Dutch payment network TerraPay has partnered with bux, a mobile app money transfer service, to launch instant cross border money transfers to India from Australia, Hong Kong, the UK and Europe.
The partnership will allow users of bux app to securely transfer funds to bank accounts in India using mobile phones through the mobile app.
The money transfer services offered by bux to the expats, foreign workers, international students and migrants is said to be 45% cheaper than its competitors.
TerraPay founder and CEO Ambar Sur said: “The partnership between TerraPay and bux aims to add value to the growing remittance market. We are proud to increase the speed and convenience with which people in Australia and Hong Kong can send money to friends and family in India.
“Our partnership with bux will help the migrants by providing a real-time, 24X7 and seamless money transfer service experience.”
bux managing director Andrew Webber said: “This partnership means that bux customers can now send money home to India from Australia, the United Kingdom and Europe anytime, anywhere. Adding this growing remittance corridor to the app will ensure continued customer growth for bux. We are proud that we can now provide the Indian diaspora around the globe an easier, cheaper and safer way to send money home.”