Corporation Bank in a tie-up with UAE Exchange and Financial Services limited has launched MoneyGram remittance service. UAE Exchange and Financial Services limited is a member of the UAE Exchange group which facilitates global money transfers in India. In the beginning the bank will offer this service through 300 branches
According to bank release in the initial stage bank has tied-up with 10-exchange houses in the Gulf for speed remittances and DD drawing. After doing tie-up with MoneyGram, NRIs will be able to send funds to their family members or relatives in India, easily and speedily from across the globe. MoneyGram International enables the consumers to safely send their money across the world in as little as 10 minutes. MoneyGram has a network of 180,000 agent across the globe located in 190 countries and territories.
The release stated MoneyGrams convenient and reliable network offers services like retailers, international post offices and financial institutions. The bank release stated to get the funds the remitter has to visit any of the agents of MoneyGram and fill-in the remittance form and give the equivalent foreign exchange including the agent fees. The form is processed according to the anti-money laundering guidelines, and then the remitter informs the receiver in India about the remittance details and especially the 8-digit reference number. The receiver in India has to visit the designated Corporation Bank branch with two security requirements – the 8-digit transaction reference number and a photo identification proof and fill-in a money received form. To know about other details and conditions one can visit bank’s website.