India Post and Emirates Post launch ‘International Express Money Order’ through postal network
People in the UAE and India will be able to send International Express Money Orders through the postal network, powered by Universal Postal Union’s (UPU) secure International Financial System (IFS) from February 2008, following an agreement between Emirates Post and India Post.
People in the UAE and India will be able to send International Express Money Orders through the postal network, powered by Universal Postal Union’s (UPU) secure International Financial System (IFS) from February 2008, following an agreement between Emirates Post and India Post.
IMG Khan, director general of India Post and Ibrahim Karam Ali Bin Karam, CEO of Emirates Post, recently signed an agreement in Dubai, putting in place a system that will allow UAE residents to transfer money speedily to any part of India through their postal network, the largest in the world.
Customers sending money to India through Emirates Post offices will have two options. They can either have the money delivered to the addressee’s residence, or ask the addressee to collect the money from any authorised post office in India. On the other hand, Money Orders sent from India through India Post will be payable at post offices in the UAE.
The agreement stipulates that a single Money Order issued by Emirates Post for payment in India shall not exceed $2,500 or its equivalent. It also lays down that only 12 Money Orders addressed to one beneficiary will be allowed in a calendar year. Amounts of less than 50,000 Indian Rupees will be paid in cash, and those exceeding 50,000 Indian Rupees will be payable by cheque.
The International Express Money Orders will be transmitted between the two parties using the IFS/STEFI secure network of the UPU, through a server in Berne, Switzerland.
In India, the electronic Money Orders payable at post office counters will be delivered the same day at main post offices. In the case of Money Orders payable at addresses destination, the delivery will be within two days through the IFS network. Outside the IS network, the delivery will take place within five days.
If the money is sent from India to the UAE, the amount can be collected the same day at Emirates Post offices.
The IFS-based International Express Money Order is a reliable, adaptable and easy-to-use tool and can be installed in the remotest areas of the world. The UPU anticipates that financial services could generate up to 50% of a country’s postal revenue, and by promoting IFS, the dominance of big players could be reduced, thus offering customers, especially migrant workers, a cost-effective system of money transfer.
India has a network of 155,333 post offices, the largest in the world, covering the remotest corners of the country.
