What is International Money Transfer Service?

International Money Transfer is a service for the transfer of funds from any foreign country to your own country. MTSS, i.e. Money Transfer Service Scheme, is an RBI scheme mainly for the benefit of family maintenance only. The money transfer service scheme makes it simple to send money to family members who live in India or are travelling there as tourists. It is among the simplest methods for sending money to India. The MTSS money transfer service plan is an inward remittance programme that makes it simple and quick to send money from overseas to recipients in India. However, only MTSS allows for personal transfers for family support and international visitors to India. Additionally, no outbound transfers are permitted using the money transfer service programme. To ensure that transfers of foreign currency to India proceed quickly, MTSS has been introduced. The government encourages inward remittances to increase foreign exchange reserves in addition to assisting citizens with money transfers into the nation.




Characteristics of Money Transfer Services You Should Know


  1. Remittances permitted: Only personal remittances, such as supporting a family or helping a foreign visitor, are permitted through MTSS. No trades, donations, or transfers to NRE or NRO accounts are permitted when using MTSS. 


  1. Limit on transactions: Only 30 transactions are permitted per calendar year with a USD 2,500 transaction cap under the MTSS.


  1. Cash disbursal: Cash payments are made through MTSS as well, but only up to Rs 50,000. Beyond that, payment is made using demand draughts or checks.


  1. Payment currency: Only the Indian rupee, not international currency, is used by MTSS.


  1. Convenience: Sending money to a beneficiary in India is incredibly simple, hassle-free, and quick with MTSS.


  1. No outward remittances: Remittances abroad are prohibited by the MTSS, as is the repatriation of funds. In other words, the remitter, or the individual sending the money from outside, is unable to use MTSS to send money back to his own country.


If you need to transfer money to a foreign country, you need to find your nearest money transfer center and get all the information. To get money transfer exchanges for inward remittance, you can also opt for options such as Muthoot Global Pay, or a finance company nearby.

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