Making a foray into the money transfer business in India, Cox & Kings has partnered with UAE Exchange India to provide inward remittance and domestic money transfer services in India. This strategic venture will enable Indians living abroad to conveniently remit funds to their families in India, with easy and flexible transfer options.
This association will expand the current network of collection centres and reach out to a broad category of consumers across the country. Cox & Kings has identified select locations within India, from where the customers can avail this service. There are no charges applicable to the recipient in India. Besides foreign inward money, domestic money transfer services will also be available at the designated Cox & Kings’ outlets through this process.
Ravi Menon, head – foreign exchange, Cox & Kings, said, “The strategic partnership will help us enter the money transfer business in India which is the largest recipient of remittance in the world. People who are expecting money from their relatives or friends abroad can now use our wide network of branches across India”
The facility of inward remittance is said to provide a convenient and quick mechanism for Indians working abroad to send money to their families in India and also benefit foreign tourists visiting India.
V George Antony, managing director, UAE Exchange, added, “The new association with the renowned group will facilitate money transfer services for individuals residing abroad for inward remittance without any hassle. It will also help residents and foreign tourists to receive money instantly in India or do a domestic money transfer to any account in India through IMPS. The strategic partnership with Cox & Kings will cater the rising demands of inward and domestic remittance through the swift and secure money transfer services.”
Anybody can transfer equivalent of US$ 2,500 to India as per the present money transfer guidelines of the Reserve Bank of India. An Indian national can receive 30 such remittances in a financial year.
According to a World Bank report, India led the world in receiving over US$ 69 billion in 2015 by way of remittances. With its growing global network, Cox & Kings through this partnership with UAE Exchange India aims to capitalise on the growing remittance market.
