Federal Bank has entered a tie-up with Speed Money Transfer Japan KK (SMTJ), a leading financial services company, to facilitate instant money transfer from Japan to India. Customers can send money to India using the mobile app or by visiting any of the branches of Speed Money Transfer Japan KK in Tokyo, Roppongi and Nagoya. Beneficiary in India will get the funds real time and the cost for the service is as low as JPY 500 per transaction with the best exchange rates in the market.
Speaking on the occasion, Mr. Ravi Ranjit, Vice President & Head, International Banking Department, Federal Bank said "We are pleased to announce our Rupee remittance tie up with Speed Money Transfer Japan KK (SMTJ) in Japan. NRIs and small businesses in Japan will now enjoy a modern, low cost, fast, easy and more reliable way of transferring money to India."
Speed Money Transfer Japan K.K. (SMTJ) leverages the latest technology to offer customers an unparalleled user experience. Customers can enjoy substantial savings by using this new platform.
Speaking on the occasion, Ms. I.T. Manalastas-Watanabe, President & Representative Director of SMTJ said, "We are pleased to partner with Federal Bank to facilitate instant money transfers to India from Japan. At SMTJ we have always embraced innovative technology that gives rise to services that enhance customer experience. We are sure that this new integration will ease process and bring further convenience to our customers. The official launching of the remittance service from Japan to India was during Namaste India Festival in Tokyo on 28th September 2019."
Shares of FEDERAL BANK LTD. was last trading in BSE at Rs.87.75 as compared to the previous close of Rs. 90.4. The total number of shares traded during the day was 1542804 in over 4879 trades.
The stock hit an intraday high of Rs. 93.15 and intraday low of 80.7. The net turnover during the day was Rs. 135384734.