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MONEY TRANSFER

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Money Transfer

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MONEY TRANSFER

One of the most commonly used and preferred means of transferring funds both domestically and internationally, money transfers are also known as electronic wire transfers which allow a recipient to receive funds in the shortest time span possible. This mode of fund transfer is safe and reliable, offering both the sender and receiver a stress-free transaction facility.
 
Muthoot Finance offers a wide range of online money transfer services that allow customers to send or receive funds in an efficient manner. We also offer the Bharat Bill Payment System (BBPS) which enables customers to make their utility bill payments under the same window. 

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NORTH, EAST & WEST INDIA TOLL-FREE NO.: 1800 313 1212

SOUTH INDIA CALL CENTRE NO.: 99469 01212

WRITE TO US: mtsupport@muthootgroup.com

BRANCH TIMINGS:
Mon-Sat, 9:30 AM to 6 PM

MONEY HUB-MAYUR VIHAR PHASE 1
IS OPEN ALL 6 DAYS A WEEK

Mon - Sat , 11 AM to 8 PM
Tel: 011-40532632 / 40523815

Refer a Friend*

Refer a friend & get a Chance to
Win Exciting Muthoot Group Merchandise

refer now

Ask an Expert

NORTH, EAST & WEST INDIA TOLL-FREE NO.:
1800 313 1212

SOUTH INDIA CALL CENTRE NO.:
99469 01212

WRITE TO US:
mtsupport@muthootgroup.com

BRANCH TIMINGS:
Mon-Sat, 9:30 AM to 6 PM

MONEY HUB-MAYUR VIHAR PHASE 1
IS OPEN ALL 6 DAYS A WEEK

Mon - Sat , 11 AM to 8 PM
Tel: 011-40532632 / 40523815

Money transfer is an electronic way of transferring money from one bank account to another which can be performed within a single financial institution or across multiple financial institutions through computer-based systems. In such transfers of funds, there is no direct intervention of bank staff. It is also known as a wire transfer and is a quick way of sending money to people during emergencies or otherwise. Today, as the world has moved towards digitisation, the adoption of newer technologies has made it possible for people to transfer payment immediately anywhere in the world using various online services.

This method of fund transfer has a lot of advantages that make it even more convenient for people availing this facility. Through the transfer, cash is readily made available on the same day the money has been sent by the customer. There is no need for a recipient to wait for a period of three days to one week (more or less) to have the amount credited into their account. The quick transfer of money contributes to making the money transfer facility a preferred choice. Money transfer services can come in handy especially during an emergency or when there is an urgent requirement of cash for the purchase of an expensive asset.

Advantages of Availing Money Transfer Services

This is an instant money transfer method that also offers an array of global services, and is useful not only for sending money but also for making other global payments. Apart from the faster transfer of money, the process is also very easy to initiate and complete. Today, online money transfer facilities are also available, which make it convenient for people to send or receive money. The services are comparatively safer and more reliable and offer you the flexibility to transfer funds in a tension-free manner. Money transfer services can be used to make domestic as well as international transfers and come with the unique benefit that even if the sender has only local currency available with them, a transfer of funds to another country in another currency is still possible.

Documents Required for Fund Transfers

For the sender: If you want to send money, all you have to do is present a valid identification proof, fill the application form, and deposit the money. A receipt will be given to you that will have all the details of the sender as well as the receiver for your acknowledgement. The receipt will also contain the transaction number, which will signify the completion of the money transaction.

For the recipient: A valid identification proof, duly filled application form for receiving the money, and the specific transaction number is required. The transaction number acts as security to make sure that the one claiming the money is the intended recipient and not otherwise.For those availing online money transfer services, you have options to choose the type of transfer as per your preferences. Based on this, you may be required to submit KYC and so on.

Online Instant Money Transfer Services by Muthoot Finance

One of the largest financial corporations and NBFCs in India, Muthoot Finance has been a pioneer in the field ever since its inception. We offer a plethora of financial services that are curated with the best-in-class features, offering benefits to customers that are par excellence. Money transfer is one of the key financial services that we offer which can be availed at all our branches. To make it easy and convenient for the customers, we offer two different types of money transfer facilities online, namely: –

  • Domestic Money Transfer (DMT)
  • International Money Transfer (IMT)

Domestic Money Transfer (DMT)


Domestic Money Transfer or DMT by Muthoot Finance is a facility that allows customers to transfer money to any bank account within the country (India) on a 24*7 basis. Customers can visit any of the Muthoot Finance branches all across India to create a mobile wallet that will allow them to transfer money instantly, even on bank holidays. Muthoot Finance has tied up with Yes Bank and Paytm to ensure that customers are offered the best of services.

Features of Domestic Money Transfer


At Muthoot Finance, we believe in providing services that help enhance convenience for our customers and the salient features of these services help in ensuring the same. These include: –

  • There is no need for any documentation. All you need is a one-time password (OTP) that will be sent to your mobile for confirmation.
  • Payment transfers can be done from any of our branches to any valid bank account in India.
  • The transactions or transfers can be done at any time. This online service is available even on holidays, Sundays as well as after banking hours, provided that the Muthoot Finance branch is open.
  • The service is extremely safe and secure.
  • The charges for transfers are nominal - 1% of the transacted amount with a minimum charge of Rs 10/-.
  • Instant credit to the beneficiary account using an IMPS-based service.

International Money Transfer (IMT)

Availing this service allows customers to transfer funds from any foreign country to India under the Money Transfer Service Scheme (MTSS). This scheme by the Reserve Bank of India (RBI) allows for the transfer of funds from overseas to India. To make it even more convenient, we are associated with the following exchanges for inward remittances: –

  • Western Union
  • Ria Money Transfer
  • EZ Remit
  • Muthoot Global Pay*
  • Instant Cash
  • Money Gram
  • Transfast*

* For these two fund transfer exchanges, Muthoot Finance is the principal agent

Features of International Money Transfer

  • It is an RBI approved service.
  • There is no need for having a bank account for receiving up to Rs 50,000/-.
  • You can avail direct credit facility for an amount of more than Rs 50,000/-.
  • We don’t take any sort of service charge for collecting money.
  • You can visit the nearest money transfer centre from 9.30 AM to 6 PM.
  • Available at 5,330+ branches pan-India.

We also offer the Bharat Bill Payment System to our customers. The Bharat Bill Payment System (BBPS) is an integrated bill payment portal that has been launched by the Government of India. Using BBPS at Muthoot Finance allows our customers to pay their utility bills, like gas bills, electricity and water bills, and bills for mobile-related services as well. The Bharat Bill Payment System lets everyone pay different bills under one window, making it easier and more convenient for customers. This is a unified service that helps bring banks, NBFCs, online payment portals, and so on under the same window for bill payments.

FAQs

Since the money transfer process is in real-time it does not take more than 10 minutes to complete.

We don’t take any sort of service charge for collecting money.

Payments of up to Rs. 50,000/- can be made through cash

Payment above Rs. 50,000/- is to be made by Account Payee cheque/NEFT/Account Direct

An equivalent of USD 2500 per Transaction.

A customer is entitled to receive a maximum of 30 transactions in a calendar year .

Since the money transfer process is in real-time it does not take more than 30 minutes to complete .

A customer is entitled to receive a maximum of 30 transactions in a calendar year .

Domestic Money Transfer is a facility to transfer money to any Bank Account in India. Sender can pay Nominal charges as compared with other competitor in the market.( Rs 10 or 1% whichever is higher)

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