Bharti Walmart, Bharti Retail launch money transfer service in stores
24 May 2011
Bharti Retail and Bharti Walmart, the joint venture between world's top retailer Wal-Mart and Bharti Enterprises in India, today announced the launch of MoneyGram International's global money transfer service in its stores across India.
Launched in association with Thomas Cook India, who is the principal agent of MoneyGram International, the money transfer services will be available in over 120 easyday and 10 easyday Market and six Best Price Modern Wholesale Stores across Punjab, Haryana, Rajasthan, Uttar Pradesh, Delhi, Madhya Pradesh, Uttarakhand, Chhattisgarh, Karnataka and Jammu and Kashmir.
''The global money transfer service augments the value proposition of the stores for the customers and members by offering them a one-stop shop experience to fulfill their grocery and financial requirements,'' the company said.
Indian citizens can draw upto Rs50,000 in cash by showing the passcode of the transaction along with valid photo-identity proof and residence address proof at the stores. Amounts above Rs50,000 will be given out by cheque.
Foreign nationals can also withdraw cash up to equivalent of $2,500 after producing valid passport and visa.
Bharti Walmart, which operates the Best Price Modern Wholesale stores in India, also said it plans to add 8 to 10 wholesale stores in 2011. (See: Bharti Walmart to more than double wholesale stores in India this year)
The World Bank's Migration and Remittances Factbook 2011 states that India was the largest recipient country of remittances in 2010 with approximately $55 billion in remittances sent last year.
