Indus Fast Remit is a money transfer company for transfers from the US, UK, and Canada, to India. The service is backed by IndusInd Bank of India. The goal is to make it easy and convenient to send money to India.
Indus Fast Remit uses paperless ACH transfers for their completely online service. However, customers in the UK can access online banking as well.
Let’s have a closer look at what Indus Fast Remit offers its customers, starting with their exchange rates and fees.
Like most money transfer providers, Indus Fast Remit charges a mix of transfer fees and (semi) hidden exchange rate costs
Indus Fast Remit has a small exchange rate margin. A margin is an additional percentage of a transfer that is taken during currency conversion. So, you will end up getting a slightly lower exchange rate than the mid-market rate.
Let’s look at the Indus Fast Remit exchange rate for US Dollars to Indian Rupees.
At the time of writing, the mid-market exchange rate for USD 500 would be INR 37,112.50. With Indus Fast Remit, the rate would be USD 500 for INR 36,985. That means that Indus Fast Remit adds a 0.34% margin to a transfer of this size, between these two currencies.
Interestingly, the company has a promotion on its home page for first-time users. The exchange rate for your first transaction would essentially be the same as the mid-market rate.
In any case, an exchange rate markup of 0.34% is very small for any pair of currencies. To make the same exchange with PayPal, you would get a margin of 3%, more than 9 times higher. These are among the best rates you’ll find in the money transfer industry. As a bonus, Indus Fast Remit is more transparent about this than most other companies.
Indus Fast Remit does not charge any transfer fees. This is unusual for money transfer providers. It’s especially unusual for money transfer providers that don’t mark the exchange rate up extremely high.
There are no additional costs for using Indus Fast Remit. In rare cases, the bank will charge you a small fee if your transfer is rejected. But Indus Fast Remit will not charge you any extra fees.
Indus Fast Remit is one of the most competitive money transfer services when it comes to expenses. While it isn’t completely free, it comes close to it. Their exchange rates are lower than many other similarly competitive companies.
You need to be in Canada, the US, or the UK to use Indus Fast Remit.
Not exactly. However, the service’s parent bank, IndusInd Bank, offers the IndusMobile app on Google Play.
If your recipient is a customer of IndusInd Bank of India, the app can help them manage the money you send them with greater convenience and security. The app can even be used to withdraw money at an ATM without a debit card.
Indus Fast Remit has a $2,999 maximum limit for first-time USD transfers. Your second transfer will be limited to $5,000. However, after your second transfer with the company, they raise that limit to $10,000 from that point on.
These are an unusual series of transfer limits, and most other transfer providers keep limits simpler. However, a limit of $10,000 is normal, if not fairly high, among money transfer providers.
Indus Fast Remit transfers take between 1 and 4 business days to complete. The exact time primarily depends on where you’re sending money from, and the recipient’s Indian bank.
Indus Fast Remit is a remittance service offered by IndusInd Bank. You can get a debit card from IndusInd Bank and use it abroad. But there is currently no unique card for Indus Fast Remit.
IndusInd Bank travel cards include Forex cards that eliminate currency exchange fees at applicable ATMs outside India.
Phone: 505-217-0971 (Monday – Friday from 10AM – 6PM EST)
You can request support here.
Yes. You can use Indus Fast Remit for international bank transfers to India.
Indus Fast Remit is a fast, secure, and inexpensive choice for money transfers to India. They go even further with their tracking system. The end result is a robust company that makes everything about your money transfers better.
The only real setback to Indus Fast Remit is that they serve such a small, niche market. But if you happen to be in one of the few countries they serve and want to send money to India, it is more than worth it to consider them.