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Money Transfer

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Domestic & International Money Transfer

As the one-stop Financial Supermarket for the financial needs of the common man, Muthoot Fincorp also offers Money Transfer Services. The Muthoot Blue Money Transfer Services services are a trustworthy, quick,simple, secure and fast way of personal inward as well as outward remittances. Money transfer or wire transfer is a process of transferring funds electronically between individuals or institutions across geographical locations. Whether you need to move money abroad for emigration, higher studies, medical treatment, and hotel and stall bookings or subscription of journals, we can help.

Domestic money transfer means sending money within India. Muthoot Blue Rupee Transfer enables Muthoot Blue customers to remit cash towards any bank account within India. The service is offered to Muthoot Fincorp Limited customers without any further KYC related delays and cash is sent instantly via IMPS. The customer will be charged a nominal fee of Rs 10/- or 1% of the transaction amount (whichever is higher). Under Muthoot Blue Rupee Transfer, the customer can remit up to Rs 25,000/- in a month with per transaction limit capped at Rs 5,000/-.

This offering mainly serves the common man in rural India who has no or less access to formal banking channels and helps his/her beneficiary to receive the hard earned money without delay. The offering is extended during off-banking hours and bank holidays and is available in all close to 3600 Muthoot Fincorp branches.

An inward remittance is the transfer of money from a foreign bank to the account of an Indian resident. Our Money Transfer Service Scheme (MTSS) is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Inward remittances are achieved through:

International Money Transfer

The system for international money transfer envisages a tie-up between reputed money transfer companies and agents in India who could disburse the funds to the beneficiaries at an ongoing exchange rate. Only personal remittances towards family maintenance as well as remittances favouring foreign tourists in India are permissible.

Indo– Nepal Remittance In Association With Prabhu Money Transfer Pvt. Ltd– India (PMT)

We have tied up with Money Transfer arm (PMT) of Prabhu bank limited which is in the list of top 10 commercial bank of Nepal for doing remittance business from INDIA to NEPAL.

We can accept cash from any of the Indian or Nepali citizen and support them to remit to their family or friends in Nepal.

Under this arrangement, we can:

  • Cash to Cash transaction (Cash payout to beneficiary through 8000+ network associated with Prabhu Bank)
  • Cash to Bank account (Customer can deposit money to any of the Nepal Bank account )
  • 12 remittance permitted in a year for a customer with a per transaction limit of Rs 50K
  • More than 5 million Nepalese people are staying in India and only 10% of the remittances from India to Nepal are going through the formal channel.

How Can I Remit Money Using Muthoot Blue Money Transfer Services

When you want to use our inward or outward remittance services, please visit any one of our trusted partners in a foreign country or your nearest Muthoot Fincorp branch. They will help you with the formalities for completing the process for domestic and international money transfer.

You will be required to share the full name and account number of the beneficiary to enable the money transfer. You can carry cash (less than Rs. 50,000) or demand draft, payee cheques, and pay order. Money can be directly remitted from your bank account to the beneficiary’s bank account.

Applicable Norms of Money Transfer Services

Inward Remittance

Norms that need to be followed when you are looking to initiate an international money transfer to India:

  • Muthoot Fincorp money transfer can help you transfer up to $2500 at a time. Payout is made in Indian Rupees only.
  • An individual can receive only 30 transactions in a calendar year – January to December.
  • Only Rs. 50,000 transfer can be made in cash
  • Any amount greater than Rs 50,000 should be made by way of demand draft, payee cheques,pay order or account credit.
  • Payouts can only be made to individuals who are over 18 years of age.
  • Payouts cannot be made to firms / companies / trusts / societies, etc.

To Nepal
  • Cash to Bank account (To any of the Nepal Bank account ) or cash to cash transaction (To beneficiary through 8000+ network associated with Prabhu Bank)
  • 12 remittance permitted in a year for a customer with a per transaction limit of Rs 50K
Domestic accounts
  • Nominal fee of Rs 10/- or 1% of the transaction amount (whichever is higher).
  • Remit up to Rs 25,000/- in a month with per transaction limit capped at Rs 5,000/-.
  • The offering is extended during off-banking hours and bank holidays and is available in all 3600+ Muthoot Fincorp Limited branches.

