Mickey Foreign Exchange Services Pvt. Ltd., provides International Money Transfer Service to our clients through collaboration with the Department of Posts, Government of India, Western Union Financial Services and MoneyGram International. This enables instantaneous remittance of money from around 195 countries to India. The recipients receive the money minutes after the remittance is completed by the sender.
It is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India, only inward personal remittances such as remittances towards family maintenance and remittances favouring foreign tourists visiting India are permissible. Outward remittance is not permissible under MTSS.
- The International Money Transfer Process
Graphical Representation for Western Union Money Transfer Process
- A remitter can avail these services online or by visiting an authorised dealer. Once a remitter fills up a form to send the amount and pays principal amount and charges, he gets a unique Money Transfer Control Number / Reference Number on a receipt after the transaction. The sender shares this unique code along with information of the money sent with the payee. The receiver visits Mickey Foreign Exchange Services Pvt. Ltd.; fills up a form, shows valid identification and receives the money once the transaction is verified. The entire transaction is usually completed in a matter of minutes.
- The entire amount is received in Indian Rupees. As per applicable RBI regulations, only USD 2,500 or less can be sent at a time and this money should be for personal use only.
- This service does not permit transfer of funds for trade related remittances such as remittances towards purchase of property, investments or credit to NRE/FCNR accounts etc or donations/ contributions to charitable organizations.
- Amounts up to INR. 50,000 may be paid to the beneficiary in cash. Amounts exceeding this limit shall be paid by means of account payee cheque or credited directly to the savings account standing in the name of the beneficiary. This cash limit is not applicable for foreign tourists.
- In a calendar year, only 30 transactions are permissible for a single beneficiary.
- As per the KYC/ AML/ CFT guidelines issued by the RBI, beneficiaries of the transfers need to provide sufficient information necessary to establish their identity and proof of residence through reliable government issued documents. This is required to prevent the system of cross border inward money transfer into India to be used by criminal elements for money laundering or terrorist financing activities.
- Mickey Foreign Exchange Services Pvt. Ltd., has to verify the original document and also has to be provided with a copy of this document for receiving a transfer. A photo id and address proof is also needed for the execution of the transaction.
- The service is approved by the Reserve Bank of India. There is no fee involved for the beneficiary and no bank account is required for transfers up to Rs. 50,000.The service is fast, safe, legal & reliable with each transaction protected by a world class security system.
- A minor cannot be a beneficiary of the remittance. Payments can only be collected by the intended receiver and the money will be received in Indian Rupees Only.
- The sender and beneficiary both have to be individuals. This service is not applicable for any organisations.
- On-going exchange rates will be applicable for payments to the beneficiaries in India.
- All KYC/AML/CFT norms/rules/regulations/instructions, as mentioned in Reserve Bank of India Master Circular No. 14/2011-12 dated 01 July 2011, as amended from time to time, and all the requirements under the provisions of the Prevention of Money Laundering Act, 2002 and the rules, regulations made there-under, are applicable to the remittances received under this service.
MoneyGram Payment Systems, Inc., USA started offering the MoneyGram International Money Transfer Service to the general public in India from 29th September 2011. Mickey Foreign Exchange Services Pvt. Ltd.; has been associated with MoneyGram since their foray into the Indian market, offering their services for our clients to enjoy.
- Western Union Money Transfer
Western Union is a global leader in money transfer services with a history of pioneering service dating back more than 150 years. It is the safest and the fastest way to receive money. Mickey Foreign Exchange Services Pvt. Ltd. is affiliated with Western Union Money Transfer since over a decade and is considered as one of the leading Western Union Money Transfer associates in the state of Maharashtra.
Process of Western Union Money Transfer
- Documents required
The following five mandatory details are required to be verified for a payment to be received by a beneficiary:
- MTCN (Money Transfer Control Number) / Reference number
- Sender's name
- Country of the origin
- Amount expected
- Valid photo identification with Address proof of receiver
In the event of any of the above five details are found missing on the form or are found to be incorrect, the payment can be rejected.
