The process for money transfer is very simple to understand and follow. The remitter (sender) can submit money (Cash In) at any of the covered post office and automatically, the amount is transferred to a central position, which can be collected by recipient customer (Cash Out) from any of the covered Post offices.
- The remitter (sender) can submit money (Cash In) at any of the covered post office and automatically, the amount is transferred to a central position, which can be collected by recipient customer (Cash Out) from any of the covered Post offices.
- As soon as the Cash in happens, both the sender and the recipient get a SMS on their mobile phones.
- The sender gets a Transaction ID and a Six (6) digit secret code in the SMS while the Recipient only gets the Transaction ID.
- Recipient can claim the money from any of the covered Post Offices by showing the Transaction ID that he receives on his mobile in the SMS and the Secret code, which he gets from the sender.
- In order to make process smooth and convenient, a notification sms is being sent to remitter as well as to recipient regarding transaction irrespective of their telecom operator.
- The recipient must collect money within 14 days of transaction.
- In case the recipient does not Cash Out the amount within 14 days, the amount is sent back to the sender and a Cash In reversal SMS with new transaction-id will be sent to remitter. The remitter can withdraw money within 7 days (prescribed) after this SMS.
Charges for Mobile Money Transfer Scheme
Features of Mobile Money Transfer Scheme
- Economical: Economical as compared to traditional money order, where rate is 5% of the amount to be remitted.
- Secure and Quick Delivery: DOP Money Remittance process enables you with smart quick and safe money transfer.
- Widespread Reach: Wide spread reach through larger number of Post Offices and ubiquitous BSNL GSM network as compared to similar other products from other banks/Telcos.
- Trusted Organization: Managed by the trusted organizations i.e. India Post, BSNL.
Dear readers, please share your views about this new initiative by BSNL & DOP via comments.