10 points about India Post’s ‘Instant Cash’ International Money Transfer Service


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01) India Post has signed an agreement with Wall Street Exchange to launch the International Electronic Money Transfer service

02)Wall Street Exchange is part of the  Emirates Post Group of UAE

03)The product is named as ‘Instant Cash

04)The product can be utilized by Indian Diaspora residing in UAE, to send remittances to their near and dear ones in India.

05)The service will be rolled out nationally in a phased manner

06)It will be made available at approximately 17,500 post offices across India by next month.

07)The service will be provided through the International Financial System (IFS) of Universal Postal Union.

08)The Indian diaspora worldwide – especially in the gulf region – have one more remittance channel which is safe, secure and reliable money transfer service for their families back home.

09)Through ‘Instant Cash’, the money is available to the customers within minutes of completing the transaction.

10) The cash has to be collected at the Post Office only, and cash will not be delivered to home.

The salient features of the service are as follows:

• Recipients will be able to receive their payment at any of the identified 17,500 post offices by producing the unique transaction number along with their identity and KYC documents;

• Money will be available for payment immediately;

• Safe and secure transactions through established International Financial System of Universal Postal Union.

 

India Post is the largest postal network in the world and has completed 158 years of existence. During this long journey it has undergone continuous transformation according to the needs of the citizens. It boasts a network of 1.55 lakh Post Offices in the country, of which more than 1.39 lakh are in the rural area.

 

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