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.
- Transfer fee waived if sending over 975 USD
- May have better exchange rate than other banks
- Easy-to-use app allows real-time tracking
- 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.