HDFC Bank, Wells Fargo tie up for fund transfer facility

HDFC Bank has entered into a tie-up with Wells Fargo to enable US-based NRIs to remit funds online or through phone to their beneficiaries in India.

To avail of the remittance facility, all that a US-based customer needs to do is conduct his first transaction at a Wells Fargo branch. Subsequent transactions can be conducted through Wells Fargo.com, or via Wells Fargo Phone Bank. Funds are sent to HDFC Bank quickly for credit.

“Our Web-based service reach will allow people to send money back home safely and quickly,” Mr Harish Engineer, Executive Director, HDFC Bank, said.

HDFC Bank's relationship with the financial services giant Wells Fargo is a preferred one and not exclusive, he added. Ms Dilek Mutus, Executive Vice-President, Wells Fargo, said the alliance will help both the banks expand operations in the two countries. “We believe that Indians are key consumers in the US and HDFC Bank's large customer base in India and abroad will help us grow.”

Ms Mutus also said the bank does not plan to seek a branch licence in India for now.

The San Francisco-based had entered into a partnership for remittances with ICICI Bank in 2005.