Search the Internet          Tips  Sites: Finance, Investment

Department of Post launches money transfer service

Department of Post on Thursday joined hands with Western Union Financial Services Inc to launch money transfer service through the extensive reach of its post offices.

The service would allow credible route for money transfer to the country and the alliance would enable senders residing in 185 countries to send money to anyone in India within ten minutes, Communications Minister Ram Vilas Paswan said while launching the service.

"This agreement has a great synergy and potential as its bring together two large networks, Western Union and its Worldwide network and the India Post network," Paswan said.

The Western Union Money Transfer Service is expected to offer tremendous convenience to non-resident Indians, international tourists and international students living in India, he added.

In January 2001, Western Union and India Post signed an agreement to expand the availability of Western Union Money Transfer Services in India.

Under the upcoming plans, the services would initially be available across 750 post offices in the first year and upto 3000 post offices over the next three years.

While the agreement would allow Western Union to extend its reach to population in rural areas and urban communities through Indian postal system, for the postal department the agreement would bring enhanced customer base and revenue earnings in dollars, thus allowing the department to come out of red.

Tell us what you think of this report