The partnership will enable Indians working abroad to remit funds to their families in India with convenience and flexibility.
The advantage of the new service is that the money can be transferred in minutes.
“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,” a company statement said.
The initiative enables money transfer equivalent of $2,500 to India as per the present guidelines of the Reserve Bank of India. An Indian national can receive 30 such remittances in a financial year.
“The association will facilitate money transfer services for individuals residing abroad for inward remittance without any hassle. It will 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 partnership with Cox & Kings will cater the rising demands of inward and domestic remittance through secure money transfer services,” said V George Antony, Managing Director, UAE Exchange.
According to a World Bank report, India received over $69 billion in 2015 by way of remittances.
Cox & Kings, with presence in 22 countries across four continents, aims to capitalise on the growing remittance market through this partnership.
UAE Exchange India is a financial services company with 378 branches and 3,375 employees.
The company focuses on cost-effective service in foreign exchange, money transfer, air ticketing and tours, loans, XPay cash wallet, insurance and share trading.