NEWS & ADVICE : CREDIT CARDS
SBI and MasterCard offer money transfer facility by debit card
By Ankit Sharma
Dec 12, 2007
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New Delhi: MoneySend, a new money transfer facility was launched by SBI today in association with MasterCard. Aimed towards making the money transfer process more simple, this facility allows a person to transfer funds. SBI debit card holders can now transfer money to other MasterCard credit or debit card the first time in the entire Asia-Pacific, Middle-East and Africa Region.

Nitin Gupta, GM South Asia, MasterCard Worldwide said, "These transfers can be made by using ATM, branch banking, Internet or mobile phones to account holder of any bank. There is an instant verification after the transaction is completed using MoneySend. The whole process is entirely safe and transparent as the funds are transferred from one bank account to another."

However, this service is not free and Rs. 20 will be charged for transactions involving funds up to Rs.25,000, Rs.30 will be charged if the amount transferred lies between Rs.25,000 to Rs.50,000. There is an upper limit of Rs. 50,000 to the amount that can be transferred during a day using MoneySend.

Over the past few years debit cards have become a popular means for withdrawing funds and ATMs are used for most of the withdrawal needs. With the SBI network spanning over 5,500 ATMs and 9,177 branches, besides over 3,500 branches of its subsidiaries, SBI is totally equipped to offer this service to its large consumer base. This MoneySend scheme will add another dimension to the usability of MasterCard or Maestro cardholders as they will be able to transfer amounts in a secure and hassle free manner to their loved ones.


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