Personal Banking

Walk into any IndusInd Bank branch and pick up money as soon as it is sent from abroad.

Overview

IndusInd Bank is one of the first few banks to get a license to act as receiving agent of Moneygram in India. Now walk into any IndusInd Bank branch and pick up money as soon as it is sent from abroad.

Indusind Bank very shortly would be able to provide inward money transfer services as an India Principle for Xpress Money.

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Features & Benefits

  • Personal remittance towards family maintenance and remittance favouring foreign tourist can be send through MTSS. (Trade related remittances, remittances towards purchase of property, investments or credit to NRE/FCNR/donations, contributions to charitable organisations not allowed under this arrangement)
  • Money is received within 15 minutes from abroad
  • Payment made in INR only, without any deduction of charges from the beneficiary
  • Option of collecting cash payment (up to INR 50,000 per transaction)
  • Amount exceeding INR 50,000 paid vide credit to account, by issuing a demand draft or pay order
  • Maximum limit of USD 2,500 per transaction
  • Beneficiary can receive up to 30 payments in a calendar year

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Eligibility

A Resident Indian, an NRI visiting India or a foreign tourist visiting India can avail of this service.

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Documentation

For Beneficiary
  • Take the reference number from the remitter
  • Walk-in to the nearest IBL branch
  • Complete the remittance 'Receive form'
  • Furnish transaction details and valid identification (Passport /driving license Voter's ID card/PAN Card etc.)
  • Collect the funds in local currency
Following are the acceptable photo identity proof
  • Valid Passport (with valid Visa for Foreign National)
  • Driving license
  • PAN Card
  • Ration Card (with photo)
  • Bar Association Card
  • Defense Personnel Identity
  • Election/ Voter Identification

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FAQs

How much money can one receive under Money Transfer Service Scheme?

A maximum of US $ 2,500 which is equivalent in Indian Rupees per transaction. For transactions where the amount is up to INR 50,000 the Bank will pay in Cash. For transactions involving amounts greater than INR 50,000, the amount will only be paid vide a Pay Order or Direct credit to Bank account of IndusInd Bank customers.

Is there a limit on the number of transactions under Money Transfer Service Scheme?

A beneficiary can receive a maximum of 12 transactions per calendar year under this service.

What are the various mode of disbursal available for beneficiary in India for Money Transfer Service Scheme?

The money can be paid to the Beneficiary either in Cash (up to a maximum of INR 50,000) or by way of a Pay Order / direct credit to beneficiary's bank account (in case of IndusInd Bank Customers).

Is it mandatory for the beneficiary to bank with IndusInd Bank in India to avail Money Transfer Service Scheme?

No, even a non-account holder can avail this facility from IndusInd Bank's branches. However, it is beneficial for a person to hold an account with the Bank as the money can be conveniently deposited into the Bank account directly.

Can one use Money Transfer Service Scheme to send money back, out of India?

No, Outward remittance from India is not allowed under this arrangement.

What are the acceptable Identity documents that need to be available with the beneficiary to avail Money Transfer Service Scheme?

Following are the acceptable photo identity proof:

  • Valid Passport (with valid Visa for Foreign National)
  • Driving License
  • Pan Card
  • Ration Card (with photo)
  • Bar Association Card
  • Defense Personnel Identity
  • Election/ Voter Identification
Can the remittance request be sent by fax for Money Transfer Service Scheme?

No, as of now, IndusInd Bank does not accept requests by way of fax.

What kind of payments are not allowed under Money Transfer Service Scheme?

Trade related remittances, remittances towards purchase of property, investments or credit to NRE / conversion to FCNR account / Donations, contributions to charitable organizations not allowed under this arrangement.

How can one contact the Bank to understand more about Money Transfer Service Scheme?

You can write to the Remittance Desk at remittance{}indusind.com and get more details about this service.

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