Xpress Money

 

Xpress Money is a web based product, an instant mode of money transfer, receiving remittances from abroad through a unique 16 digit reference number called the XPIN (Xpress Personal Identification Number). Beneficiary can collect the cash at the payout location (such as our Branches, UAEFS offices and other designated offices) by referring this XPIN number along with a valid personal identification as verification. “Only inward remittances will be received and no outward remittance will be effected under the arrangement”.

 

Permitted remittance

 
  • Personal remittances towards family maintenance
  • Remittances favoring foreign tourists visiting India

are admissible under the scheme.

 

Non-Permitted Remittance

 
  • Trade related remittances,
  • Remittances towards purchase of property, investment or credit to NRE/FCNR A/c,
  • Donation, contributions to charitable organisations

are not permitted under this arrangement.

 

Salient Features

 
  • Single remittance not exceeding USD $2500 or its equivalent will be accepted.
  • The number of remittances to be received by a single beneficiary from the principal is restricted to 30 transactions only in a financial year.
  • Payment to be made in Indian Rupees only.
  • Remittance exceeding Rs.50,000 will be paid vide DD / PO .
  • No portion of remittance received under the arrangement shall be transferred out of India as funds received are non-repatriable.
  • The receiver of the funds need not have to maintain bank account with our Bank as this is a straight cash pay-out service. Hence, we can offer this service not only to our existing customers but to non-customers, as well.
  • “Xpress - Money" software is user friendly having.
    • Simple data entry fields.
    • Link to Customer database.
    • Several reporting and reconciliation applications.