![]() Also, it is approved by the Reserve Bank of India and is being provided by a Department of the Government of India i.e. This International Money Transfer Service is safe, legal, fast & reliable.Aadhar Card etc copy of which also has to be provided to the Post Office for receiving a transfer.Under the KYC / AML / CFT guidelines issued by the RBI to prevent the system of cross border inward money transfer into India to be used by criminal elements for money laundering or terrorist financing activities, beneficiaries / recipients of the money transfers need to provide sufficient information necessary to establish their identity and proof of residence through reliable Govt issued documents like:.The Post Offices have been directed to treat the payee as "Most Favoured Customers", which ensures courteous and efficient service to them.Only 30 transactions can be received by a single beneficiary in a calendar year.However, in case of foreign tourists, higher amounts can be payable in cash. Any amount exceeding this limit shall be paid by means of account payee Cheque or credited directly to the Savings Account standing in the Post Office in the name of the beneficiary. 50,000/- may be paid to the beneficiary in cash. Effective October 2022, Western Union Business Solutions has changed its name to Convera. There is a maximum limit of 2500 USD that can be sent at a time as per applicable RBI regulations which must however be only for personal use. The Payee receives the full amount in Indian Rupees.This entire process is completed within ten minutes. The Payee / Receiver goes to the Post Office fills up a form to receive money, shows valid identification and receives money along with the receipt, once the transaction is verified. Thereafter, the sender calls up his/her payee and gives information on the money sent. When choosing a money transmitter, carefully compare both transfer fees and exchange rates. The sender gets a unique Money Transfer Control Number / Reference Number on a receipt after the transaction is sent through the system. Western Union also makes money from currency exchange. It’s easy to find one near you with a few. ![]() Send and receive money at a Western Union agent location in Spain. Easily track your money transfer online or via the Western Union® app. Pay online through your bank account, with your credit/debit card, or cash in-store. Learn more about mid-market rate here.To avail of this Service, a remitter goes to any one of the Western Union locations in the countries in which the Service operates, fills up a form to send the amount and pays principal amount and charges. Simply register online and verify your profile to send and receive money 24/7. That doesn’t sound like too much, but it mounts up quickly, and can often cost more than the transfer fee you’re charged. Exchange rate markups vary widely depending on the currency, value of a payment, and the provider itself – around 3% is typical. However, it makes it very hard to see exactly what you’re paying for your transfer, as this fee is bundled up into the rate applied rather than transparently displayed. Fees and rates subject to change without notice. Fees, foreign exchange rates and taxes may vary by brand, channel, and location based on a number of factors. Instead, banks and currency services add a markup or margin – an extra fee – to the mid-market rate to calculate the retail exchange rate they offer customers.Īdding a markup to the exchange rate used for international payments is very common. 2 Western Union also makes money from currency exchange. Fees, foreign exchange rates, and taxes may vary by brand, channel. ![]() The mid-market exchange rate isn’t usually passed on to customers sending or converting smaller amounts of currency. When choosing a money transmitter, carefully compare both transfer fees and exchange rates. That means it’s the rate your bank or international transfer provider gets when they buy and sell currencies themselves. The mid-market exchange rate is the rate which is used when currencies are bought and sold on wholesale markets.
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