South Indian Bank has entered into an agreement with Flyworld Money Exchange to facilitate remittances by Indian expatriates in Australia. Through this tie-up, NRIs in Australia could enjoy quick and cost-effective remittances to India using the SIB Express facility. Using this facility, NRIs can now remit funds with ease to any commercial bank in India. South Indian Bank has a correspondent banking arrangement with National Australia Bank for remittances to India.
With this agreement, SIB marks the first remittance arrangement with an exchange house in Australia. The new facility will enable the bank to reach the Indian Diaspora in Australia more efficiently.