Review of RemitGuru online Money Transfer service
RemitGuru is an online money transfer service provided by Avenues. The service was founded in 2012 by Avenues Payments, a subsidiary of Avenues. It facilitates cross-border money transfer through both online and mobile platforms and serves B2C users. The owning company is one of the largest e-commerce service providers in India and South Asia, with a share of around 85%. It is a simple and quick money transfer service for Non-Resident Indians (NRIs) looking to send money to India. Some of the strongest points in its favor include global coverage, low service charges, and multiple payments and receipt modes.
Avenues Payments also caters to the money transfer needs of B2B clients through another service. RemitGuru is available 24/7 and 365 days a year. While CC Avenue already had a share in the service, it along with Infibeam invested almost $0.5 million in the company in 2017. This is a unique personalized online remittance service that is focused on meeting the individual needs of NRIs living worldwide. It is different in that it has introduced several new concepts and methods in the money transfer field. The service is partnered by Kotak Mahindra Bank, one of the leading private sector banks in India.
Key Highlights of RemitGuru
- RemitGuru was established in 2012 by Avenues Payment
- Money transfer services are available to NRIs throughout the world
- The supported currencies include USD, CAD, GBP, SGD, and EUR
- The service offers a highly user-friendly interface
- Recipients can receive the funds directly into their bank account or through demand draft (for special cases)
- The services are more suited for those seeking to send smaller amounts
Payment Options of RemitGuru
RemitGuru offers more payment options than most other online money transfer services. The peculiarities of the service are as follows:
- Visit the RemitGuru and create your free account
- Enter info about the recipient and their bank account
- Enter the amount to be transferred and the transfer mode
- Fund transfer using methods options like debit card, credit card, or local bank transfer
- RemitGuru converts the funds into targeted currency and sends using the chosen payment option.
The different payment options supported by RemitGuru are as follows:
- CIP/Online Transfer: Log into your internet banking service to easily send money to most banks
- Wire Transfer: This option allows you to fund the transfer from an overseas bank account to an Indian bank account. It takes around 48 hours to complete the process.
- Sofort Transfer: Use this trusted real-time online banking payment service if you have a bank account in the Eurozone.
- PAD/ACH Transfer: If you want to send money from USA or Canada to India, this is the recommended electronic fund transfer system for you. The recipient can expect the funds to be received by the next day.
Pros and cons of RemitGuru
- RemitGuru is backed by India’s largest e-commerce company, Avenues, which adds a high level of reliability to your money transfers.
- There is a unique feature that allows you to keep track of your remittance at each step.
- Supports transfer from any bank to any Indian bank
- There is a referral feature that can will enable users to earn up to Rs. 1500
- The unique fixed exchange rate option will allow you to protect against any fluctuations in exchange rates. Once the price is fixed, the transaction should be completed within three business days.
- Customer support is available through email, phone, and chat.
- While RemitGuru claims zero fees, there is no clarity on how much fees a transaction can cost.
- Transactions take at least a day to process.
- There are many users with unsatisfied reviews about the service.
- The limitations on maximum allowed transfers can be concerning for those who need to send larger amounts.