Factors that Impact Money Transfer Service

Both domestic and International money transfer online requires transparent, low cost options and reliability. Here are some of the factors that impact the money transfer services offered by Muthoot FIncorp:

The key factors that can impact inward and outward remittances are:

  • Inflation & Interest Rates

    If there is any change in the interest rate, it will affect the dollar exchange rates and currency value, which will affect the inflation rate. On the other hand, inflation rate, both high and low, directly impacts the value of a currency. It therefore stands to reason it will impact the amount the beneficiary will receive. Country’s Balance Rate

  • Current Account & Debt of the Country/Government

    The account balance and the debt a country carries will affect its foreign trade and related earnings from foreign investments. The balance payments can lead to fluctuations which will affect the foreign exchange rate.

  • Terms of trade

    The ratio of export and import prices is directly impacted by the debt and foreign investments, which will lead to an impact on the foreign exchange rate.

At Muthoot Fincorp, our agents keep themselves updated on the above-mentioned and several other factors. Hence, we can guide you on the right time to remit money.

Fees & Charges of Money Transfer Services

  • The most important factor is the foreign exchange rate of the currency you wish to transfer. Changes in exchange rates may make a significant difference to the amount that is finally credited to the beneficiary’s account. At Muthoot Fincorp, you will always get the real market rate.
  • The international fund transfer incurs a processing fee, which is nominal. This fee is also to be factored in when you transfer money abroad.
  • Consider the conversion charge when you are planning to transfer money. Each currency carries a particular conversion charge as mandated by the RBI.

Our Alliance Partners for Money Transfer Services

Domestic Money Transfer Services

Our certified service providers have a valid license from the RBI for transferring domestic funds through IMPS and NEFT. The current tie-ups with Oxigen Services and X-pay help transfer funds by both adding a beneficiary or without adding any beneficiary.

International Money Transfer Services

We use the services of reliable and trustworthy money transfer companies. Our trusted partners:

    Western Union
    Western Union
    10 digits
    Money Gram
    MoneyGram
    8 digits
    EzRemit
    EzRemit
    12 digits
    Trans Fast
    Trans Fast
    13 Alpha Numeral / 12 digits*

    Xpress Money
    Xpress Money
    16 digits
    Instant Cash
    Instant Cash
    9 digits
    Royal Money
    Royal Money
    9, 12, 13, 14, 16 & Alpha numeric
    Ria Money
    Ria Money
    11 digits

*12 digits (for remittance from Saudi Arabia)

Frequently Asked Questions

Among the easiest ways to send or receive international money transfer is through Money Transfer Service Scheme (MTSS). This service is designed for remittances being sent to family members living in India or to foreign tourists visiting India. It ties up international fund transfer companies abroad with agent in India who can deliver funds to the beneficiary at the prevailing exchange rate.

Domestic money transfer means sending money within India. Using Domestic Money Remittance (DMR) Service, you can remit money to a bank account holder in another part of the country. Visit your nearest Muthoot Fincorp branch to understand how we can help you send money to beneficiary residing in India via our money transfer services.

Use our outward remittance services to transfer money abroad from India through cash (less than Rs. 50,000) or demand draft, payee cheques, and pay order. If you want to remit money to Nepal, you can remit it through Prabhu Money Transfer services. To know the maximum amount you can send abroad, please contact our customer care executive at 1800 102 1616.

You need to produce your valid Identity proof and account details to send money internationally via the Muthoot Fincorp Money Transfer services.

Apart from a nominal processing fee for outward remittance, we do not have any additional charges when you use our international money transfer services

Why Choose Muthoot Blue’s Services for Money Transfer?

Muthoot Blue (Muthoot Pappachan Group) has a reputation that has been shaped over decades with high-quality practices, total customer satisfaction, and steady growth. Today, Muthoot Fincorp, our flagship company, is one of the largest NBFCs in India and we continue to work with the aim of providing timely credit to common man with Blue Soch. Hence, our money transfer services are designed to make it easy for you to send and receive money without any hassles.

You can trust Muthoot Blue because:

  • We have over 4200 branches across India. Visit your nearest Muthoot Blue branch to get a loan quickly and without any hassle.
  • Nearly 1,00,000 customers walk into our branches daily and are assured of trustworthy and simple services.
  • Our customer-centric approach and innovation over the past +132 years without compromising on the God-given values of trust, truth, transparency and tradition is what helps us in empowering the human ambitions.

Now turn your dream of owning a home into reality with Muthoot Blue – all you need to do is apply for our loan which comes with many benefits. Trust us: we will offer you the home loan to buy a house or flat on resale in India!

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