Remit2India Review

This review of Remit2India will assist you in making the right decision for your international transfer needs.

Remit2India is a money service business that provides financial transfers to India from 24 countries worldwide. They are a brand of TimesofMoney, a global digital payment specialist.

Pros
  • 24/7 customer service
  • Can opt to lock and guarantee your exchange rate at the time of booking
  • Extensive network in India, with more than 90 banks and 11,000 branches across the country
  • Frequent discount offers and referral bonuses save you even more money
Cons
  • Transfer fee up to $25 (depending on amount transferred) plus possible undisclosed extra service charges
  • Severely limited services
  • Challenging to find information online and service claims lack clickable links to more detailed facts
  • Consistently poor online reviews across multiple platforms

How It Works

Transfers are made online through the Remit2India website. You enter your information and payment, and Remit2India transfers your money to the location you specify in India. The transfer method depends on the country from which you are moving funds. For example, the United States uses ACH transfer, while the UK uses Net Banking Facility or Wire Transfer.

 

Different services have different ways of executing foreign exchange. These Guides to Transferring Money Overseas without Getting Ripped Off provide useful information to assist in your decision-making process.

How Safe Is It?

Remit2India’s website uses HTTPS encryption to safeguard your information. Further, the company’s Status Tracker lets you follow the movement of your money from your account to the Indian bank you chose for the receipt.

 

Beyond this information, Remit2India doesn’t provide other details about the measures they take for safety or accountability.

How Much Does It Cost?

Transfers under $1000 incur a small service fee, while transactions over that amount don’t have a service fee. Transfer fees up to USD 25 are levied on monies sent, and additional service fees are charged, too, depending on transfer amount and circumstances.

 

What Exchange Rate Will I Get?

While Remit2India doesn’t give precise rate information, a statement on the website promises the “best exchange rate.” Market rates change frequently, so the rate you receive depends on the current status.

 

You have two choices regarding the rate. At the time of your transaction, you may choose guaranteed rate or indicative rate. A guaranteed rate locks your price to the market rate at the time of your purchase to protect against fluctuations, while an indicative rate is subject to changes during the transfer process.

How Do I Send or Receive Money from Overseas?

You complete all transactions with Remit2India online.

How Do I Pay?

The Transfer2India website states that they accept “multiple payment modes.” However, those payment modes are not listed.

 

Can I Pay by Credit Card?

You might or might not be able to pay with a credit card. The information isn’t provided online, but you can e-mail or call customer service for facts and data, including credit card and payment information.

What Currencies Can I Transfer?

Twenty-four countries and their respective currencies can transfer Rupees to India:

  • The United States
  • The UK
  • Australia
  • New Zealand
  • Canada
  • Hong Kong
  • Japan
  • Singapore
  • Ireland
  • UAE
  • Austria
  • Belgium
  • Cypress
  • Finland
  • France
  • Germany
  • Greece
  • Italy
  • Luxemburg
  • Malta
  • The Netherlands
  • Portugal
  • Slovakia
  • Spain

 

Regardless of where you are in the world, knowing how to transfer funds to any country is essential. The video “How to Transfer Money to an Overseas Bank Account without High Fees” is an insightful resource for making wise, economic decisions.

What Services Do They Offer for Businesses?

Remit2India offers no specialised services for businesses. While businesses may send money to India through this transfer company, no business-oriented programs exist.

 

Whether you are a business or an individual, when you want to transfer money to India, a company such as Remit2India could offer simple service. They understand Indian banks and foreign exchange and can provide you with efficient delivery of funds.

Compare money transfer services like Remit2India

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,920.02Exchange Rate0.7217Transfer Fees$63.85Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,920.02Rate Updated 05:20AM 14/11/2018GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7217 will cost you $13,920.02 which includes a fee of $63.85

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 05:20AM 14/11/2018
TorFXRead ReviewTotal (AUD)$13,925.80$5.78 more expensive Exchange Rate0.7181 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,925.80$5.78 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7181 will cost you $13,925.80 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)$13,937.01$16.99 more expensive Exchange Rate0.7175 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,937.01$16.99 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7175 will cost you $13,937.01 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)$13,939.81$19.79 more expensive Exchange Rate0.7174 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,939.81$19.79 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7174 will cost you $13,939.81 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

  • Low 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
HIFXRead ReviewTotal (AUD)$13,939.81$19.79 more expensive Exchange Rate0.7174 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,939.81$19.79 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7174 will cost you $13,939.81 with no fees.

About HiFX

HiFX are one of the biggest money transfer companies in the world. Their parent company Euronet is listed on the NASDAQ and recently acquired Xe.com. They are particularly useful for individuals doing regular transfers overseas. HiFX provide competitive exchange rates no matter how much is being transacted. Their $50 minimum transaction size and flat fee makes them a great option for any international payment. Locally, HiFX have Australian offices in Sydney, Melbourne and are expanding to the remaining capital cities. Click here to read the full review

Pros

  • Fantastic bank - beating exchange rates
  • Low fees for transactions less than $10, 000
  • No fees for transactions of $10, 000 or more
  • High security transfers regulated by ASIC and FMA
  • Fast and easy for personal or business accounts

Cons

  • Only electronic bank transfers accepted
  • Limited exotic currencies
WorldRemitRead ReviewTotal (AUD)$13,988.24$68.22 more expensive Exchange Rate0.7151 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $13,988.24$68.22 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7151 will cost you $13,988.24 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)$14,044.94$124.92 more expensive Exchange Rate0.7120 Transfer Fees$0.00 Transfer Time1-3 DaysGet discounted rate $14,044.94$124.92 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7120 will cost you $14,044.94 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)$14,388.49$468.47 more expensive Exchange Rate0.6950 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $14,388.49$468.47 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.6950 will cost you $14,388.49 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)$14,687.67$767.65 more expensive Exchange Rate0.6814 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $14,687.67$767.65 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.6814 will cost you $14,687.67 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