TMB signed an agreement with M/s.Ebix Money Express Private Limited to offer Western Union Money Transfer (WUMT) a popular money transfer service in India for personal remittances from NRIs from foreign countries. Overseas Individuals can send money through WUMT to their kith and kin in India. The money will be received in India within few minutes it has been sent from abroad.
As per the RBI guidelines the maximum inward remittances per transaction is US$2500. In a calendar year an individual can receive a maximum of 30 transactions. There is no need for the sender and receiver to have an account with TMB. The receiver has to fill up the “To Receive Money” (TRM) Form with 10 digit MTCN number available in the bank along with an original Valid Photo ID proof for verification by the bank official.
After verification the transaction will be processed and the amount will be disbursed to the receiver within few minutes. If the amount exceeds Rs. 50,000 the mode of disbursement will be by NEFT/pay order / account credit only. The amount will be disbursed to the name of the receiver only as mentioned by the sender. The time taken by TMB to payout the money through WUMT service will be around 15 minutes per transaction.
USD 2500 (Payout in INR equivalent only).
Sender threshold amount has therefore been set to ensure the conversion to local currency at the time of payout, do not exceed the monetary limit stated in the country regulation. This is to avoid chances of the transaction being declined to the receiver.
Cash payout : INR 50,000
Maximum cash payout for all Indian nationals and all residents (India or Foreign) is INR 50,000. Payouts over INR 50,000 will be paid by means of account payee cheque/ demand draft/ payment order, etc., or credited directly to the receiver's bank account only.
Foreign nationals with tourist visa can receive cash payouts up to USD 2500.
The time taken by TMB to payout the money through WUMT service will be around 15 minutes per transaction.
Money Transfer payouts in India are allowed for family / personal maintenance only and cannot be paid for commercial or business purposes, for purchase of property, Charity or for investments