MONEY TRANSFER

Money transfer is an electronic way of transferring money from one bank account to another which can be performed within a single financial institution or across multiple financial institutions through computer-based systems. In such transfers of funds, there is no direct intervention of bank staff. It is also known as a wire transfer and is a quick way of sending money to people during emergencies or otherwise. Today, as the world has moved towards digitisation, the adoption of newer technologies has made it possible for people to transfer payment immediately anywhere in the world using various online services.

This method of fund transfer has a lot of advantages that make it even more convenient for people availing this facility. Through the transfer, cash is readily made available on the same day the money has been sent by the customer. There is no need for a recipient to wait for a period of three days to one week (more or less) to have the amount credited into their account. The quick transfer of money contributes to making the money transfer facility a preferred choice. Money transfer services can come in handy especially during an emergency or when there is an urgent requirement of cash for the purchase of an expensive asset.

This is an instant money transfer method that also offers an array of global services, and is useful not only for sending money but also for making other global payments. Apart from the faster transfer of money, the process is also very easy to initiate and complete. Today, online money transfer facilities are also available, which make it convenient for people to send or receive money. The services are comparatively safer and more reliable and offer you the flexibility to transfer funds in a tension-free manner. Money transfer services can be used to make domestic as well as international transfers and come with the unique benefit that even if the sender has only local currency available with them, a transfer of funds to another country in another currency is still possible.

For the sender: If you want to send money, all you have to do is present a valid identification proof, fill the application form, and deposit the money. A receipt will be given to you that will have all the details of the sender as well as the receiver for your acknowledgement. The receipt will also contain the transaction number, which will signify the completion of the money transaction.

For the recipient: A valid identification proof, duly filled application form for receiving the money, and the specific transaction number is required. The transaction number acts as security to make sure that the one claiming the money is the intended recipient and not otherwise.For those availing online money transfer services, you have options to choose the type of transfer as per your preferences. Based on this, you may be required to submit KYC and so on.

One of the largest financial corporations and NBFCs in India, Muthoot Finance has been a pioneer in the field ever since its inception. We offer a plethora of financial services that are curated with the best-in-class features, offering benefits to customers that are par excellence. Money transfer is one of the key financial services that we offer which can be availed at all our branches. To make it easy and convenient for the customers, we offer two different types of money transfer facilities online, namely: –

Domestic Money Transfer or DMT by Muthoot Finance is a facility that allows customers to transfer money to any bank account within the country (India) on a 24*7 basis. Customers can visit any of the Muthoot Finance branches all across India to create a mobile wallet that will allow them to transfer money instantly, even on bank holidays. Muthoot Finance has tied up with Yes Bank and Paytm to ensure that customers are offered the best of services.

At Muthoot Finance, we believe in providing services that help enhance convenience for our customers and the salient features of these services help in ensuring the same. These include: –

Availing this service allows customers to transfer funds from any foreign country to India under the Money Transfer Service Scheme (MTSS). This scheme by the Reserve Bank of India (RBI) allows for the transfer of funds from overseas to India. To make it even more convenient, we are associated with the following exchanges for inward remittances: –

* For these two fund transfer exchanges, Muthoot Finance is the principal agent