Kotak Customers can Send Money Abroad Directly from Phone

Kotak Bank unveiled its Kotak Remit, an outward forex remittance solution that allows its users to transfer money abroad directly from their phones. Customers with Kotak Mobile Banking App can use it now.

Furthermore, with no physical paperwork needed for transfers of up to US$25,000 or equivalent, with Kotak Remit, Kotak customers can now effortlessly and immediately initiate remittances from the Kotak Mobile Banking App to move money without any effort. Kotak Remit is providing remittances in 15 currencies*.

In a basic two-step method that requires entering transfer details and recipient data, customers can remit up to US$25,000 or equivalent per day and up to US$250,000 or equivalent in a financial year via Kotak Remit.

"Catering to a predominantly mobile-first customer profile that appreciates the ease and security of the Kotak Mobile Banking App, Kotak Remit on mobile significantly enhances customer convenience and gives customers the flexibility to initiate a transaction at a time and place of their choosing," the bank said.

Phani Shankar, President & Co-Head - Treasury & Global Markets, Kotak Mahindra Bank said, "The mobile has been at the centre of a revolution of sorts and it has changed the way we bank, invest, shop and pay. Domestic payments has been one of the core areas of focus. With the launch of Kotak Remit on mobile, we have entered a new phase of digital transformation encompassing international payments, which gives our customers the advantage of banking on mobile for making international fund transfers as well."

Though outbound remittances under the Liberalized Remittance Scheme (LRS) for Resident Individuals declined this year due to a pandemic, remittances from India were gradually rising prior to FY2020-21 and offer a substantial business opportunity.

In 2019-20, outgoing remittances from India rose by ~36% from ~USD 13.8 billion in 2018-19 to ~USD 18.8 billion in 2019-20.

GoodReturns.in