Money Transfer within India
Few days ago i was trying to find a way to transfer money to some one within India who has no bank account. If both sides have bank account then its not a problem (there are many ways like net-banking, NEFT in Banks, sending cheques). But if the receiver don't have any bank account then it becomes a problem. Especially when the sender is also from India. If you are outside India then you can use Western Union Money Transfer, but it does not work if both sender and receiver are within India. In such cases we remember the old service of "Money Order". This service seems to belong to age of our grandparents but its still working and developed itself according to the modern technologies.There are two types of Money Order facilities available now:
- Electronic Money Order (EMO)
- Instant Money Order (IMO)
Electronic Money Order (EMO)
Electronic Money Order (EMO) is a good way to transfer money if the sender have a bank account and the reciever don't have a bank account. You can visit www.epostoffice.gov.in , official website of Indian Postal Department. This website provides a virtual post office. Now go to the Electronic Money Order counter. It will ask you to register if you are using it for first time, else you can use your username and password to enter into it. From this page you can can money to anybody in india who does not have a bank account. You can make payment through Internet Banking. At Present it supports only Axis Bank Internet Banking. But it may include support for more banks very soon. Its possible that it has already done this while you are reading this article.Electronic Money Order (EMO) Tariff Charges
- EMO commision of Rs 5 on every Rs 100.
- 2.0256 % eMO payment Gateway Charges.
- So Totally it will be 7.02% of total amount.
Instant Money Order (IMO)
Instant Money Order (IMO) provides the facility to transfer money within 1 minute. Using it you can transfer any amount ranging between Rs 1000 to Rs 50000 . You have to visit IMO counter in your nearest Post Office. There you will have to fill a form and submit it with the Amount and Commission. In return you will get a 16 digit code. You can send it to the person, to whom you are sending the money, at your own risk. That person can visit nearest IMO Counter with a valid ID proof and 16 digit Code. Using it he/she can collect the amount. Instant Money Order is just like Domestic version of Western Union Money Transfer. Isn't it good !Instant Money Order (IMO) Tariff Charges
- Rs 1000 to Rs 10000 : Rs 100
- Rs 10001 to Rs 30000 : Rs 110
- Rs 30001 to Rs 50000 : Rs 120
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