PROCEDURE MANUAL FOR Wiremoney / Outward remittance

PROCEDURE MANUAL FOR Wiremoney / Outward remittance

2 Wiremoney / Outward remittance Out ward remittance/wire Money is the facility which enables the remitter to send funds from India to abroad and it is credited to beneficiary s bank account within 48 working hours. Please contact any of the following numbers before processing outward remittance 0484-3070800,3077751/52/53/54/559847000700,9387329878 Mailid:mtsupport@muthnet.com and wiremoney@muthnet.com We are doing wire money in association with Thomas Cook. We can send Money to the following countries United States *United Kingdom *Australia *Canada * Singapore * United Arab Emirates * Japan * Middle East Countries * New Zealand We Can Send Money for the Following Purpose Family Maintenance * Migration * Education Fees or Application Fees Medical Expense * Travel and Visa Purpose * Business Purpose (optional) *Film Shooting Expense Limitations of Amount: Maximum amount 1lac US dollar ~ Indian Rupee (50lacs approx.) per calendar year Charges are fixed, Rs600/- irrespective of amount + Service Tax. ACKNOWLEDGMENT RECEIPT Acknowledgment receipt will be provided from Money transfer division on the next working day as per the request of

3 the branch and please deliver to customer if required. Credit Details: Within 48 working hours Sending day Receiving Day Monday Wednesday Tuesday Thursday Wednesday Friday Thursday Tuesday Tuesday or Friday Wednesday Saturday Wednesday **Saturday & Sunday are International (SWIFT) holiday Branch benefit? 20% of the company revenue will be given as incentive to branches. EASY PROCESS FOR OUTWARD REMITTANCE (WIRE MONEY) Step 1 Sender and Receiver details Name and address of Sender and Receiver Valid photo Identification of the sender Receiving country Beneficiary s Bank name and Address, Beneficiary s Bank Account number and Swift code/iban number /SORT code/ BSB number/ Routing number.

4 Currencies American Dollar Australian Dollar Canadian Dollar New Zealand Dollar Singapore Dollar Dirham EURO POUND Dinar Riyal **Required Branch codes SWIFT code & Routing Number BSB number & SWIFT code Routing Number, Transit Number &SWIFT code SWIFT code SWIFT code IBAN Number & SWIFT code IBAN Number & SWIFT code Sort code IBAN Number & SWIFT code IBAN Number & SWIFT code Relation between sender and receiver(must be related or same religion and both must be an Indian Send mail to mtsupport@muthnet.com for getting the Application forms Subject: Wire money enquiry, with the Mobile number of Manager or Staff Step 2 Mt division staff will call you back and give the details for easy processing. We will provide the required forms through mail (A2 form and the mode of transferring the cash)

5 Step 3 After the payment procedure, please send a confirmation to mtsupport@muthnet.com for processing the wiremoney/outward remittance. Step 4 Fill up the A2 form properly send mail to mtsupport@muthnet.com for verifying the details and confirmation to collect the money. Step 5 Please courier the customer signed A2 form, Sender s ID proof copy and required details to Money Transfer Division. Step 6 Mt division will provide the TT Confirmation the next working day through mail. Step 7 After two days enquire the transaction status from Sender and payment received confirmation to mtsupport@muthnet.com. Step 8 20% of the company revenue is given to the staff as Wire Money incentive.

6 PROCESS OF FILLING A2 FORM Part I. Details of the Applicant: Here we need to furnish the Sender s Details Please note the following:- a) Sender and Receiver should be Indian Citizens b) It is compulsory that both the customer should belong to the same religion; except for the couples of Inter caste marriage. In this case, they need to produce the marriage certificate. c) Sender and receiver should be different person and above 18 years of old Proper address photo ID proof copy (signed by customer) must be collected with Customer s present address and contact number. d) Relation ship confirmation letter must be signed and collected. e) We can return the money only to sender s bank account, Incase the Money is rejected by the beneficiary s bank because of any wrong information given by the sender or the branch. f) Money should be collected from sender s bank account only, not from any third Party, except cash collection. Part 2 - Details of the Foreign Exchange required a) Amount (Specify Currency) When we process Wire money, it is compulsory that you should know the currency of the country where the customer is sending the money. Even if the

7 customer does not ask for the Exchange Rate, you need to collect the same from MT Division. (For Example if the customer needs to send Rs. 100000 to USA; the rate of the particular day for US Dollar is 55. So the beneficiary abroad will receive 1818 USD in his account). Do not fix the rate according to your choice or hearsay. Before processing Wire money, please confirm the rate with Money Transfer Division and give the information about the approximate value credited to the beneficiaries account. b) Purpose Clearly mention the purpose for which the customer is sending money. It can be mainly sent for 3 purposes Family Maintenance- Sender and Receiver should be an individual.(same religion and Indian) Education: Beneficiary should be an institution account (not to an individual s account) Migration- Beneficiary should be a Govt institution or related institution (not to an individual s account) c) Destination Mention the name of the country to where the customer is sending the Money. Part 3 Payment Details a) Cash Rs. In this option, clearly mention the INR (Indian Rupee) along with the Service Charge + Service Tax to be sent to abroad. b) Cheque DD/PO No. -- The payment mode needs to be mentioned here The fund can be accepted through cash

