What role does UTI Bank play in Remit2India?
UTI Bank undertakes the money transfer activity for your transactions. Which means, the money you send is managed entirely by UTI Bank, from clearing your checks or receiving your wire transfers to converting your funds to Indian Rupees and issuing the Demand Draft in favor of the beneficiary or directly depositing into the bank account. TimesofMoney provides the technology platform, which makes the information tracking possible. As a result, if your beneficiary has an account with UTI Bank, the process is speeded up by virtue of a Direct Deposit to your beneficiary’s account rather than dispatch of a Demand Draft. This Direct Deposit facility is also available for 53 other banks in India.
