- First organized retailer and wholesaler in India to launch money transfer services
- Service to be available across 122 easyday, 11 easyday Market and 6 Best Price Modern Wholesale stores
- India is largest remittance receive country in the world
Bharti Walmart and Bharti Retail in association with Thomas Cook India today announced the launch of MoneyGram International’s global money transfer service in their stores across India. Bharti Walmart and Bharti Retail have partnered with Thomas Cook India, a Principal Agent of MoneyGram International (NYSE: MGI), to bring money transfers service to the stores. The service will be available, in over 121 easyday and 11 easyday Market and 6 Best Price Modern Wholesale stores, across Punjab, Haryana, Rajasthan, Uttar Pradesh, Delhi, Madhya Pradesh, Uttarakhand, Chhattisgarh, Karnataka, Jammu and Kashmir.
The global money transfer service augments the value proposition of easyday, easyday Market and Best Price Modern Wholesale stores for the customers and members, by offering them a one-stop shop experience to fulfill their grocery and financial requirements.
In order to receive a money transfer, Indian nationals can show the passcode of the transaction along with valid photo-identity proof and residence address proof and as per RBI guidelines draw upto Rs.50,000 in cash immediately. Transactions above Rs.50,000 are given out in cheque. Foreign nationals can also avail of this service and as per existing regulatory policies, can withdraw cash up to equivalent of USD 2500 after producing valid Passport and Visa.
“Remittances to India make a major impact in the economic growth and financial stability of its citizens. We are pleased that together with Bharti Walmart and Bharti Retail we can offer our services at retail locations that are open long hours with a reputation for convenience, service and value,” said Mr. Dan O’Malley, Executive Vice President of MoneyGram International. “Further, MoneyGram is pleased to extend its U.S. Walmart relationship internationally with Bharti Walmart and we look to continue to introduce our services to people around the globe through this business relationship.”
Speaking on the occasion, Mr. Raj Jain, Managing Director and CEO, Bharti Walmart Pvt. Ltd. said, “At Bharti Walmart, it is our constant endeavor to help people save money so they can live better, and the launch of convenient money transfer service through our Best Price Modern Wholesale cash-and-carry stores brings us one step closer to achieving that.”
Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Ltd., on the occasion said, “We are delighted to partner with Bharti Walmart and Bharti Retail in this initiative. The money transfer services will provide several benefits of ease, convenience and value to their customers.”
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The World Bank’s Migration and Remittances Factbook 2011 states that in 2010 India was the largest recipient country of remittances and the number two emigrating country in the world. Approximately $55 billion (USD) in remittances were sent to India last year.