Kolkata-based Allahabad Bank has entered into an agreement with UAE Exchange & Financial Services for inward money transfer services.
Under the tie-up, the bank will be the preferred partner of the company for inward money transfer to India under its two products namely, “MoneyGram” and “XpressMoney”.
"The facility will create enormous scope for the bank in providing hassle-free inward remittance facilities to its customers and also for increasing the fee-based income of the bank," said K R Kamath, chairman and managing director, Allahabad Bank.
The maximum amount of inward remittance will be $2,500 or its equivalent per transaction, as per the existing Reserve Bank of India stipulations. The maximum amount that can be disbursed by the bank in cash will be Rs 50,000.