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What Is Money Transfer Service Scheme Offered By Post Office?
In India, Post Office other than the postal service offers various other financial services to citizens such as multiple Savings Schemes, and Money Transfer Service Scheme is one that the Post Office offers under the International Money Transfer Services.
Money Transfer Service Scheme
According to the information available on the IndiaPost.gov.in website (Post Office), "Money Transfer Service Scheme or MTSS is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only inward personal remittances into India such as remittances towards family maintenance and remittances favoring foreign tourists visiting India are permissible. No outward remittance from India is permissible under MTSS."
Further, "As a result of the collaboration of the Department of Posts, Government of India with the Western Union Financial Services, a state of the art International Money transfer Service is now available through the Post Offices in India, which enables instantaneous remittance of money from around 195 countries and territories to India. The recipients can in fact collect the money in minutes after the sender has made the remittance."
Furthermore, "The service is targeted to particularly fulfill the needs of NRI-dependent families in India, visiting International tourists and foreign students studying in India."
Approved by the Reserve Bank of India
According to the IndiaPost (Post Office), "This International Money Transfer Service is safe, legal, fast & reliable. Also, it is approved by the Reserve Bank of India and is being provided by a Department of the Government of India i.e. the Department of Posts."
