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Money2India Money Transfer Review

In this review of Money2India we take a closer look at the finer details of this cross-border payment service, as we compare the cost, speed and customer feedback to competitor money transfer services found elsewhere in the remittance industry.

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About Money2India

“Send money from anywhere to India” is the tagline for this specialist money transfer operator. Later on in this review we will investigate the validity of this claim, by taking a closer look at the global coverage and accessibility of Money2India’s services. 

Money2India was founded by India’s largest private sector bank, ICICI, which is headquartered in Vadodara, Gujarat. Operating since 1955, ICICI Bank has over 5,000 employees and offers various financial services such as non-life insurance, asset management, investment banking and retail banking. 

This review will examine this international money transfer service to figure out if it is a good choice for customers who need to send money to India.

Money2India exchange rates, fees and costs

This section we look closely at the overall cost of Money2India remittance services, by investigating the foreign exchange spread, fee structure and any other charges issued by the provider.

Exchange rates: Money2India is able to offer some of the most competitive exchange rates available. The website is regularly update to reflect the live interbank rates and there is also a Fixed Rupee transfer option, which allows you to preview the conversion rate ahead of making payment. 

Transfer fees: For customers sending more than $975.00 USD there is no transfer fee, which is a bonus for anyone sending larger amounts of money abroad. Transfers under $975.00 USD will incur a flat-fee charge of $4 which is a relatively competitive fee. 

Additional costs: There appears to be no other added costs for sending money using Money2India. 

Top destinations for sending money with Money2India

As the name suggests, Money2India is a service that facilitates payments to India. However, the limited scope of this service provider means this company is not suited to all customers; currently there are no plans to add further countries to their services. 

According to the company website, the Money2India service was suspended for UK customers from July 1st 2021, due to regulatory requirements. Further to this, at the time of writing (October 2021), Money2India UAE service is exclusively available to ICICI Bank NRI (Non Resident Indian) customers.

Pros & Cons of using Money2India

As we examine the pros and cons of Money2India we will be able to highlight vital information about the service, before registering for a new account.

Pros
Free for large transfers: Customers sending more than $975.00 USD can enjoy free transfers which is great news for anyone making large transfers to India
Backed by a bank: Money2India is a service operated by a reputable national bank, with a lot of experience providing financial services
Customer support: Money2India offers 24/7 customer service which is ideal for a global user base that may need assistance in different time zones; help is available in English and Indian
Fast transfers: Money2India customers can expect money to reach their recipient within an hour; this is an excellent turnaround when compared to traditional banks
Cons
Limited scope: The company’s biggest drawback is the lack of countries covered by Money2India’s network coverage: as it stands, only money transfers to India are supported
Exchange rates vary: While large transfers receive more competitive exchange rate markups, smaller transfers may incur uncompetitive profit margins, making this a less desirable option for some customers

What type of transfers can you make with Money2India?

To ensure different users have their needs met, Money2India offers the following three types of transfers:

  1. Standard Transfer: Funds sent via this option will be processed as an ACH payment with a delivery window of up to 5 business days; this is the slowest Money2India transfer method and matches the speed of traditional bank transfers
  2. Express Transfer: Customers sending funds to an ICICI bank account can cut the transfer time down to under 1 hour; however not all recipients will bank with ICICI 
  3. Recurring Transfer: Customers can set up recurring transfers of weekly, monthly and quarterly payments, sent to the same recipient; this is an advantageous option for users that are tired of repeatedly entering the same information for regular payments

How long will it take to receive money using Money2India?

The transfer time depends on the method used. The Regular and Recurring transfer options can take 2-5 business days; Express transfers have faster delivery times of under 1 hour. 

What payment methods can I use when sending money with Money2India?

The payment options available to Money2India customers include bank transfer and debit card. You can deposit money to your account using the mobile app or website using a quick process that takes just a few minutes. 

What are the best reasons to use Money2India?

Before moving forward with a money transfer with this provider, you should consider which of the company’s key strengths overlap with your primary needs. 

The biggest reason to use Money2India is for regular money transfers to India: this country is the only destination country supported by the company. 

Furthermore, Money2India is best suited to recipients who bank with ICICI because these customers can expect to receive transfers within an hour, a big improvement to what banks can offer (delivery within 2-5 business days.)

Also, the flat-fees are fixed and relatively competitive at 4 per transfer and free if you’re sending over $975. Furthermore, the exchange rate is good if you are sending sums over $1000.

Can I trust Money2India?

Taking a peek behind the curtain to find out more about the trustworthiness of this company is an important way for us to help reassure hesitant users. 

ICICI Bank, an established Indian bank with a good reputation, is the group behind this remittance service. The bank has been operating since 1955 and has more than 2 million customers as of June 2021, as well as $20 billion in total equity and operating income of $5.6 billion. 

Money2India supports customers with multiple ways of asking for help, which includes phone, email, live chat and request a call back feature. They offer toll free numbers to allow customers a free way to call their support department. 

The website utilizes several security measures such as SSL for data encryption and a firewall. They also ask for a reason when making a transfer for security reasons. Furthermore, 2-factor authentication is used during the log in process and when executing transfers. 

What do users have to say about Money2India?

Overall, customers appear to be happy with the Money2India service. Most company reviews achieve a rating ranging from 3.5 – 4 out of a possible 5 stars, which is good. Customers approve of the reliability and low fees associated with this service, but there does appear to be room for improvement when it comes to global coverage and sending destinations covered by the company.

How to get started with Money2India to send & receive money

In order to understand whether or not Money2India is a service that you can use regularly, it is important to present step-by-step guides that explain the process of sending and receiving money. 

How to send money using Money2India

  • Register for a Money2India account
  • Log into your account using desktop browser or mobile app
  • Choose the transfer option you wish to use: Standard, Express or Recurring 
  • Enter the recipient details carefully and concisely 
  • Review the information and confirm the transaction is ready for initiation 

How to receive money using Money2India

  • Provide your details to the sender: this includes your Money2India account or Indian bank account details; ICICI account holders receive funds within an hour
  • You will be issued a tracking number: this can be to track the transaction online
  • Await the funds: Recipients will by notified via email or SMS when the money has been deposited 

Does Money2India have a mobile app?

Money2India has a mobile app available on the Google Play and Apple Store, where it has been rated 3.1 and 1.6 out of 5, respectively. It would appear there is a lot of room for improvement. Some of the problems customers are experiencing include glitches and problems with the user interface and navigation. The core mobile features include: 

  • Repeat transactions for quickly sending money to previous recipients
  • Send money to India using the same functionality as the desktop
  • Biometric login for secure access to funds
  • Remote reviewing of the status of your transfer

Frequently asked Questions

How to cancel Money2India transactions?

It is possible to cancel a transaction if you are using Standard Transfers only, since they take 2-5 days. However, you cannot cancel a transaction if it is sent via the Express option or if it has reached the recipient’s account. 

Does Money2India accept cash or cheque payments?

Users will need to add a bank account from which a payment can be made. However, to fund your bank account you could potentially use cash or a cheque. 

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