Western Union Money Transfer Facility : For foreign inward Remittance
 

Bank has a tie up arrangement with M/s. Weizmann Forex Ltd. for facilitating the services of remittance of foreign exchange to the customers through Western Union Money Transfer business since October 2005.

Western Union Money Transfer (WUMT) is a safe, reliable, legal and convenient way of transferring and receiving money worldwide (in India we can only receive inward remittance, as RBI does not allow outward remittance). It is a legal method of receiving money in India as per RBI guidelines.

As all of you know the Western Union Money Transfer system is a Net-based system, which provides on line information about any money transfer affected from overseas location. The beneficiary can get payment of the remittance after establishing the identity and other formalities from any of the outlets of Western Union.

Process of Application :
Under WUMT system, the remitter goes to the Western Union outlet at the sending location (overseas), completes the remittance formalities, hand over money for remittance and gets the Money Transfer Control Number (MTCN). The MTCN (number) is informed by him to the beneficiary in India, who visits Western Union’s authorized agent i.e. Bom Branch for payment.

Money Transfer Procedure :
There are two stages for transfer of money to complete the cycle. The first stage is at the remitter’s place, a function that is outside the scope of Western Union agents in India. No outward remittances whatsoever, trade and non-individual remittances are allowed by WU agents as per the RBI directives. Therefore bank / designated branches are concerned with the processing of inward remittances only which are in the shape of non-trade transactions and also on ‘individual to individual’ basis. The designated branches role is thus confined to “receive country side”.

 

Send country Side

  1. Sender goes to Agent
  2. Fills “Send Money Form” (Green colour)
  3. Pays Principal and charges
  4. Transaction is sent.
  5. Sender gets Receipt and MTCN (Money transfer code number)
  6. Sender informs receiver of MTCN.

 Receive country Side

  1. Receiver goes to Agent
  2. Fill in “receiver Money form”(yellow colour) TRM
  3. Shows valid ID.
  4. Transaction is verified.
  5. Receiver gets money and receipt.
 
RBI has enhanced the limit from 12 transactions to 30 transactions in a calendar year vide its circular no. 132 dated 8.06.2012.
 
 
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