- XPRESS Money (XM) a remittance product of UAE Exchange & Financial Services Ltd (UAEFSL), an associate of UAE Exchange LLC Abu Dhabi to remit Rs. to India
- It is a person to person money transfer technology which enables a person to send money through any of 50000+ Network agents of UAEFSL spread in 96 countries. For agents contact details, please visit https://www.xpressmoney.biz
- Quick, safe and cheap mode of send money to India. Beneficiary get payment in India on real time basis.
- The remittance scheme conforms to the rules & regulation framed by Reserve Bank of India under Money Transfer Service Scheme (MTSS)
- Maximum amount per transaction is permissible equivalent Rs. of US $2500- per day for a single beneficiary. However UAEFSL has restricted maximum remittance / payout amount at Rs. 50000- per day for a Single beneficiary except Foreign Tourist visiting India. For Foreign Tourist, maximum amount transaction is permissible equivalent Rs. of US $2500-
- Any single beneficiary can receive 30 transactions in a calendar year.
- Sender of money (Remitter) visits any of the above agent locations, submits own KYC documents like copy of passport, valid visa and local utility bill e.g. copy of telephone bill or electricity bill or any other document which is KYC compliant as per local rules & regulation of remitter country
- Remitter submits complete address & Telephone / Mobile contact, if any, of the beneficiary in India and tenders money in any of the acceptable currency to the agent of UAEFSL
- UAEFSL would process the transaction, personal information of the remitter and beneficiary, in their system which shall generate 16 digit numeric numbers known as XPIN. Remitter is given XPIN by UAEFSL
- Remitter sends XPIN to the beneficiary who fills in Receive Now Form available free of cost with our Bank, fills in his own and remitter address details, XPIN number, expected amount and tenders his Photo ID and address proof
- Valid type of photo ID is Driving License, Passport, PAN Card, Voter ID card issued by Election Commissioner of India or any other photo ID issued by Central or State Government.
- Valid type of address proof is any of utility bills such as electricity bill, telephone bill, ration card or bank account statement.
- Our bank verifies payment details submitted by the beneficiary in Receive Now Form and immediately pay without any deduction--in Cash to the beneficiary if payment amount does not exceed Rs. 50000- (Rs. fifty thousand only) or by way of demand draft / banker cheque / credit in beneficiary account if amount exceeds Rs.50000-
- As soon as the beneficiary collects payment from our Bank, the remitter get SMS about the completion of transaction