MoneyGram, a leading global payment services company, has come up with a festive offer for Non-Resident Indians (NRIs) in the United States to send money to their families in India through MoneyGram agent US Bank at a flat $5 fee*.
The offer is open for all transactions till December 31, 2005. This makes receiving money safe, quick and cost effective for millions of Indians.
NRIs transferring money can call MoneyGram's toll free number at 1-800-MONEYGRAM to find a convenient US Bank location.
MoneyGram has also applied to the Government of India, to establish an office in Mumbai to support the agents in expanding the money transfer business in India.
About $23 billion in private transfers come to India every year, with the United States and Middle East accounting for a major portion of the money sent to India.
MoneyGram's money transfer service has been approved by the Reserve Bank of India and has been available in India for more than eight years. In the last two years, MoneyGram has stepped up its efforts to establish additional locations in the growing market of India.
Harsh Lambah has named as MoneyGram's first country manager for India. "The growth prospects in India are tremendous as there are more than 20 million Indians overseas. MoneyGram will therefore play an important role in connecting them to their families in India by providing affordable, reliable, convenient and safe money transfers," said Lambah in a media statement.
MoneyGram International, in operation since 1940, is an S&P MidCap 400 company with more than 84,000 money transfer agent locations in over 170 countries.
Its major products and services include global money transfers, money orders and payment processing solutions for financial institutions and retail customers.
The company commenced operations in India through its agents in 1997. MoneyGram agents in India include Thomas Cook, IndusInd Bank, Catholic Syrian Bank and Trade Wings.
* In addition to the transfer fee applicable on a transaction, a currency exchange rate set by MoneyGram or its agents may be applied.