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Serving customers since 1940, MoneyGram is undoubtedly the choice of millions across 200 countries. In association with MoneyGram, 191 branches of Saraswat Bank offer safe, quick and affordable international money transfers.
Saraswat Bank has tied up with MoneyGram for Inbound Global Remittances through Thomas Cook (India) Ltd who is the principal agent of M/s MoneyGram International Inc. USA. We have launched MoneyGram product for inbound Global remittances at 191 Saraswat Bank branches.
MoneyGram is a person-to-person money transfer technology which enables an individual to send money through MoneyGram International Network agents.
Quick, safe and cheap mode for sending money to India.
Beneficiary receives payment in India on real-time basis.
The remittance scheme conforms to the rules & regulations framed by the Reserve Bank of India under Money Transfer Service Scheme (MTSS).
Maximum amount of remittance that receiver can receive in a single transaction will not exceed USD2500 or its equivalent in Indian rupees. Payment in cash to receiver will be made up to and inclusive of Rs. 50,000/- (Rupees Fifty thousand Only)
Any single beneficiary can receive 30 transactions in a calendar year
Steps for Money Transfer through MoneyGram:
The remitter, a non-residing Indian, can visit any MoneyGram agents
Fill the Remittance Form and tender the equivalent foreign exchange, inclusive of charges, to the agent
After processing the application through Anti-Money Laundering Guidelines, remitter informs the receiver in India about remittance details, i.e. 8 digit unique reference number
Saraswat Bank verifies payment details submitted by the beneficiary in Receive Form along with the 8 digit unique transaction reference number; along with a valid photo identification and address proof
As soon as the beneficiary collects the payment from our Bank, the remitter receives an SMS about the successful transaction
Non-permissible Transactions under Money Transfer Service Scheme as per RBI stipulations:
Trade-related remittances (export payment, payment of services, etc.)
Remittances towards purchase of property, investments
Remittance for credit to NRE/FCNR accounts
Remittance as donations, contributions to charitable organizations
This service is a boon to families of NRI’s as well as foreign students and foreign tourist visiting India. Also for Indians who are employed overseas and provide financial support to their families in India.
Receive money as cash in minutes
No Bank account required
No back-end charges
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