IOB ties up with Western Union Money Transfer

Public sector Indian Overseas Bank has tied up with Western Union Money Transfer for transfer of funds.

The Chennai-headquartered bank has forayed into the new service through Weizmann Forex for receiving cross-border money transfer for web-based remittances, a bank statement here said.

The facility was formally launched by IOB Chairman M Narendra at a function today, it said.

The centre is connected with the bank's 2,100 branches to receive remittances made by individuals from over 200 countries through Western Union Money Transfer. Western Union Money currently has over four lakh agent locations pan India.

The remittar or the person who intends to send money can send it through Western Union Money Transfer from his country and the resident beneficiary can draw the amount in any branches of IOB, it said.

Presently, a single remittance is restricted to $2,500 and a recipient cannot receive more than 12 remittances in a year, the statement added.