Money2India Review

Money2India is powered by ICICI Bank. It specialises in transferring funds from the United States, United Kingdom, and Canada to personal bank accounts in India.

ICICI Bank offers competitive exchange rates and means of conveniently tracking your transfers through an online tool and mobile app. It can transfer funds into over 100,000 branches of various banks located in India. This company is limited in scope, but it can readily provide customer satisfaction.

Money2India offers a very specific area of service for its users, making it a less useful financial transfer service than you might need. If you only need to transfer money to India, ICICI Bank is a good venue through which to do so, because you can access over 100,000 bank branches in India.

 

For the occasional fund transfer, you can make this service work for you. The low service fees might make Money2India an expedient option for people on a budget.

 

The website can be tricky to navigate, and the online banking aspect of Money2India could benefit from an upgrade. Online banking is faster than paper transactions, and it can be made more secure. Also, Money2India would draw more customers if it offered incentives to business owners to conduct commercial transactions.

Pros
  • Transfer fee waived if sending over 975 USD
  • May have better exchange rate than other banks
  • Easy-to-use app allows real-time tracking
Cons
  • Can only transfer to recipients in India
  • International transfers can take longer than other banks
  • No special services for business purposes

How It Works

People who want to transfer money by using this service first need to register and log in to the website. Registration is a fast process. After logging in, choose the option to send money through a wire transfer. This is the only way to send money internationally.

 

At this point, either add a new bank account or select an existing one from which to make your payment and do the same for the intended recipient. You’ll then need to enter the transaction amount in INR. Look for a currency converter online or research exchange rates to determine what the amount is in your currency. Exchange rates fluctuate, but not by drastic amounts.

 

You receive whatever the market exchange rate is at the time you initiate the transfer, and it is locked in for the duration of the transaction. It is not negotiable, but Money2India offers some of the most competitive rates on the market.

 

Next, fill in the Purpose of Remittance field. Although this may seem intrusive, it is for security purposes. The following page has a Remittance Request form that you print out and take to your bank. The form contains the amount to be sent, the beneficiary’s information, the exchange rate, and a tracking number. Make an extra copy for your records.

 

Your bank then transfers the requested amount to ICICI bank, which then converts and transfers the amount to your intended recipient in 2 – 3 business days.

How Safe Is It?

Money2India seems to be safe. It provides all the standard security measures on the website. These include a firewall and SSL security layer for data encryption. This has the effect of protecting your information, but the bank does not indicate how it protects your funds. The process of requesting a transfer is straightforward, and while the request of a reason for remittance seems excessive, it is used for security purposes.

 

The best way to increase your safety is to make a password that is difficult to guess and to never share your account details with anyone no matter who they claim to be. No one reputable will ask for your personal information through email or any other method.

 

Maintain copies of your financial transactions for your records in case something goes wrong.

How Much Does It Cost?

Money2India has very few service charges or fees. If you send an amount below USD 975, there is only a USD 3 service charge. Above the $975 threshold, there is no service charge. Transfers from other countries receive the equivalent charge, CAD 4, for example.

 

Money2India is designed to give customers the most value for their money without much concern for ICICI Bank’s profit.

 

What Exchange Rate Will I Get?

Money2India has locked-in exchange rates that are set at nearly mid-market value. Although there is no way to predict how the market will turn, you can keep track of real-time market changes with phone alerts or simply by watching the website at regular intervals.

 

The advantage to mid-market exchange rates is that you pay less to get your funds converted and transferred. Larger banks add higher service fees to the transaction.

How Do I Send or Receive Money from Overseas?

To use Money2India’s services, both parties need a bank account. Once you submit a remittal request to your bank and have them pay the money to ICICI bank, the funds take a day or so to convert and reach the intended party. ICICI Bank only acts as the intermediary; your bank and your recipient’s bank may add longer to the processing time.

 

When using Money2India, the minimum transfer is AUS 100 or your local equivalent.

How Do I Pay?

You can use direct debit from a bank account to transmit money to India using this service. Wire transfer is one of the most secure and reliable ways you can transmit funds and is not limited by geography or time.

 

Other payment methods include a demand draft or a remittance card. However, direct debit through wire transfer is the most recommended method.

What Currencies Can I Transfer?

Money2India accepts all major currencies. These include the US dollar (USD), Canadian dollar (CND). British pound (GBP), Singapore dollar (SGP). Australian dollar (AUD), and several others. Money cannot be transferred out of India, only into it with this service.

 

Keep an eye on local markets to determine the best time and exchange rate to make your transfer.

What Services Do They Offer for Businesses?

Money2India is purely for personal transfers. At this time, there is no special benefit or service given to corporate or business entities. If the service expands further, it may have the opportunity to become more business-oriented. As it stands, it works for sending money to friends or relatives in India or paying bills.

Compare money transfer services like Money2India

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,987.86Exchange Rate0.7182Transfer Fees$64.16Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,987.86Rate Updated less than 3 mins agoGO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7182 will cost you $13,987.86 which includes a fee of $64.16

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review

Pros

  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products

Cons

  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (AUD) Rate Updated less than 3 mins ago
TorFXRead ReviewTotal (AUD)$13,993.67$5.81 more expensive Exchange Rate0.7146 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,993.67$5.81 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7146 will cost you $13,993.67 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.

Pros

  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options

Cons

  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
XERead ReviewTotal (AUD)$14,004.93$17.07 more expensive Exchange Rate0.7140 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $14,004.93$17.07 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7140 will cost you $14,004.93 with no fees.

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review

Pros

  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.

Cons

  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.
WorldFirstRead ReviewTotal (AUD)$14,007.74$19.88 more expensive Exchange Rate0.7139 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $14,007.74$19.88 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7139 will cost you $14,007.74 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review

Pros

  • No fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments

Cons

  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
WorldRemitRead ReviewTotal (AUD)$14,077.40$89.54 more expensive Exchange Rate0.7106 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $14,077.40$89.54 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7106 will cost you $14,077.40 which includes a fee of $3.99

About WorldRemit

WorldRemit are particularly good for transfers under $10,000 to destinations across Asia, Africa and South America. Sending money online is significantly easier than using companies like Western Union or Moneygram and their exchange rates and fees are clear and transparent. With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses. Click here for the full review

Pros

  • They have a great network in Asia and Africa and number of receiving options like cash-pick up or bank transfer.
  • They are clear about their exchange rates and fees
  • No minimum amount

Cons

  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead ReviewTotal (AUD)$14,192.45$204.59 more expensive Exchange Rate0.7046 Transfer Fees$0.00 Transfer Time1-3 DaysGet discounted rate $14,192.45$204.59 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7046 will cost you $14,192.45 with no fees.

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.

Pros

  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service

Cons

  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers
ANZRead ReviewTotal (AUD)$14,324.60$336.74 more expensive Exchange Rate0.6981 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $14,324.60$336.74 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6981 will cost you $14,324.60 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.

Pros:

  • Fast transfers
  • Safe and secure
  • No fee for transfers under $10 000 via Internet banking

Cons

  • $12 fee for transfers under $10 000 via Internet banking
  • Poor exchange rates
  • 24 hour hotline not available
Commonwealth BankRead ReviewTotal (AUD)$14,791.78$803.92 more expensive Exchange Rate0.6766 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $14,791.78$803.92 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6766 will cost you $14,791.78 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.

Pros:

  • Fast transfers+ Easy transfers
  • Security guarantee covers any losses from unauthorised transactions

Cons

  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates