New Pick-Up Options for India Money Transfers
The State Bank of India – SBI – announced last month that MoneyGram in-bound cash remittance services will be available in 100 SBI branches in Chennai and Mumbai.
Basically what this means is that if you send money to someone in India from any of the tens of thousands of MoneyGram locations worldwide, the recipient in India will be able to receive the cash at participating SBI branches. SBI is India’s largest public-sector bank, with 13,000 branches. And India was the world’s largest recipient of remittances in 2010, according to the World Bank, amounting to nearly $55 billion last year.
In order to receive the money transfer, the recipient must have the money transfer code, and must show a photo ID and proof of Indian residency. According to RBI guidelines, Indian nationals can draw up to Rs50,000 in cash immediately. Transactions above Rs50,000 are paid out in the form of a cheque. Foreign nationals can withdraw cash up to the equivalent of $2,500 after producing a valid passport and visa.
This is a pilot program. SBI has plans roll out the MoneyGram tie-in to all of its 13,000 branches in the next two years.
MoneyGram has been rapidly growing its network of partners in India. MoneyGram offers a convenient and reliable way to send money to India, with competitive rates and good currency exchange rates as well.
Interestingly, SBI already has the same sort of tie-in established with Western Union in all its branches. So within the next few years, Indians will be able to pick up either Western Union or MoneyGram money transfers at all SBI branches. SBI continues to aggressively position itself as a one-stop money transfer center for Indian nationals.