A partnership between Emirates Post and India Post materialised into the introduction of a low cost instant money transfer service for just Dh 11 per transaction. Express Money Order (EMO) was also launched simultaneously. It will be a new remittance service to India. The Express Money Order will provide a low cost option for people sending regular remittances through the postal network. The fact that the Indian postal service has the world’s largest network of post offices has obviously worked in its favour. The customers will get to transfer money from any Emirates Post office and the money will be delivered to any of the 97 head post offices and 2,400 sub post offices currently linked to the EMO service in India.
For the benefit of the customers there will be two options on offer. They can either ask the addressee to collect money from the selected post office in India through the postal service or have the money delivered to the addressee’s residence. Under the system a single money order issued by the Emirates Post for payment in India will not exceed $2500 or its equivalent. A maximum of 12 money orders addressed to one beneficiary will be allowed in a year. Amounts less than Rs 50,000 will be paid in cash, and those exceeding Rs 50,000 will be payable by cheque. The charges have been fixed with the objective to ensure that thousands of UAE residents get to avail the Express Money Order.
Tags: India, Remit2Home, Remittance