8 (only if it is Rs. 50,000 and below including service charge)/neft/rtgs/dd/cheque. You can collect DD or Cheque if there is no provision for the other option, since it causes time delay and manual work. Money must be collected from Sender s account only, not from any third party account c) Account Number of the sender If the amount is above Rs, 50,000, please mention the account number of the sender. 4 Foreign Exchange Issued-Not Applicable Part 4 a) Beneficiary Name and Address In this option, correctly fill up the Beneficiary Name along with their surname. Kindly note that while filling up the beneficiary name in the A2 form; you need to mention the exact name of the beneficiary as in their bank account. Even if there is a slight verification in their name, please note that the money will not be credited to the beneficiary s account. So assure that the name of the beneficiary in the A2 form should be 100% matched with the name of the beneficiary in their Bank account. It is better that you/sender can be collected the beneficiary related details though mail or SMS also collect phone number of the beneficiary for future reference.

9 b) Funds Transfer Beneficiary Name and Address Again you need to mention the beneficiary name, the name and address of the bank. Account Number - In the option, account number, please write the correct account number of the beneficiary. Kindly note that if you type any digit wrongly for the account number. The amount will be returned. So please note that account number is the main aspect of wire money, since it is to the beneficiary s account, the money needs to be credited. So be very careful while filling up the account number of the beneficiary SWIFT Code- The SWIFT code/iban number/sort code/bsb number/routing Number should be provided. If it is not provided by the beneficiary, please advise them to contact their concerned bank and get the same. All the payment rejection caused by wrong information will be charged (10USD to 30USD) and happened to be delayed for the further process by the routing bank. In case the sender demands to return the payment, it will be take ten days delay and the foreign exchange charges also will be deducted as per the routine bank norms.

10 Form A2 Application cum Declaration (To be completed by the Applicant) Application for drawal of Foreign Exchange I. Details of the Applicant a. Name : b. Address & Ph.No.: City Pin no. c. Passport / Identification Details Passport Number: Place of Issue: Date of Issue : II. Details of the Foreign Exchange required a. Amount (specify Currency) b. Purpose c. Destination III. Payment Details a. Cash Rs. PAN No (if applicable) b. Cheque / DD/ PO No dated drawn on (Bank Name & Branch) c. Account Number of Sender: IV. Foreign Exchange Issued a. Draft Beneficiary s Name : Beneficiary s Address & Ph.No. : b. Funds Transfer Beneficiary s Name : Name and Address of Bank : Account No : Other details, such as SWIFT code/ FEDwire/Sort Code c. Travellers Cheques d. Foreign Currency Notes e. Pre Paid Cards V. Additional Information/Documents (if applicable) The required information is furnished by me as an enclosure to this document. Declaration (Under FEMA 1999) I, declare that *1) The total amount of foreign exchange purchased from or remitted through, all sources in India during this calendar year including this application is within USD (USD only) the annual limit prescribed by Reserve Bank of India for the said purpose. 2) Foreign exchange purchased from you is for the purpose indicated above. Date: Signature Name

11 COMPARISION BETWEEN INWARD & OUTWARD REMITTANCE SL. NO. 1 2 3 4 5 6 INWARD REMITTANCE Inward remittance is an online and ontime money transfer Transference of fund from abroad to India (Receiving) The maximum amount limit of Inward money transfer is U.S. Dollar 75000 in a calendar year( i.e.,2500usd per transaction X 30transactions)i.e. an amount of Rs. 37 lakhs per Calendar year; The branch staffs has to put Central Office entry for all inward remittance Account is not needed for the beneficiary for transferring fund from abroad to India When the sender remits the money from OUTWARD REMITTANCE Outward remittance is online, but not an ontime money transfer Transference of fund from India to abroad (Sending) The maximum amount limit of Outward remittance is US DOLLAR 1 lakh in an year, i.e. an average of Rs. 50 lakhs Central office entry is not needed for doing an outward remittance. Account is must for the beneficiary to transfer money from India to abroad There is a duration of 48 working hours for

7 8 9 10 11 12 13 12 abroad it will reach the receiving location within minutes Sender can remit the money as cash Inward remittance is a cash to cash transfer The branches has to collect the beneficiary identification details The customer can collect Rs. 50000 as cash in a single day The customer has to fill up the Receive Now form The money can be received only for family maintenance The incentive fixed for the branches for doing inward remittance is Rs. 10 per transaction reaching the money to the beneficiary's account DD/RTGS is collected from the sender Outward remittance is a bank to bank transfer Sender identification details has to be collected There is no such restriction A2 form has to be filled up by the customer The money can be sent for purposes like Family Maintenance, Education fee, Migration, etc The incentive to the branch is 20% of the revenue received by the company THE MUTHOOT HOUSE MONEY TRANSFER DIVISION KOTTECANAL LANE, LISIE HOSPITAL ROAD KOCHI-682018 PH: 0484-3070800, 3077753, 09387329878