Millennium Post
Business

SBI, Xpress Money launch dual-use remittance card

A global money transfer firm has launched a new remittance card in India in partnership with the State Bank of India, which can be used for both receiving remittances from abroad and making withdrawals at ATMs.

The State Bank Xpress Money Card, which will initially be available in Kerala and eventually cover other states, is a product of partnership between Xpress Money, State Bank of India and UAE Exchange and Financial Services Ltd.

The card is a prepaid product which combines features of both debit and remit as it allows users to receive remittances from abroad and can also be used at ATMs and for e-commerce transactions, said a statement released here. ‘This product provides a simple, fast and safe service which is convenient to both the receiver and the sender vis- a-vis a cash transfer,’ it said.

‘The card facilitates foreign inward remittances under Money Transfer Service Scheme (MTSS) of Reserve Bank of India and would enable Xpress Money customers to receive up to Rs 50,000 from overseas - 24 hours a day, 7 days a week,’ the statement added.

A maximum of 30 remittances can be loaded on the card in one calendar year. The card holders will be allowed to withdraw up to Rs 25,000 per day.
Next Story
Share it