Learn more about the Instant Money Transfer Scheme from TMB.
Under this scheme, in accordance with our tie up with Western Union Money Transfer Service, we offer quick and immediate encashment of money at any of our branches in India.
TMB signed an agreement with Reliance Money Express to offer Western Union Money Transfer (WUMT) a popular money transfer service in India for personal remittances from NRIs from foreign countries. Overseas Individuals can send money through WUMT to their kith and kin in India. The money will be received in India within few minutes it has been sent from abroad.
As per the RBI guidelines the maximum inward remittances per transaction is US$2500. In a calendar year an individual can receive a maximum of 30 transactions. There is no need for the sender and receiver to have an account with TMB. The receiver has to fill up the “To Receive Money” (TRM) Form available in the bank along with an original Valid Photo ID proof for verification by the bank official. After verification the transaction will be processed and the amount will be disbursed to the receiver within few minutes. If the amount exceeds Rs. 50,000 the mode of disbursement will be by pay order / account credit only. The amount will be disbursed to the name of the receiver only as mentioned by the sender.
All our 509 branches and administrative offices are 100% networked through “Finacle” a Core Banking Software from the internationally renowned Infosys, a software major. It has enabled the Bank to provide the money transfer service at all its branches across the Country and at maximum speed.
The time taken by TMB to payout the money through WUMT service will be around 15 minutes per transaction.
WUMT is a 150 year old US Company with an expertise in money transfer business and they have over 200,000 agent locations in 200+ countries.
TMB is continuously introducing customer friendly products and services under deposits, advances and remittances on the basis of changing customer needs and market trends. TMB is rendering valuable services to their customers in all areas of banking true to its VISION statement to enhance value to the stakeholders.
Note: Towards Western Union Money Transfer through M/s. Reliance Money, the bank receives 50% of the commission income earned by M/s. Reliance Money.