Public sector lender, Indian Overseas Bank (IOB) has tied up with Western Union Money Transfer for transfer of funds. Through Weizmann Forex the bank has forayed into the new service for receiving cross-border money transfer for web-based remittances. The facility was formally launched by IOB Chairman M Narendra at a function on July 1, 2011.
The centre is connected with the bank’s 2,100 branches to receive remittances made by individuals from over 200 countries through Western Union Money Transfer. Western Union Money currently has over four lakh agent locations pan-India.
Through this facility the person who intends to send money can send it through Western Union Money Transfer from his country and the resident beneficiary can draw the amount in any branches of IOB. Currently, a single remittance is restricted to $2,500 and a recipient cannot receive more than 12 remittances in a year.
