#1
30th November 2017, 04:25 PM
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State Bank of India Western Union
Can you tell me in detail about Western Union Financial Services offered by SBI (State Bank of India) for its customers?
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#2
1st December 2017, 10:54 AM
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Re: State Bank of India Western Union
SBI (State Bank of India) is the Principal Agent of Western Union Financial Services for paying inward payment deposited in overseas offices/ locations of Western Union. It is governed by MTSS guidelines of RBI (Reserve Bank of India), which are as follows: Only personal payment is allowed under this arrangement. Donations/contributions to charitable institutions/trusts, trade related remittances, remittance towards purchase of property, investments or credit to NRE Accounts is not made through this arrangement. A cap of USD 2500 is placed on individual remittance under the scheme. Amounts up to Rs.50, 000/- is paid in cash to a beneficiary in India. Any amount exceeding the limit is paid by means of account payee cheque/ demand draft/ payment order, etc. or credited directly to beneficiary's bank account only. However, in exceptional circumstances, where the beneficiary is a foreign tourist, higher amounts are disbursed in cash. Only 30 payments are received by a single individual beneficiary under the scheme during a calendar year. The facility is available at more than 10000 branches in India Online Western Union Money Transfer (Account Based Money Transfer) Recipient of Western Union money can transact online. One can use internet banking facility to logon and transfer the money directly to the deposit account after receiving Money Transfer Control Number from the sender. Most Important Terms & Conditions Only inward payment from WU is permitted, no outward or domestic transfers are permitted. The Receiver is required to submit Photo ID and Address proof as per KYC norms. The spelling of the Receiver name on the ID or bank account must be same as given by the sender. It is not necessary to have a deposit account in the bank for receiving the money except for Account Based Money Transfer. Bank does not charge any commission for the transaction from the receiver. |