DOHA: Xpress Money, one of the fastest growing global money transfer brands, has announced the launch of India’s first remittance card – the PNB Xpress Money Remit Card - in partnership with Punjab National Bank (PNB).
PNB Xpress Money Remit Card is a prepaid product that features a unique combination offering dual benefits of “Debit + Remit” that will make it easier for a customer in India to access funds remitted to them by loved ones residing abroad.
Through this card customers anywhere in India can withdraw foreign remittances through ATMs using the PNB Xpress Money Remit Card. With the card being accepted at PoS terminals as well, consumers can conveniently use this card for all their shopping needs.
This card facilitates foreign inward remittances under Money Transfer Service Scheme (MTSS) and will enable the Xpress Money customers to send and receive money overseas in a secure manner — 24 hours a day, 7 days a week.
The prepaid card facility would be available free to the beneficiaries with no annual fees and can be collected from any of the 300 UAE Exchange branches across India.
On completion of the regular Know Your Customer (KYC) process at an UAE Exchange branch the beneficiary will be provided with the Remit Card and a secure Personal Identification Number (PIN); the card would then be activated by the bank immediately. Once the sender remits money from any Xpress Money Agent location across the world, the funds would be automatically loaded onto the prepaid card.
Sudhesh Giriyan, Head of Xpress Money Business, said: “We are proud to empower NRIs residing in the GCC and elsewhere in the world with a safer, more cost-effective way of sending money to their loved ones in India. This product has been designed to increase the convenience of the beneficiaries of remittances who will now enjoy multiple benefits such as money transfer, ATM use and shopping at PoS from one single product.”
The Peninsula
