State Bank Xpress Money Card - an innovative product that enables customers to send money directly to their beneficiaries remit card

Convenience of accessing inward remittances from anywhere in India

Dubai: 17 July, 2013

Xpress Money, the most dependable global money transfer brand, launched 'State Bank Xpress Money Card'. The innovative remit card has been launched in partnership with State Bank of India, the largest bank in India, and UAE Exchange and Financial Services Ltd. The remittance card will initially be available in Kerala and eventually cover other states of India. The 'State Bank Xpress Money Card' is a prepaid product that features a unique combination offering dual benefits of "Debit + Remit" (The card allows the users to receive remittances and can also be used at ATMs, PoS terminals and for e-commerce transactions).

The three important benefits offered by State Bank Xpress Money Remit Card are as under:

1.      KYC documents need to be submitted only once, at the time of applying for the Card. The beneficiary will be intimated by SMS whenever a remittance is received and loaded on the Card.

2.      It will obviate visiting UAE Exchange and Financial Services branches or Xpress Money agent locations, every time an inward remittance is received.

3.      The inward remittance can be withdrawn in installments, whenever the need arises

The 'State Bank Xpress Money Remit Card' enables the beneficiary to withdraw cash from ATMs and directly pay for goods & services at Point-of-Sale (PoS) terminals on the VISA network. This product provides a simple, fast and safe service which is convenient to both the receiver and the sender vis- a - vis a cash transfer.

The card, facilitates foreign inward remittances under Money Transfer Service Scheme (MTSS) of Reserve Bank of India (RBI), and would enable Xpress Money customers to receive up to Rs. 50,000/- from overseas -- 24 hours a day, 7 days a week. A maximum of 30 remittances can be loaded on the card in one calendar year.

The prepaid card facility would be available to the beneficiaries free of cost and with no annual fees at any of the UAE Exchange branches in Kerala and would be launched shortly across all other UAE Exchange branches in India. The beneficiary will be provided with a secure PIN and the card would be activated by the bank after ensuring compliance with KYC norms. Once the sender remits the money from overseas Xpress Money agent locations, the funds would be automatically loaded into the prepaid card. The beneficiary can, then, proceed to use this card at ATMs, PoS terminals and for e-commerce transactions, thereby, empowering them to access their funds securely anywhere in India. At any given point of time the beneficiary can hold only one Remit Card.

 "We are proud to empower expats with a safe and cost-effective way to send money to their loved ones in India. At Xpress Money, innovation plays a key role in designing convenient, customer centric products and services." said Mr. Sudhesh Giriyan, Vice President & Business Head, Xpress Money. "The State Bank Xpress Money Card is an efficient way to receive remittances in a secure and convenient manner. We are positive that this product will be a compelling option for beneficiaries in India to enjoy the facility of a prepaid remit card," he added.

State Bank Xpress Money Card holders can withdraw up to Rs.25, 000/- per day by visiting any SBI ATM across India, and could be used for shopping across PoS machines anywhere in India. The card also provides free SMS alert facility & facility of call centre (24x7x365) for assistance and hot listing of card in case of loss.

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About Xpress Money:
Xpress Money is a global money transfer brand with a thriving presence in more than 150 countries in 5 continents across 170,000 agent locations across the world. Working towards the goal of Bringing Home Closer to millions of migrants residing away from their homes, Xpress Money has come to be known as the most dependable international money transfer brand. Xpress Money provides its customers a simple, fast & safe way to transfer money anywhere in the world through innovative technology, superior customer service and its extensive worldwide network. For more information, follow us on Facebook: on.fb.me/Z5sngv or visit www.xpressmoney.com

Media contacts:
Gunjan Sinha, Xpress Money, gunjan.sinha@xpressmoney.com, +971 2 6521407
Alisha Fernandes, Xpress Money, alisha.fernandes@xpressmoney.com, +9712 6521317
Sanghamitra Sajil Adfactors PR FZ LLC sanghamitra@adfactorspr.com, +971 55 3656382

© Press Release 2013