New Delhi [India], Nov 2 : Making a foray into the money transfer business in India, Cox (and) Kings Ltd has partnered with UAE Exchange India, the leading financial institution, to provide inward remittance and domestic money transfer services in India.
This strategic venture will enable Indians living abroad to conveniently remit funds to their families in India, with easy and flexible transfer options.
This association will expand the current network of collection centers and reach out to a broad category of consumers across the country.
Cox (and) Kings has identified select locations within India, from where the customers can avail this service.
There are no charges applicable to the recipient in India. Besides foreign inward money, domestic money transfer services will also be available at the designated Cox (and) Kings' outlets through this process.
"The strategic partnership will help us enter the money transfer business in India which is the largest recipient of remittance in the world.
People who are expecting money from their relatives or friends abroad can now use our wide network of branches across India," said Head Foreign Exchange Cox (and) Kings, Ravi Menon.
The facility of inward remittance will provide a convenient and quick mechanism for Indians working abroad to send money to their families in India and also benefit foreign tourists visiting India.
The money will be received in minutes and all that the recipient has to do is visit one of the designated locations to collect their money.
"The new association with the renowned group will facilitate money transfer services for individuals residing abroad for inward remittance without any hassle.
It will also help residents and foreign tourists to receive money instantly in India or do a domestic money transfer to any account in India through IMPS.
The strategic partnership with Cox and Kings will cater the rising demands of inward and domestic remittance through the swift and secure money transfer services," said Managing Director UAE Exchange, V George Antony.
Anybody can transfer equivalent of USD 2,500 to India as per the present Money Transfer guidelines of the Reserve Bank of India.
An Indian national can receive 30 such remittances in a financial year. According to a World Bank report, India leads the world in receiving over USD 69 Billion in 2015 by way of remittances.
With its growing global network, Cox (and) Kings through this partnership with UAE Exchange India aims to capitalize on the growing remittance market.