MoneyGram

Saraswat-MoneyGram tie-up:

1. 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.
2. MoneyGram is a person-to-person money transfer technology which enables an individual to send money through MoneyGram International Network agents.
3. Quick, safe and cheap mode for sending money to India.
4. Beneficiary receives payment in India on real-time basis.
5. The remittance scheme conforms to the rules & regulations framed by the Reserve Bank of India under Money Transfer Service Scheme (MTSS).
6. 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)
7. Any single beneficiary can receive 30 transactions in a calendar year

Steps for Money Transfer through MoneyGram:

1. The remitter, a non-residing Indian, can visit any MoneyGram agents
2. Fill the Remittance Form and tender the equivalent foreign exchange, inclusive of charges, to the agent
3. 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
4. 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
5. 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:

1. Trade-related remittances (export payment, payment of services, etc.)
2. Remittances towards purchase of property, investments
3. Remittance for credit to NRE/FCNR accounts
4. Remittance as donations, contributions to charitable organizations

Benefits:

1. Receive money as cash in minutes
2. No Bank account required
3. No back-end charges