Western Money Transfer

   

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Western money transfer is the fastest way to receive money worldwide. It is a distinctive funds transfer method with characteristic features like swiftness of service, reliability, convenience and safety. It enables your loved ones to send money home in minutes with the help of technologically advanced computer systems and a sheltered global network.

Money transfer from abroad is done by drafts or cheques which takes more than a week to realize. Through western money transfer, the money reaches you in a very less time. Numbers of leading banks are now offering western money transfer service through a proper channel of software around the world.
How does Western money transfer work?

A person who is deciding to send money to his family back home will need to visit a money transfer agent. There they will have to fill a ‘Send money’ form and hand the amount to be sent along with the required service fee to the agent. The sender is provided with a ‘Money Transfer Control Number’ (MTCN), which he has to communicate to the beneficiary. The information is locked into the system which is then connected to various branches. The receiver can go to any of the identified bank branches offering western money transfer service, fill a ‘Receive money’ form and show proper photo identification and the MTCN. The bank pays the money after complete verification.

As per the guidelines provided by the Reserve bank of India, western money transfer service is only available for transfers towards family, relatives and friends and also towards payments supporting foreign tourists to India. All the other transactions such as purchasing property, donations, foreign investments, etc are not legalized under this service.

Important features:

• The amount to be transferred should not exceed $2500 or its equivalent
• The receiver should not reveal MTCN to anyone
• A single beneficiary is permitted to have only 12 disbursements
• No membership or bank account is required
• The receiver doesn't have to pay any fee
• Each transaction is secured by a world-class security system
• The service is also useful during emergencies like loss of money in a foreign country.

Here is a list of photo ID required for receiving money under Western money transfer service:
1. Passport
2. Driving Licence
3. Ration Card (where photo is available)
4. Voter’s ID
5. PAN Card
6. Army Card
7. Student ID (Government Colleges)
8. Refugee Card
9. Bank Passbook (where photo available)
10. Police Department ID

Efforts are now been taken to upgrade the western money transfer service. This is a positive move towards making a cheaper service as compared to the conventional western money transfer. Various GSM operators are now coming forward to develop a mobile money transfer service. Almost 35 mobile operators spread across 100 countries are jointly working with leading banks to enable the millions of migrant workers to easily and securely send remittance to their family members. The new service is awaiting permission from the regulatory body before going commercial.