Review of Remit2India online Money Transfer service
Remit2India, founded in the year 2000, is already trusted by more than a million Non-Resident Indians worldwide. This is a secure online money transfer service available to people in 2 dozen countries. It facilitates money transfer to India and is a subsidiary of TimesofMoney, a global digital payment company. The service has built a reputation for easy, quick, and secure money transfers to India. Zero fees and competitive exchange rates make it an excellent choice for NRIs to send money home.
Anyone can use this online money transfer service by registering once. Once registered, you can send money in just three steps. Some of the most noticeable countries from where you can send money to India using this service include the United States, the United Kingdom, UAE, Australia, Canada, New Zealand, Japan, Hong Kong, Singapore, Germany, and Finland among others.
Terms and Fees of Remit2India
- Min Transfer Amount: $50
- Max Transfer Amount: $50,000
- Exchange Rate: Updated Daily
Key Highlights of Remit2India
- Remit2India has been in service since 2000
- Guaranteed exchange rate allows you to lock the rate when booking a transaction
- Offers both guaranteed and flexible exchange rate options
- 24/7 Customer support is available via email land toll-free phone number
- The service is available in 24 countries and continues to grow
- It is ideal for those who want to send smaller amounts to India, as the maximum limit is $50,000
Payment Options of Remit2India
Signing-up and choosing the payment options with Remit2India is simple and straightforward.
- Signing-Up: Sign-up and create a free account with your necessary details
- Recipient Info: Provide info about the recipient and their bank account
- Amount: Enter the money needed to be sent and the transfer mode
- Funding: The transfer can be funded using different ways including debit card, credit card, local bank transfer and more.
- Conversion & Sending: Choose the conversion mode (guaranteed/indicative), and Remit2India will carry out the transfer
The money is received directly into the recipient’s bank account. There is a small fee for funds transfer of up to $999. Anything above this amount is transferred free.
Various transfer options are available in different countries. Some examples include:
- United States: ACH Transfer
- United Kingdom: Net banking or wire transfer
When using Remit2India to make money transfers to India, it is essential to remember that the transactions can take 1 to 2 days to complete.
Pros and cons of Remit2India
- Remit2India customer support service is available 24/7 through email and phone
- The option to lock the exchange rate during booking can help you save money in case of any increase in rates at the time of transfer
- The service has a unique referral system rewards a user whenever they refer an NRI to carry out transactions
- The extensive network within India covers over 90 banks spread across over 11,000 branches
- The money transfer service has been in existence since 2000 and ensures reliability, safety, and security
- Transfers of $1000 and above are processed for free
- Follows a user-friendly process from sign-up to funds receipt.
- Availability in over 24 countries means that it provides a relatively broader coverage
- The fee for transfers can go up to $25 along with additional undisclosed service charges
- Finding more information about the service online can be a little difficult
- There are no specialized services for businesses. However, companies can use it for sending money to India just like any NRI.
- Availability is limited to only 24 countries. Even when this is better than many other services, NRIs live in many other countries in large numbers.
- There is a clear limitation on how much money can be sent per day. If you need to send more than $50,000 at a time, you will need to look for another option or send to multiple accounts.
- Even when there are two options for choosing exchange rates, Remit2India doesn’t display the rates except promising the ‘best exchange rates’.
- Transfers can take 1 to 2 days, which may not be reasonable for everyone.