Money Transfer to India / Western Union Money Transfer
Our Inward remittance product under Money Transfer Services Scheme (MTSS) of RBI in tie up with M/s Western Union Financial Services International USA (WUFSI) is launched across all branches in India.
A remitter desirous of remitting funds to India under the scheme, visits any overseas office of Western Union Financial Services International USA (WUFSI), fills up the form, submits KYC documents, tenders Remittance amount and provides beneficiary name & address in India. WUFSI processes the payment and provides system generated 10 digit unique reference number i.e. Money Transfer Control Number (MTCN) to remitter. The remitter conveys MTCN to the beneficiary in India.
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A cap of maximum USD 2500 (in equivalent Indian Rupees) per transaction has been placed on individual remittance under the scheme.
Only personal remittances are allowed under MTSS arrangement. Donations/ contributions to charitable institutions /trusts, trade related remittances, remittance towards purchase of property, investments or credit to NRE Accounts shall not be made through this arrangement.
Maximum 30 remittances can be received by a single individual beneficiary under the scheme during a calendar year.
In exception to serial no. (d) above, if the beneficiary is a foreigner holding foreign passport, entire inward remittance up to USD 2500 can be paid in cash.
Amount up to Rs. 50,000/- may be paid in cash to a beneficiary in India. Any remittance exceeding Rs.50000- shall be paid entirely by means of account payee cheque/ demand draft/ payment order, etc. or credited directly to the beneficiary's bank account only.