New UK rules for money transfer to India

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Agencies

Posted online: Sunday , February 17, 2008 at 10:53:28
Updated: Sunday , February 17, 2008 at 11:12:15

London, February 17: The British Government has introduced new rules for money transfer companies to ensure that the money, which is transferred from Britain overseas including India, are delivered safely and to the right person.

Annually, about 2.3 billion pounds are transferred from Britain overseas, most of it to 50 developing countries.

A large chunk of it, about 300 million pounds, is transferred to India every year, followed by Pakistan (200 million pounds).

However, individuals who transfer the money to India and other places face worries about the amount reaching the destination, and reaching the right person.

The Department of International Development (DFID) has introduced a new Remittance Customer Charter to help those sending money to India and elsewhere.

The charter ensures that money transfer companies who commit to follow it will give clear, transparent information in a standard format to the consumer.

The obligatory information will include the total fees for the sender, and any payable by the receiver; the exchange rate that applies to the transaction; how much money will be received; how long the transfer will take; where and how the receiver can collect it; and what to do if things go wrong.

Shahid Malik, International Development minister said: "The new charter will give more confidence to people sending money to loved ones abroad by providing better information and transparency."

Although the charter is voluntary at present, nearly half of all the money transfer companies in the UK have committed to follow it.

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