have the widest choice of payout options when sending money back home.”

Arun Agrawal, Group President of International Banking at YES BANK, added: Our partnership with a leading digital remittance company like WorldRemit provides Indians from the UK and around the world in 50 countries access to a revolutionary and seamless service to send money back home, hassle-free. It also enhances our comprehensive Global Indian Banking programme for NRIs.”

For more information on how to send money to India using WorldRemit click here.

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About WorldRemit

WorldRemit is changing the way people send money.

It’s easy – just open the app or visit the website – no more agents.

¿      Transfers to most countries are instant – send money like an instant message.

¿      More ways to receive (Mobile Money, bank transfer, cash pickup, and mobile airtime top-up).

¿      Available in over 50 countries and 140+ destinations.

¿      Backed by Accel Partners and TCV – investors in Facebook, Spotify, Netflix and Slack.

 

WorldRemit’s global headquarters are in London, UK with regional offices in the United States, Canada, South Africa, Singapore, the Philippines, Japan, Australia and New Zealand.

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About YES BANK

YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 29 states and 7 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.

For more information, please visit the Bank’s website at http://www.yesbank.in/

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