International ATM money transfer card               Home

Some money transfer services offer a money transfer card, which is actually a debit card, which allows withdrawal of cash from ATMs. You can also purchase products from point of sales (POS) terminals which accept debit cards.

Ikobo was one of the first companies which offered the money transfer card - called ikard The first time money is  sent through ikobo , the card is sent by mail which takes a week to 10 days for processing. Subsequently any amount sent to your account is directly credited to your card and can be withdrawn from an ATM. There is a charge for every withdrawal and a monthly account maintenance fee. If you have US$10 in your account, and the withdrawal fee is US$2, you can only withdraw US$8 from the ATM. If you try to withdraw US$10, the transaction will be declined and you will get an error message. For some services you will also be charged for a declined withdrawal. You have to be very sure about the balance available and deduct the transaction amount from your balance.

TimesofMoney /Remit2India offers a Remittance card which is similar to the ATM card offered by UTI bank. Instead of crediting the amount  to the bank account of the recipient, or sending a draft, the amount is credit to the remittance card. The amount can be withdrawn at designated ATMs and used at Visa Merchant outlets.  There is a one time initial charge for sending the remittance card. The recipient has to visit the UTI bank branch initially to activate the remittance card, hence the card is only available in limited cities/towns in India.

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