Global Money Exchange launches NEFT system

Via the Times of Oman:

Anita Joseph
Monday, February 11, 2008 9:43:55 PM Oman Time

MUSCAT — Oman’s Global Money Exchange, under the direct management of State Bank of Travancore (SBT), has introduced the National Electronic Fund Transfer (NEFT) system for its customers in Oman. NEFT is a system whereby funds are transferred electronically to the credit account of participating banks in India, using RBI’s NEFT service.

When a person remits money, the amount goes directly to the Reserve Bank of India (RBI) gateway, which then transfers the credit to the respective bank’s account within 24 hours.

The advantage that a NEFT transaction has over the existing modes of money transfer is that the collection and clearance process for cheques and drafts is eliminated, thereby saving a lot of time and hassles. The beneficiary does not incur any charges, while the remitter will pay a nominal charge of RO1.5, irrespective of the bank to which money is remitted.

There are no deductions at any stage.

This sounds like a good, hassle-free system and I’m sure it will vastly increase the quantity of remittances from the Gulf to India.

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