NPCI partners with Indusind Bank and Western Union for International funds transfer

                        Majority of Western Unions SEND customers to India reside in U.S., U.K., France, Germany and Australia.

 The major options for Western Union RECEIVE customers are a) across the counter at a Western Union Agent Location or b) Bank account credit.

For Bank account credit, Western Union piggybacked on the NEFT platform. However, NEFT has its own limitations as compared to IMPS.

Way back in September 2013, Western Union innovation team closely looked at NPCIs’ Immediate Payment Service (IMPS) to enhance its customer’s experience.

Due to the time difference between India and other countries there was a lag between the SEND time and the RECEIPT time, even when the RECEIVE option was a Bank Account.

NPCI’s IMPS with its feature of instant money transfer was a very attractive proposition. Reserve Bank of India recently approved IMPS to facilitate cross-border money transfer within minutes to select banks.

This led to Western Union to offer funds transfer through NPCIs’ IMPS to its SEND customers. The service has been launched in collaboration with IndusInd Bank.

The process flow is as under

01) The SENDER opts to transfer through cash and debit cards at participating Agent locations, or debit and credit cards at www.westernunion.com.com at this time.

02)The funds move to the Western Union settlement account at Indusind Bank.

03)Finally through NPCIs IMPS channel the RECEIVER the funds in his/her bank account.

Benefits of this Channel:-

01) 24*7 service

02)Facility available on Holidays too

03)Quick reversal of funds in case of invalid account number or any other reasons if credit is not possible

Link 1, Link 2

Western Union Money Launch of Outward Remittance from India

            Readers are familiar with the Western Union Inward remittance facility.

This week, Western Union Business Solutions – Indian Office has announced a new service i.e Outward Remittance. Wait, don’t jump the gun, the new service is to l allow foreign universities and higher education institutions to accept tuition payments from Indian students in Indian rupees.

            The estimated market is 2lacs+ each year. This is the 2^nd largest market in the world after China.

            The process flow is simple: -

01) The fees can be remitted only by prospective students of participating schools and universities.

02)It will be offered by Weizmann Forex and Paul Merchants Ltd, the two largest Western Union agents in India. ,

03) Weizmann Forex and Paul Merchants Ltd have presence at over 500 locations across the country.

04)Students need to call a toll-free number and after updating the required information, request a for a house visit.

05)A trained representative of Western Union Agents i.e Paul Merchants or Weizmann Forex, will visit to complete the documentation.

06)On completion of the documentation, the INR will be collected and outward remittance to the student’s educational institution will be done.

Western Union Money Launch of Outward Remittance from India

            Readers are familiar with the Western Union Inward remittance facility.

This week, Western Union Business Solutions – Indian Office has announced a new service i.e Outward Remittance. Wait, don’t jump the gun, the new service is to l allow foreign universities and higher education institutions to accept tuition payments from Indian students in Indian rupees.

            The estimated market is 2lacs+ each year. This is the 2^nd largest market in the world after China.

            The process flow is simple: -

01) The fees can be remitted only by prospective students of participating schools and universities.

02)It will be offered by Weizmann Forex and Paul Merchants Ltd, the two largest Western Union agents in India. ,

03) Weizmann Forex and Paul Merchants Ltd have presence at over 500 locations across the country.

04)Students need to call a toll-free number and after updating the required information, request a for a house visit.

05)A trained representative of Western Union Agents i.e Paul Merchants or Weizmann Forex, will visit to complete the documentation.

06)On completion of the documentation, the INR will be collected and outward remittance to the student’s educational institution will be done.

Western Union Money Launch of Outward Remittance from India

            Readers are familiar with the Western Union Inward remittance facility.

This week, Western Union Business Solutions – Indian Office has announced a new service i.e Outward Remittance. Wait, don’t jump the gun, the new service is to l allow foreign universities and higher education institutions to accept tuition payments from Indian students in Indian rupees.

            The estimated market is 2lacs+ each year. This is the 2^nd largest market in the world after China.

            The process flow is simple: -

01) The fees can be remitted only by prospective students of participating schools and universities.

02)It will be offered by Weizmann Forex and Paul Merchants Ltd, the two largest Western Union agents in India. ,

03) Weizmann Forex and Paul Merchants Ltd have presence at over 500 locations across the country.

04)Students need to call a toll-free number and after updating the required information, request a for a house visit.

05)A trained representative of Western Union Agents i.e Paul Merchants or Weizmann Forex, will visit to complete the documentation.

06)On completion of the documentation, the INR will be collected and outward remittance to the student’s educational institution will be done.