Allahabad Bank ties up with UAE Exchange for money transfer services

Public sector Allahabad Bank today signed a memorandum of understanding with Gulf-based money transfer and exchange house UAE Exchange & Financial Services Limited to expand its inward money transfer services.

Anil Tandon, assistant general manager, foreign department, of Allahabad Bank and V George Antony, country manager of UAE Exchange, signed the MoU in Kolkata yesterday.

Under the tie-up, Allahabad Bank will become a preferred partner of the UAE company as a service provider in the area of inward money transfer in India under the two products, viz, `MoneyGram' and `Xpress Money'.

''The association with UAE Exchange & Financial Services Ltd will create enormous scope for the bank in the area of providing hassle-free inward remittance facilities to its customers and the general public and also for increasing its fee-based income,'' K R Kamath, chairman and managing director of Allahabad Bank, said.

Under `MoneyGram', the UAE Exchange & Financial Services Ltd will provide Allahabad Bank inward money transfer services in India as its agent whereas under the product `Xpress Money' the company will provide services to the bank as an agent of UAE Exchange Centre LLC.

In both the cases, the maximum amount of inward remittance will be $2,500 or its equivalent per transaction as per the existing RBI stipulations while the maximum number of remittances that a beneficiary can receive in a calendar year will be twelve. The maximum amount that can be disbursed by the bank in cash will be Rs50,000 in both the cases, Allahabad Bank said in a release.

Under the agreement, the bank will display the signage and other publicity materials supplied by the UAE partner at prominent locations and the UAE Exchange will in turn provide access to the necessary proprietary software to enable the bank offer money transfer services of the products.