Learn more about the Instant Money Transfer Scheme. Under this scheme, in accordance with our tie up with UAE Exchange & Financial Services Ltd, we offer quick & immediate encashment of money from abroad at any of our branches in India.
With a view to facilitating the NRIs to transfer their earnings back to their kiths and kins in India, Tamilnad Mercantile Bank has entered into a tie-up with UAE Exchange Centre LLC, Abu Dhabi for facilitating money transfers into India from Gulf region.
TMB signed an agreement with UAE Exchange & Financial Services Ltd, which is the principal agent of UAE Exchange Centre LLC, Abu Dhabi for facilitating Xpress Money Services in India. Xpress Money is a UK based instant Money Transfer brand with a thriving presence in more than 100 countries in 5 continents across 1,00,000 agent locations worldwide. The most important 10 remittance countries are Qatar, Kingdom of Saudi Arabia, Oman, New Zealand, USA, Australia, United Arab Emirates, United Kingdom, Canada and Kuwait). The money will be received in India within few minutes it has been sent from abroad.
As per the RBI guidelines the maximum inward remittances per transaction is US$2500. In a calendar year, an individual can receive a maximum of 30 transactions. There is no need for the sender and receiver to have an account with TMB. The receiver has to fill up the “Xpress Money Receive Now” Form available in the bank along with an original Valid Photo ID proof for verification by the bank official. After verification, the transaction will be processed and the amount will be disbursed to the receiver within few minutes. If the amount exceeds Rs. 50,000.00 the mode of disbursement will be by pay order / account credit only. The amount will be disbursed to the name of the receiver only as mentioned by the sender.
All our branches are 100% networked through “Finacle” a Core Banking Software from the internationally renowned Infosys, a software major. It has enabled the Bank to provide the money transfer service at all its branches across the Country and at maximum speed.