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Money Transfer Services

Inward Money Transfer Services:

Our Company Prime Forex Private Limited is one of the prominent players in the field of International Money Transfer Services as per the regulations issued by the Reserve Bank of India and offering world class services of Western Union, Money gram, Xpress Money, Transfast & RIA Money Transfer Services.

SAFE: The beneficiary can receive the amount within the minutes of the transaction being remitted from abroad. Each transaction is protected with world -class security systems, is electronically remitted and paid out immediately. The Standard Operating Procedure (SOP) for collecting documents and payment process designed in a way to ensure that the payment is made only to the right recipient in India.

EASY: The Receiver in India has to fill up a very Simple form which is called “To Receive Money” (TRM) Form. This form has basic information related to the transaction like Money Transfer Control Number ( MTCN), the name of the receiver and his/her contact details, the name of the sender, amount, purpose of the transaction, sending country etc., Our Front Office Executives are well trained & always keen to assist the customer to fill up the Receive Money Form. The Receiver is required to be physically present at our location with an original Photo Identification and address proof to process the Transactions.

Further, to receive money, a person does not need to open a bank account if his transaction is less than Rs.50,000/- for Indian Nationals. In the Case of foreign Nationals the cash Limitation is extend up to USD 2500 or it’s Equivalent. Payment in such cases is made in Cash. Payment above Rs.50,000/- for Indian Nationals would be paid by Account Payee Cheque only as per Reserve Bank of India Guidelines.

One Customer can receive up to 30 transactions in the Calendar year for the Family Maintenance and Personal Use only and this Inward Money Transfer Services cannot be used for Commercial Purposes.

LEGAL: Inward Money Transfer Services through Western Union, Money gram, Xpress Money, Transfast & RIA Money Transfer is totally legal and authorized by the Reserve Bank of India under the Money Transfer Services Scheme (MTSS) guidelines.

Outward Money Transfer Services (Send Money Abroad):

Our Company Prime Forex Private Limited is partnered with Various Authorized Dealers II and banks for sending Money abroad under Liberalized Remittance Scheme.

Liberalized Remittance Scheme:
Banks may now allow remittances up to USD 250,000 per financial year, under the Scheme, for any permitted current or capital account transaction or a combination of both.

All Resident individuals are eligible to avail of the facility under the scheme.

RBI has also brought the following purposes mentioned in the Schedule III under the umbrella of LRS:

  • Private visits to any country (except Nepal and Bhutan);
  • Gift or Donation;
  • Going abroad for employment;
  • Emigration;
  • Maintenance of close relatives abroad;
  • Travel for business, or attending a conference or specialized training or for meeting expenses for meeting medical expenses, or check-up abroad, or for accompanying as attendant to a patient going abroad for medical treatment/check-up;
  • Expenses in connection with medical treatment abroad;
  • Studies abroad;
  • Any other current account transaction.

The 3 Pre conditions set by RBI for making remittance under LRS:

  • PAN card is mandatory to make remittances under LRS. 
  • Remitter’s Account should be at-least One year old, if not then the Remitter is required to produce the bank statement of his / her account of another bank for cumulative period of 12 months. If such a bank statement is not available, copies of the latest Income Tax Assessment Order or Return filed by the applicant may be obtained.
  • The remitter should use Owned Funds and not from any type of Loan Account for making such remittance under LRS (for capital account transactions only).

Choice of Multiple Currencies:

SWIFT / Wire Transfer / Telex Transfer are an electronic mode of International Fund Transfer from Remitter Local/Indian Bank account to Receiver Overseas Bank Account.

Prime Forex facilitate to send money overseas in the following 15 Currencies through SWIFT.

United States Dollar Singapore Dollar Hong Kong Dollar
British Pound Swiss Franc Danish Krona
Euro Japanese Yen Norwegian Krona
Australian Dollar New Zealand Dollar Swedish Krona
Canadian Dollar UAE Dirham South African Rand

Prepaid Forex Card:

Prime Forex reserves the right to reject the request on any Foreign Exchange transaction if the transaction is not adhering to our internal compliance or RBI guidelines.

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