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Nov 16, 2011, 07.47 PM IST | Source: Moneycontrol.com

SBI launches MoneyGram's global money transfer service

State Bank of India (SBI) 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.

SBI launches MoneyGram's global money transfer service

State Bank of India (SBI) 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.

“We are proud to be associated with some of the country’s largest and most reputable institutions in India. The State Bank of India certainly fits into this category,” said Harsh Lambah, MoneyGram International’s senior regional director for South Asia. 

To receive a money transfer, Indian nationals simply have to show a secure passcode of the transaction, along with a valid photo-identification and proof of residency. 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 USD 2,500 after producing a valid Passport and Visa.

Chief General Manager at SBI, Rajeev Mehra, said that this partnership with MoneyGram International will help customers have the added benefit of being able to receive money from abroad.

Madhavan Menon, managing director, Thomas Cook is also looking forward to the partnership of three powerful customer-centric brands, that is State Bank of India, MoneyGram and Thomas Cook. “This augurs well for our customer and the money transfer business as a whole,” he said.

This arrangement with MoneyGram is an addition to Thomas Cook’s long standing association with SBI which includes foreign currency pick-ups from more than 2000 SBI locations in the country.

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