Money Transfer Service Partners

Money Transfer Service Scheme (MTSS) is a way of transferring personal remittances from abroad to beneficiaries in India. Only inward personal remittances into India such as remittances towards family maintenance and remittances favouring foreign tourists visiting India are permissible.

We are having MTSS arrangements that operates under the purview of RBI guidelines and facilitates instant payment of cash in respect of foreign inward remittance to individual beneficiaries in India with the following partners:

  • Western Union Money Transfer Service - M/s Weizmann Forex Ltd.
  • Xpress Money - M/s UAE Exchange & Financial Services Ltd.
  • Royal Money – M/s Royal Exchange USA Inc
  • Ria Money Transfer – M/s Ria Money Transfer Services Private Limited (RMTS)

Western UnionXpress MoneyRoyal MoneyRia Money

Features and Benefits

  • Fast and secure method of money transfer to India.
  • Hassle free instantaneous payment to beneficiary against photo identification.
  • Payment only in Indian Rupees without charging any fees from the beneficiary.
  • The scheme does not envisage repatriation of such inward remittances

For Remitter

  • Visit your nearest money transfer outlet (any of the 4 arrangements mentioned above)
  • Complete the Send Form and submit valid identification documents (Passport/ Driving license)
  • Remit the money to money transfer agent and collect the Transaction Reference Number / PIN Number.
  • Convey the transaction details to the beneficiary in India.

For Beneficiary

  • Collect the Transaction Reference Number / PIN Number from the Remitter.
  • Walk into the nearest CSB Branch.
  • Complete the remittance Receive Form and furnish transaction details with valid ID proof.
  • Collect the cash in Indian rupees upto Rs 50,000 or get credited to the bank account.

RBI guidelines on Remittances through MTSS

  • Only personal remittances such as remittances towards personal expenses and remittances favouring foreign tourists visiting India can be sent through MTSS. Trade related remittances, remittances towards purchase of property, investments or credit to NRE / FCNR accounts, etc. or donations/contributions to charitable organization are not allowed under this arrangement.
  • A cap of USD 2,500 has been placed on individual remittances under the scheme.
  • Amounts up to Rs. 50,000/- may be paid in cash per transaction. Any amount exceeding this limit shall be paid by means of cheque / DD /PO etc. or credited directly to the beneficiary’s account. However, in exceptional circumstances, where the beneficiary is a foreign tourist, higher amounts may be disbursed in cash provided they produce their Passport and Valid Visa.
  • Only 30 Transactions per beneficiary are permitted in a calendar year.

Points to Remember

  • Only inward remittance is permitted through this scheme, no outward or domestic transfers are permitted.
  • The Receiver is required to submit Photo ID and Address proof as per KYC norms.
  • The spelling of the Receiver name on the ID or bank account should be same as given by the sender.
  • It is not necessary to have a deposit account in the bank for receiving the money except for Account Based Money Transfer.
  • Bank does not charge any commission for the transaction from the receiver.