India-based Axis Bank Ltd. signed a partnership with Wells Fargo & Co. to offer real-time remittances from the Indian diaspora in the U.S. to beneficiaries in India, The Economic Times reported March 29.
Under the partnership, an individual with a Wells Fargo account can transfer money with no transaction fee to a beneficiary in India holding an Axis Bank account.
Daniel Ayala, executive vice president and group head of global remittances service at the U.S. bank, said that starting April 8, the bank will waive transaction fees for Axis Bank customers.
There will also be no limit on the transfer amount, and the banks have also completed their IT integration to conduct transfers, said Himadari Chatterjee, president and head of transactional banking at Axis Bank.
Axis Bank is the third Indian lender to establish such a partnership with Wells Fargo, after ICICI Bank Ltd. and HDFC Bank Ltd. The U.S. bank has so far only tied up with private sector banks in India due to cross-selling opportunities and their large consumer banking base, Ayala added.