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About Indus Fast Remit
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.
Indus Fast Remit Exchange rates and fees
Like most money transfer providers, Indus Fast Remit charges a mix of transfer fees and (semi) hidden exchange rate costs
Exchange rate
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.
Transfer fees
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.
Additional costs
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.
How do Indus Fast Remit transfer fees compare to using a money transfer provider?
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.
Indus Fast Remit pros and cons
- Very low cost for transfers to India. If you need to send money to India, you should strongly consider Indus Fast Remit if you’re looking for great rates. Try comparing their rates to other providers.
- Indus Fast Remit serves most of India’s most popular banks. Overall, you can send money to over 100 Indian banks.
- Good security and tracking help Indus Fast Remit build trust with its customers. You can also set up mobile alerts for important events during the money transfer.
- Limited service limits Indus Fast Remit’s use. You can only send money from a tiny handful of countries to India. If you aren’t in one of those countries, and if you’re sending money to anywhere but India, you cannot use their service.
Answers to key questions about Indus Fast Remit
Can I open an Indus Fast Remit account in any country?
You need to be in Canada, the US, or the UK to use Indus Fast Remit.
Does Indus Fast Remit have an app?
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.
Are there transfer limits?
Yes.
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.
How long do transfers take with Indus Fast Remit?
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.
What customer support options are available?
Phone
Support ticket (email)
Can I use an Indus Fast Remit debit card when travelling abroad?
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.
How to open an account and transfer money with Indus Fast Remit
Opening an account
Step 1: Click the blue “Sign Up” button on the Indus Fast Remit (Vianex Fast Remit for US customers) website
Step 2: Fill in the information they ask for, including a mobile phone number
Transferring money
Step 1: Sign in to your Indus Fast Remit or Vianex Fast Remit
Step 2: Add your recipient’s information, including their banking details
Step 3: Add your payment information
Step 4: Verify your account with one of the verification options (this can take anywhere from a few seconds to 3 business days)
Step 5: Select the recipient
Step 6: Fill in the amount of money you want to send
Step 7: Review the transaction details
Step 8: Confirm your transaction and pay Indus Fast Remit
Step 9: Wait for the recipient to receive the funds
Customer service details for users of Indus Fast Remit
Phone: 505-217-0971 (Monday - Friday from 10AM - 6PM EST)
You can request support here.
Can I use Indus Fast Remit for international bank transfers?
Yes. You can use Indus Fast Remit for international bank transfers to India.
Summary
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.
