Bharti Walmart launches global money transfer service
Tuesday, 24 May 2011, 22:57 IST
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Bharti Walmart launches global money transfer service
New Delhi: Bharti Walmart, global retail firm Walmart's joint venture with Bharti Enterprises in India, Tuesday launched a global money transfer service in its stores across India in association with Thomas Cook India, a principal agent of MoneyGram International. "The service will be available in over 120 'easyday' and 10 'easyday market' stores and six 'best price modern' wholesale stores across Punjab, Haryana, Rajasthan, Uttar Pradesh, Delhi, Madhya Pradesh, Uttarakhand, Chhattisgarh, Karnataka, and Jammu and Kashmir," the company said in a statement. While Indians can produce passcode of the transaction with a photo-identity card and residence proof to draw up to 50,000 in cash immediately, foreign nationals will have to show their passport and visa to transact cash transfers up to equivalent of $2,500. Transactions above 50,000 are given out by cheques. The company also said that it plans to open 8 to 10 wholesales stores in 2011. Bharti Wal-Mart operates wholesale stores in India under the Best Price Modern Wholesale brand and has so far opened six stores. It plans to open 8 to 10 stores next year as well, said Raj Jain, managing director and chief executive officer, Bharti Walmart. "At Bharti Walmart, it is our constant endeavour to help people save money so they can live better, and the launch of convenient money transfer service through our best price modern wholesale cash-and-carry stores brings us one step closer to achieving that," he added. According to the migration and remittances factbook 2011 of the World Bank, in 2010 India was the largest recipient country for remittances and the number two country in the world in terms of emigrants. Approximately $55 billion in remittances were sent to India last year.
Source: IANS
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