Door-to-door 24-hour Remittance Service Between UAE and India
Dubai-Citibank UAE and Citibank NRI, India, both members of Citigroup, have together launched a unique remittance banking relationship that will make money transfers between the UAE and India a convenient and hassle free experience.
Introducing the Dirham/Rupee checking account (RCA) relationship that comprises two different accounts in Citibank UAE and Citibank India respectively. This unique Twin AED-RCA Account relationship will cater to the expatriate Indian segment (NRIs) who have a need to remit money to India as well as have a banking relationship in UAE.
For the first time in the market, customers will have multiple access channels for remittances to India. Account holders can now transfer money to India and enjoy special foreign exchange rates. Transfers from the UAE can be made, round-the-clock and instantaneously either by phone through the Dial-A-Remittance service provided by CitiPhone, also through ATM Remittances at Citibank's 42 proprietary ATMs and via Citibank Global Transfers at any Citibank branch or through Citibank Online.
Furthermore, the Twin AED-RCA Account opens the door to Citibank's full range of personal banking and investment products and services including auto and personal loans and credit cards. The personal banking offer is backed by the sophisticated CitiPhone Banking service, a virtual branch, meeting all banking needs over the telephone.
"One of Citibank's key strengths is our ability to understand the full range of customer financial needs across different markets, thanks to our unrivalled global presence," said Sanjoy Sen, Citibank's Country Business Manager. "The unique Dirham/Rupee checking account relationship is a fitting solution to expatriates' remittance needs that allows account holders to remit funds instantaneously to any point of choice in India from different distribution channels in the UAE round-the-clock."
Vipul Kapur, Citibank NRI's Area Director for the Middle East said: "The NRI Twin Account has a number of unique features that clearly positions the packed offering above the vanilla banking accounts available in the market today and has been designed keeping the needs of an NRI in mind."
Citigroup has been in the Middle East for nearly 50 years and currently offers consumer banking services in the UAE, Bahrain and Egypt. In the UAE alone, Citibank has had a presence for the last 41 years, and it is expanding its major operations in the country, namely in consumer banking.
In the last two years, the bank introduced the pioneering 8-8 branch hours, personal loan and auto loan products, investment and insurance services and wealth management planing.
Citibank NRI Business is a pioneer in the field of NRI banking with over two decades experience. Operating across four continents, 64 international centers and managing close to 200,000 clients, it is a wealth management business for global Indians offering a range of Investment, Treasury, Insurance and India based products.
-Ends-
Notes to the Editors:
Citigroup (NYSE: C), the leading global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com
For further information, kindly contact:
Karim Seifeddine
Public Affairs Head, Citigroup
Tel: + 9714 3114392
Email: karim.seifeddine@citigroup.com
© Press Release 2006
