Money Transfer Service Scheme, the amazingly simple way of money remittance to India
If you talk about easy and convenient ways of online money transferto India, the MTSS or Money Transfer Service Scheme is amongst the easy and convenient options. It allows inward remittance of money from abroad to India for family maintenance. The facility can also be availed by tourists traveling to India. They can transfer money to India using the MTS facility. No outward remittance is possible using MTSS service.
This is a joint venture of Moneygram International, WUFS (Western Union Financial Services), and Department of Posts.
What is the process?
The process of sending money online to India using MTSS is quite simple and straightforward.
- The remitter goes to a MoneyGram location or Western Union money transfer outlet in any of the countries where the service is operational. He fills in the form and pays the money and additional charges applicable. A unique MTCN (Money Transfer Control Number) is generated by the system which acts as the Reference Number
- The remitter calls up the payee and informs about the deposit. The Payee (receiver) goes to the Post Office, fills in a form and shows identification document. He shares the MTCN to the officer. The code is verified from the transaction record. Once the validation is done, money is delivered
- It is one of the fastest ways to transfer money to India that doesn’t take more than ten minutes
- Payee gets the amount in Indian currency. As per the rules, remittance of up to 2500 USD is allowed in one transaction. It is a guideline issued by the Reserve Bank of India that can’t be overruled
- As per the rules, up to 50,000 INR can be paid in cash. Any amount above can be deposited in the account directly, or a cheque is issued in the name of the beneficiary
In spite of the limitation of maximum 30 transactions annually, it is one of the best ways of doing money remittance to India. More people get benefited by it every year.