SBI ties up with MoneyGram International for inbound money service

KOLKATA: State Bank of India has joined hands with money transfer services company MoneyGram International and the latter's principal agent Thomas Cook (India) Ltd to provide in-bound money services across SBI's key branches. Initially, the services will be made available to SBI's 100 branches.

MoneyGram International's executive vice president for the Americas and Emerging Markets, Dan O'Malley was quoted saying in a press statement: "Adding SBI to our agent network immensely increases consumers access to the company's services across India. The Bank's locations throughout India will make it be more convenient than ever to receive money wherever you are in the country."

As Per RBI guidelines, Indian nationals can draw up to Rs 50,000 in cash immediately. Transactions above Rs 50,000 are given in the form of a cheque. Foreign nationals can withdraw cash up to the equivalent of $2,500 after producing a valid passport and visa.

Source: EconomicTimes