Post Office Money Transfer Service: Big Update! What is the money transfer service scheme offered by the post office and how does it work?
This also includes small savings schemes like KVS and NPS. Similarly, the post office also provides money transfer service scheme. The post office provides the facility to transfer money through Money Transfer Service Scheme (MTCC). However, there is only one way transfer of money in this. This facility is for sending money from abroad to India.
For example, a person living abroad can send money to his family or any other knowledgeable person. Apart from this, foreign tourists visiting here can also ask for money through this facility. Through this facility of post office, your money will reach you very easily and fast. But you cannot send money out of India through this.
Tie-up with Western Union The Post Office has started this facility in association with Western Union Financial Services. You can take advantage of this from any branch of the post office. Through this, the customer can immediately order money in India from 195 countries.
According to the information given on the post office website, once the money is sent, the customer can collect his amount here within 5 minutes. This facility has been introduced partly to meet the needs of families who are dependent on an NRI member of their household for money. Along with this, it will also help the foreign students who have come to study here.
Reserve Bank-approved service
The Post Office’s website states that the International Money Transfer service is absolutely safe, valid and reliable. Apart from this, this service is approved by the Reserve Bank of India. Also it is supported by Department of Post.