Public sector, Allahabad Bank has tied up with UAE Exchange & Financial Services for promoting its inward money transfer services.

As per the agreement, Allahabad Bank will be a preferred partner of UAE Exchange & Financial Services in the areas of inward money transfer with two products named "MoneyGram" and "Xpress Money".

The bank's Chairman and Managing Director, KR Kamath, said, "The association with UAE Exchange & Financial Services, one of the leading money transfer companies, will create enormous scope for the bank in the area of providing hassle-free inward remittance facilities to customers and also increase the fee-based income of the bank."

On the other hand, Country Manager of UAE Exchange & Financial Services, V George Antony said, "We happy to establish a relationship with Allahabad Bank. This will be a unique opportunity, which we will be offering to the bank. Both of us will benefit immensely through this new association. So will be the customers."

Under the "MoneyGram," UAE Exchange will provide inward money transfer services to the bank in India as an agent of MoneyGram Payment Systems where as under "Xpress Money," the bank will receive the services from the company as an agent of UAE Exchange Centre.

The maximum amount of inward remittance will be $2,500 or its equivalent per transaction, as per existing requirements of RBI. The maximum amount that the can be received is Rs 50,000. These limits are applicable under both the products.

Meanwhile the maximum number of remittances that a beneficiary can receive in a year is 12.

Further the agreement says that Allahabad Bank will promote the publicity materials supplied by the partner company at its major centers and in turn the company will provide access to the necessary proprietary software to facilitate the bank to offer money transfer services of the products.