WESTERN UNION MONEY TRANSFER

Care : Bank has decided to phase out the cash transactions in respect of Western Union at the close of business hour on 30th September, 2016 and process only ABMT-Online transactions with effect from the 1st October, 2016. The remittance channel would thus, be only through ABMT (INB) route for Western Union on or after 1st October, 2016.

State Bank of India is the Principal Agent of Western Union Financial Services for paying inward remittances deposited in overseas offices/ locations of Western Union. This arrangement is governed by MTSS guidelines of Reserve Bank of India, which are as follows:

  • Only personal remittances shall be allowed under this arrangement. Donations/contributions to charitable institutions/trusts, trade related remittances, remittance towards purchase of property, investments or credit to NRE Accounts shall not be made through this arrangement.

  • A cap of USD 2500 has been placed on individual remittance under the scheme. Amounts up to Rs.50,000/- may be paid in cash to a beneficiary in India. Any amount exceeding this limit shall be paid by means of account payee cheque/ demand draft/ payment order, etc. or credited directly to the beneficiary's bank account only. However, in exceptional circumstances, where the beneficiary is a foreign tourist, higher amounts may be disbursed in cash.

  • Only 30 remittances can be received by a single individual beneficiary under the scheme during a calendar year.

The facility is available at more than 10000 branches in India

Online Western Union Money Transfer (Account Based Money Transfer)

Recipient of Western Union money can now transact online. Users of our internet banking facility can logon to www.onlinesbi.com and transfer the money directly to their deposit account after receiving Money Transfer Control Number from the sender. We have provided a Western union Money Transfer link under payment/ transfer tab in onlinesbi.

Most Important Terms & Conditions
  • Only inward remittance from WU is permitted, no outward or domestic transfers are permitted.

  • The Receiver is required to submit Photo ID and Address proof as per KYC norms.

  • The spelling of the Receiver name on the ID or bank account should be same as given by the sender.

  • It is not necessary to have a deposit account in the bank for receiving the money except for Account Based Money Transfer.

  • Bank does not charge any commission for the transaction from the receiver.