The Hindu Business Line : TMB ties up for money transfer service

TAMILNAD Mercantile Bank (TMB) has signed an agreement with Kuoni Travel (India) Pvt Ltd to offer Western Union Money Transfer service in India for remittances from non-resident Indians from foreign countries.

As per the RBI guidelines, the maximum inward remittance per transaction is $2,500.

In a calendar year, an individual can receive a maximum of 12 transactions. There is no need for either the receiver or sender to have an account with TMB. The receiver has to fill up the `To Receive Money' form available in the bank along with an original valid photo ID proof for verification by the bank official. Following which, 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 pay order/account credit only.

The amount will be disbursed to the name of the receiver only as mentioned by the sender, said the Deputy General Manager, Mr S. Selvan Rajadurai.

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