The following IDs are acceptable for inward remittance transactions. Only 2 of the below mentioned documents need to be shown:
- Driving license
- Ration card with individual photo of receiver, group photo not allowed.
- Voter identity card
- Pan card
- Student ID (only Government colleges and universities)
- Bank pass book with photograph
- Army card
- Police identity card (police ID issued to non-police Dept. employees is not Acceptable).
- Refugee card
For foreign nationals, an International passport is the only proof of ID that is acceptable. Hence payment in cash of over Rs. 50,000 will only be justified if accompanied by an ID proof of a foreign passport. In case of loss of passport, an FIR along with a letter from the country consulate / embassy confirming the loss of identity of the person needs to be provided for the release of the money.
- What is Inbound Money Transfer service?
Inbound Money transfer is a service you can use to send money to India from participating agent locations around the world.
- Who can use this service?
This service can be used by anyone who needs to send money quickly and reliably to India.
- Can I send money from India abroad?
In India, Western Union and MoneyGram offers to receive or payout service only. Regulations prohibit sending money abroad. To avail this facility, please check our outward remittance section.
- Can businesses use this service to send money to India?
The use of Money Transfer Services by businesses is prohibited by Indian Government Regulations. This service is available for individuals only.
- Are Western Union and MoneyGram services authorised in India?
The RBI has authorised Western Union and MoneyGram agents in India to operate inbound remittance services.
- Is a bank account needed to use this service?
Inbound Money Transfer service does not require credit cards, bank accounts, memberships or citizenship papers to send or receive money at an agent location. However, a Government-issued photo ID may be needed to receive money in India. To meet necessary Government requirements, additional information may be necessary, depending on the amount being sent or received.
- Is there a limit to the money that can be sent to India via Western Union or MoneyGram?
Due to RBI Regulations, there is a USD 2,500 maximum limit set for remittances to India.
- Money sent via Western Union or MoneyGram will be in which currency?
The receiver in India will be paid out in Indian Rupees. You cannot send money from India to another country using this service.
- How do I send money at a Western Union Agent location?
There are three ways to send money through Western Union from the U.S. and Canada:
- A customer completes a To Send Money form at a Western Union Agent location.
- The clerk at the Agent location collects the transfer amount plus applicable fees and processes the transaction.
- The sender receives a Money Transfer Control Number (MTCN) to track the status of the order and to share with the receiver to pick up the funds in India.
- Can I send money online or over the phone?
Yes, this can be done online or over the phone. For customers transferring funds from USA or Canada, credit card or debit card based in the respective country will be needed. Other fees may apply.
- Why do I need a MTCN?
An MTCN is a Money Transfer Control number printed on the receipt of the sender. This helps us track your transaction and is also needed by the receiver to claim the money.
- How do I ensure quick receipt of money to the receiver?
Make sure the correct contact details are provided in case Western Union needs to contact you. Also, make sure the recipient’s full name and address is provided. The receiver needs to make sure a valid identification document and MTCN is available while collecting the money.
- How can I pay for the transfer?
At an agent location, the money must be paid in cash.
- How long does it take for the money to reach the receiver?
Most transactions are completed and the receiver receives money within minutes. This is subject to transaction being approved and hours of operations of Mickey Foreign Exchange Services Pvt. Ltd.
- What will be the exchange rate for these transactions?
The exchange rate applicable varies daily. Western Union and MoneyGram applies a currency exchange rate, which is less than the foreign exchange rate received by them. There may also be transfer fees applicable to the transaction.
- Will the receiver be liable to pay any charges?
The sender pays all applicable fees of the transaction. The receiver does not have to pay any charges.
- Will I be notified when the receiver has picked up the money?
The sender is provided with a MTCN. He can monitor the transaction using this number.
- What are the working hours for Inbound Money Transfer Services?
Western Union and MoneyGram provides 24 hours service, throughout the year. Mickey Foreign Exchange Pvt. Ltd. determines its own hours of operations during which the receiver has to collect the money.
General FAQs for Money Transfer
**"Documents required" mentioned above is subject to RBI requirement. To get the latest update on documents required please contact our forex team.