India Post Payments Bank (IPPB) has initiated international remittance services in collaboration with Ria Money Transfer, as announced by IPPB Managing Director and CEO R Vishwaswaran.
This service allows individuals in India to receive money from abroad without incurring any fees upon deposit into their accounts. The sender, however, will bear the charges for sending money through Ria Money Transfer.
Expansion Plans and Accessibility
Vishwaswaran stated that IPPB aims to enhance financial inclusion by removing barriers for the unbanked and underbanked populations.
Initially available at 25,000 locations, the service is set to expand gradually to cover IPPB’s extensive network of over 1.65 lakh locations nationwide.
Withdrawal Options and Convenience
Recipients of international remittances through IPPB will have the flexibility to withdraw either the entire amount or a partial sum according to their preference, as confirmed by a senior IPPB official.
Additionally, recipients can choose to transfer the funds to their IPPB accounts through a seamless, paperless process.
Withdrawals can be made using biometric authentication, and the service includes doorstep delivery by postal workers at no cost to the recipients.
This initiative marks a significant step towards enhancing financial accessibility and convenience for individuals across India,
leveraging Ria Money Transfer’s extensive global presence spanning nearly 200 countries and aiming to expand its footprint within India by approximately 30% through the partnership with IPPB.
