The Hindu Business Line : SBH, UAE Exchange launching MoneyGram

Hyderabad June 21 State Bank of Hyderabad (SBH) in a tie-up with UAE Exchange & Financial Services will soon launch `MoneyGram', a popular foreign inward money remittance product. With this facility, it will take just 10 minutes to receive up to $2,500 from near and dear ones or friend living abroad, that too in cash. One don't need to have a bank account, but should possess a valid ID card.

Within a year, as per the RBI permit, one can receive a maximum of 12 transactions with $2,500 as the limit each time. The remittance should be for personal use only. To start with, about 250 branches of the SBH in Andhra Pradesh and in Karnataka and Maharashtra will offer the service. After formally inking the agreement on Thursday, the Chief General Manager (CGM), SBH, Mr R.P. Sinha told newspersons that during the current fiscal, the bank expects remittances of up to Rs 1,000 crore after the product's launch on July 16.

UAE Exchange is the Super Agent for MoneyGram in India and will facilitate the transactions with agreements with Indian banks. It has 206 branches and a wide network. MoneyGram International, a global payment services company based out of Minneapolis, US, offers person-to-person money transfer service that allows costumers to send or receive money around the world in minutes.

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