Transfer Money to India via Western Union
Tuesday, Jan 25, 2011
When it comes to remittances to India, the
country is the world’s leading receiver of
remittances. In 2007, India received more than 12%
of the world’s remittances. In fact, money
transfer to India contributes to nearly 3% of the
nation’s GDP.
Over the past few years, India has witnessed a
sharp surge in remittances. If you want to
transfer money to India, you have several
efficient yet simple international money transfer
services to choose from and Western Union is just
one of them.
The Government of India and the Department of
Posts have collaborated with the Western Union
Financial Services in US to provide Indians living
overseas with quick and feasible international
money transfer services. Your family, back in
India can in fact collect the money from the post
office within a matter of minutes after you remit
the money from abroad.
International money transfer services facilitate
instantaneous money transfers to India and are
very helpful for families of NRIs living in India,
international tourists visiting the country as
well as foreign students pursuing education in
India.
The process of international money transfer to
India has been briefly described below-
- To take advantage of this service, fill a
“To send money” form available at any
of the Western Union outlets and pay the charges
as well as the principal amount. You will then be
issued a Money Transfer Control Number.
- Call up your family member who will be
receiving the remitted money to India and inform
him about the money transfer details.
- The receiver in India then needs to fill
up the “To receive money” form at the
Indian post office and show a valid proof of
identification to be able to receive the remitted
money.
- Once the formalities have been carried out
satisfactorily, your family can collect the
remitted money in Indian currency along with the
receipt in a mere span of 10 minutes.
However, as per the RBI regulations; you cannot
transfer more than USD 2500 at a given point of
time and this amount must be for personal use
only. Also, a payee can receive only 12
transactions annually.
Since the payee belongs to the class of
“Most Favoured Customers”, they can be
assured of receiving prompt and efficient service
at the post offices in India.
As a proof of identification, the person receiving
the money should carry along any one of the
following documents-
Passport, voter card, PAN card or even a driving
license would suffice.
If you transfer money to India at regular
intervals, then it is advisable that the receiver
apply for an identity card provided by the post
office to its regular customers in which case the
receiver need not show any other identity
proof.
When it comes to money transfer to India,
international money transfer services are the best
option since they are fast, reliable, legal and
secure.
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