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MoneyGram, One of the way to receive money in India from abroad.
As any other money transfer company like Western Union or Xpress Money , MoneyGram transfer international money service is fast, simple and convenient to receive money.
Some salient features of MoneyGram.
- The MoneyGram International Money Transfer Service is a fast, simple and convenient method to transfer money from one place to another.
- In India, a person can only receive money from abroad through this service.
- This service operates as per the guidelines of the Reserve Bank of India.
- Only personal remittances such as remittances towards family maintenance and remittances favouring foreign tourists visiting India are permissible under this service.
- Trade related remittances, remittances towards purchase of property, investments or credit to NRE Accounts, etc. or donations/contributions to charitable organizations are not (NOT) permitted to be routed through this service.
- A single remittance under this service should not exceed USD 2500 or its equivalent.
- Not more than 30 remittances are allowed to be received by a single individual beneficiary through this service in a calendar year.
- Payments to the beneficiaries in India should be made in Indian Rupees at ongoing exchange rates.
- All payments exceeding Rs.50,000 should be paid only by Cheque or by direct credit in the account of the recipient.
- 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