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Remittances
AB SPEEDWAY
 
AB SPEEDWAY
 

AB Speedway is a
Speedy, efficient, secure, web based, completely on line,cost-effective Forex Remittance product through Andhra Bank. It enables NRIs residing anywhere in USA to remit money from their accounts in any Bank in USA to account holders of Andhra Bank.The remitter need not go to the Bank to remit the money and no paper work is involved.  The remitter can remit the money by logging in www.andhrabank.in or abspeedway.andhrabank.in  and registering his details. Thus, NRIs have the following advantages under "AB Speedway Facility"

 

Remittance from anywhere in USA The remittance can be made from anywhere in USA
Any time The remittance can be made at any time of the day and night
From any Bank in USA         Remittance can be made by remitters having account in any bank in USA
To any Account of Our Bank You can transfer the money to any account in more than 1563 branches  of our bank  in India.
Cost - Effective It costs only USD 4 irrespective of any amount of remittance in USA and Rs 10/+applicable taxes per transaction  for foreign exchange conversion in India.
Foreign Exchange Conversion Tax With effect from 1st April 2011, Foreign Exchange Conversion Tax as per the following table would be recovered from the beneficiary as per Govt. of India notification 26/2011 dt.31.03.2011
Value of amount of foreign currency
exchanged in Rupees
Amount of tax
Up to Rs.1,00,000 0.1% of the gross amount of currency exchanged subject to a minimum of Rs.25/-
Rs. 1,00,001 to Rs. 10,00,000 Rs.100+0.05% of the gross amount of currency exchanged for an amount exceeding Rs.1lac up to Rs. 10 lacs
Above Rs. 10,00,000 Rs.550+0.01% of the gross amount of currency exchanged for an amount exceeding Rs.10 lacs subject to a maximum of Rs.5000.
Speed The amount will be credited on 5th  working day from the date of your remittance
Exchange Rates
The rate indicated at the time of initiation of the funds transfer is not the actual rate at which the remittance is converted into INR. The rate prevailing as on the date of actual conversion would be the applicable rate to credit the beneficiary account. We give the best possible rates in the industry.
Secure Our soft ware uses the latest 128-bit SSL encryption. No unauthorized person can ever see details of your transaction.
Transparent No Hidden Charges. Exchange rate at which the USD are converted and the amount credited to the account will be e-mailed to the remitter.
Track Online You can track the transaction on line by logging into abspeedway@andhrabank.in   24hours a day and 7 days in a week and know where your money is.
Customer Support For any clarifications or queries.

INDIA You can also call us at 91+22+22160007 or 22160008 OR 022-22153968
Contact Person: Mr. Rama Sheshan
   
USA 1+201+420 8088 Mobile: 1+201+310 9494
Contact Person: Mr M Maheswara Babu
 
How to remit money through "AB Speedway"?
 

On our Web site www.andhrabank.in there is a link “AB SPEED WAY”. On clicking the link the remitter will be redirected to a secure URL abspeedway.andhrabank.in

 

Step 1 First time user of this service, need to register once giving the details called for on logging in. To verify the email id given while registering, the remitter will get a mail to his given mail id and further process has to be through the link given therein.
Step 2 The registration process involves the verification of the bank account given by the remitter by initiating a sub-dollar(Less than one Dollar amount) debit to the account number given. The customer has to confirm the amount reported after verifying from his Bank a/c. If remitter gives wrong account, the registration will be automatically cancelled and he will be required to do fresh registration process. This verification process normally takes 2 to 3 business days to complete.
Step 3 After completing the new registration, the remitter can log in any time and remit the amount to the credit of beneficiaries accounts in any of Andhra Bank branches in India. To ensure that e-mail address and pass word are not misused by others, the system will ask one of the personalized information given at the time of registration, and thereafter only the remitter can proceed for remittance.
 
If the remittance is made before 6.00p.m.EST (USA) on Day 1, the account will be debited on the same day. The amount will be held by our correspondent bank till Day 3 for processing and confirmation and will be credited to our Nostro A/c on Day 4. This scheme is as per the Automated Clearing House (ACH) norms of USA. Due to the time zone difference between USA and India, we release the credit to the account of beneficiary on the day 5* of your remittance excluding holidays and Saturdays in both the countries.
*Day referred here means a ‘Business Day’
The remitter can add any number of beneficiaries for one remittance. Like wise he can also set up more than one funding account to do his remittance by way of transfer from his bank accounts in USA.
We upload the indicative exchange rate daily. The rate actually applied will be the rate applicable on the day of  conversion of funds in to Rupees.
The limit for remittance under this scheme for verified uses is as under:
  1. Minimum amount - Nil
  2. Maximum amount per day (for verified users)  – USD 10,000;
  3. Maximum amount per month  – USD 15,000
  4. Maximum amount per annum – USD 1,00,000.\
 
For Registration and to know more details Click here
 
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