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IOB ties up with Western Union Money Transfer
Posted on: 01/Jul/2011 11:52:04 PM
The Chennai-headquartered Indian Overseas Bank has forayed into the new service through Weizmann Forex Ltd for receiving cross-border money transfer for web-based remittances,.
The facility was formally launched by IOB Chairman Mr M Narendra at a function on Friday, it said.
The centre is connected with the bank’s 2,100 branches to receive remittances made by individuals from over 200 countries through Western Union Money Transfer. Western Union Money currently has over four lakh agent locations pan-India.
The person who intends to send money can send it through Western Union Money Transfer from his country and the resident beneficiary can draw the amount in any branches of IOB, it said.
The statement said "Presently, a single remittance is restricted to $2,500 and a recipient cannot receive more than 12 remittances in a year"
