A global money transfer firm had launched a new remittance card in India on 17 July 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 is a product of partnership between Xpress Money, State Bank of India and UAE Exchange and Financial Services Ltd. How this works: ************* So, here the card will enable the card holder to receive the remittance directly on the card. This means, those who don’t have bank accounts will directly get funds loaded on their cards, without the need of having a savings account with the bank. The beneficiary will be intimated by SMS whenever a remittance is received and loaded on the card. Where this works: ************** Apart for cash withdrawals at ATMs across India, the card can also be used for shopping offline at Point of Sale terminals at merchant outlets. In fact, the card can also be use to shop online as well. What’s the maximum amount: ********************** The maximum amount which can be loaded on the card would be up to Rs 50,000. A maximum of 30 remittances can be loaded during a calendar year. Finer details: ********* This card is available free of cost across Kerala. And will be available pan India in the near future.The cash which is loaded on the card is safe card as it is protected by PIN which can be used anywhere in India. The card can also be blocked in case it’s stolen or lost. ~cma~
Posted on: Sun, 18 Aug 2013 04:41:53 +0000