Friday, April 8, 2016

How to Send money to Indian when Receiver doesn't have a bank Account

You can use Western Union's money transfer facility If you are sending money to your parents or relatives in India, who are not used to modern banking and doesn't have any internet banking or simply a bank account. The Western Union has a tie-up with Federal bank which allows Hassle free method of money transfer where the receiver need not have an account.

How does it work? Well, an  NRI sends money and informs the receiver about a PIN number, who can then collect money from any Federal bank branch by producing PIN and their ID proof e.g. Aadhar card, Voter Id card, Rashan card, PAN card or any other acceptable document as ID proof by banks. This facility is offered in association with Weizmann Forex Ltd.

Important features

Federal Bank has been in the forefront of introducing novel products and services to NRIs for meeting all their remittance needs. This is yet another remittance channel being offered by Federal Bank to NRIs living across the globe to remit their money back home in a safer, secure and hassle free mode.

Here are some of the important benefits of sending money to India using Western Union and Federal bank channel.

  1. Very fast and secure method of Money transfers to India
  2. Amount can be encashed at any Federal Bank branch on production of satisfactory ID proof
  3. Hassle free method of money transfer, where the receiver need not have an account with us

That's all about how to send money to India when the receiver doesn't have a bank account. This is really a great service provided by Federal bank, I am not sure if another bank also provides similar service, worth research and I'll post if I found any other bank provides similar service.

In the meantime, if you know any other way to send money to your parents staying in the village and small town and doesn't have a bank account than you can let us know by dropping a comment.

1 comment:

  1. Thank you for sharing such great information. It would be very informative, if can you

    help me in finding out more detail on NRI

    , i am interested and would like to know more about this field and wanted to

    understand the basics of Banking Services.