Federal Bank is offering Xpress Money (XM), a money transfer scheme that helps NRIs to send remittance to beneficiaries in India through branches of UAE Exchange Centre. Remittance up to Rs 50,000 will be paid in cash on production of Photo Identity Card and the pin number issued by UAE Exchange Centre. The remittance reaches the beneficiary immediately.
Xpress Money facilitates instant payment of foreign inward remittance in cash (for amount up to Rs. 50,000/-) to individual beneficiaries in India. The service is a boon to NRIs and their families in India as well as foreign tourists visiting India and foreign students studying in India. It is a hassle free instantaneous payment to beneficiary against photo identification.
Key features are:
- Xpress Money is available to our account holders and non-account holders, under the Money Transfer Service Scheme by RBI.
- Facilitates instant payment of foreign inward remittance in cash (for amount up to Rs. 50,000/-) to individual beneficiaries in India within minutes.
- Hassle free instantaneous payment to beneficiary against photo identification.
- One of the fastest growing instant money transfer services with an agent network spanning over 50,000 locations in 100 countries across five continents.
Xpress Money in India operates within the purview of RBI guidelines and within the following framework
- Only personal remittance such as remittance towards family maintenance and remittances favouring foreign tourists visiting India are permissible.
- Maximum permissible limit per transaction for Xpress Money is Rs. 50,000/-, per beneficiary
- Only 30 remittances can be received by a single individual beneficiary under the scheme during a calendar year
Secure fund transfer
Fast and secure method of funds transfer.
Visit any Federal bank across India to withdraw the cash.
The receiver does not need to have any bank account.