Mumbai: Indian Oil Corporation, today signed a memorandum of understanding (MOU) with UAE Exchange & Financial Service Limited to offer MoneyGram International money transfer service.

"We are proud to associate with Indian Oil Corporation, a fortune 500 company, to offer our international money transfer services through their network. With this strategic alliance, we can provide our customers with more convenience. This is in line with our mission to provide our customers with a convenient, affordable and reliable money transfer service worldwide. We offer competitive pricing and exchange rates for India, and with this strategic alliance, we can now reach out to a wider customer base across the country," said Harsh Lambah, regional director, South Asia, MoneyGram India Pvt. Ltd.

Money sent through MoneyGram can be received across over 200 branch locations of UAE Exchange and the designated subagent locations including Indian Bank, Dhanalakshmi Bank, Development Credit Bank, Shriram City Union Finance among many others.

To receive money via MoneyGram in India, the receiver can simply walk into any MoneyGram agent location, complete a simple Receive Form and show a photo identification to receive funds in as little as ten minutes, subject to agent availability and hours of operation. According to RBI guidelines individuals can receive upto 12 remittnces per year of up to $2500 per remittance.