• Home Loan
  • Vehicle Loan
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  • Saraswat Bank has tied up with MoneyGram for Inbound Global Remittances through Thomas Cook (India) Ltd who is principal agent of M/s MoneyGram International Inc.USA. We have launched MoneyGram product for inbound Global remittances at our 191 branches.
  • It is a person to person money transfer technology which enables a person to send money through any of Network agents of MoneyGram International.
  • Quick, safe and cheap mode of send money to India. Beneficiary gets 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 of remittance that receiver can receive in a single transaction will not exceed USD2500 or its equivalent in Indian rupees. Payment in cash to receiver will be made up to and inclusive of Rs.50,000/- (Rs. Fifty thousand Only).
  • Any single beneficiary can receive 30 transactions in a calendar year.
  • The remitter, who is outside India goes to any of the agents of MoneyGram, fills in the remittance form and tenders the equivalent foreign exchange inclusive of charges to such agent. After processing application through Anti-Money Laundering Guidelines, remitter informs the receiver in India about remittance details, i.e. 8 digit unique reference number.
  • Our bank verifies payment details submitted by the beneficiary in Receive Form along with the transaction 8 digit unique reference number along with valid photo identification and address proof.
  • As soon as the beneficiary collects payment from our Bank, the remitter get SMS about the completion of transaction.

Non-permissible Transactions under Money Transfer Service Scheme as per RBI stipulations.
  • Trade related remittances (export payment, payment of services, etc.)
  • Remittances towards purchase of property, investments;
  • Remittance for credit to NRE/FCNR accounts and
  • Remittance as donations, contributions to charitable organizations.

This service is a boon to families of NRI’s as well as foreign students and foreign tourist visiting India. Overseas workers who need to provide financial support to their families in India.
  • Receive money as cash in minutes.
  • No Bank account required.
  • No back-end charges.
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