An innovative product enabling customers to shop at PoS and withdraw cash from ATMs

Convenience of accessing funds from anywhere in India

Dubai-UAE: 03 November, 2012

Xpress Money, one of the fastest growing global money transfer brands, 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 to the beneficiaries free of cost, with no annual fees and can be collected from any of the 300 UAE Exchange branches across India.

Upon 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 Moneys Agent location across the world, the funds would be automatically loaded onto the prepaid card. The maximum remit amount allowed in one single transaction is Rs 50,000 and the balance on the card cannot exceed Rs. 50000 at any point in time. The beneficiary is then free to use the prepaid card at ATMs and at PoS locations across India, assuring the beneficiary of a secure access to the funds anytime, anywhere across the country.

Sudhesh Giriyan, Head, 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 levels 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. We have been working towards providing our customers with innovative product offerings, and are confident that they will benefit immensely from the flexibility and security offered by the card," he added.

PNB Xpress Money Remit Card is a cost-effective and time-saving channel for customers seeking an alternative to the regular cash-to-cash mode which necessitates visiting an agent location to receive money sent from abroad. The card also enables users to make partial or complete withdrawal of funds. PNB Xpress Money Remit Card holders can withdraw up to Rs.25, 000/- per day through ATMs 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 125 countries in 5 continents across 135,000 agent locations across the world. Working towards the goal of Bringing Home Closer to millions of migrants residing away from their homes, Xpress Money aims to be 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, visit www.xpressmoney.com

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© Press Release 2012