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RemitMoney Money Transfer Review

RemitMoney is a money transfer provider that specializes in payments to India only. This review will evaluate the quality of this international service, comparing it against banks and other specialist competitors. We will examine factors such as transfer speed, cost, exchange rates, customer feedback, trustworthiness and mobile use. By the end of this RemitMoney review we hope our users feel confident in deciding if this is the right choice for their money transfer needs.

Send Money with RemitMoney

About RemitMoney

RemitMoney is the product of Axis Bank, the third biggest private sector bank in India, and was created to enable non-resident Indians (NRIs) to send money to Indian bank accounts without incurring huge bank fees. However, as our review will show, bank-to-bank transfers are the only send money method and this, along with the lack of available sending countries, are the most limiting factors of this service. 

RemitMoney facilitates payments to over 150 Indian banks and does not charge high markups for foreign currency transfers. At the time of writing, the RemitMoney platform has executed over 9.3 million transactions, sent between more than 30 million users. Our review of the company will take a detailed look at the pros and cons of using RemitMoney, where it falls short of industry standards, we will suggest alternative money transfer services that better suit our users.

RemitMoney exchange rates, fees and costs

This section will cover the exchange rates and transfer fees applied to RemitMoney transfers, presented in a way that should help our users determine if this service supports their requirements. 

Exchange rates

RemitMoney claims to offer “Fixed and fair exchange rates,” so we put this claim to the test by using their currency conversion tool to compare the currency conversion offered on their website to the true mid-market rate. Overall, the rates were competitive, with minimal mark-ups of 0.5 – 0.9% above the interbank rate. RemitMoney also offers a useful feature known as “Rate Alerts” which send notifications to customers when a particular currency pair is trading at a favourable rate. 

One of the biggest downsides to RemitMoney exchange rates is the currency pairing for South African Rand (ZAR) to Indian Rupees (INR). The markup for this currency conversion is 10% which is exceptionally high, and therefore uncompetitive. Consider using an alternative service, such as Xe or Wise, to receive rates closer to the true value of ZAR/INR. 

Transfer fees

One of the highlights of using RemitMoney is that the operator does not charge fees for overseas transfers. It is one of the most competitive aspects of sending money with this company, beating the majority of the competition in this department, as well as most banks.

Additional costs

It appears that RemitMoney does not charge any extra or hidden fees for their international money transfer services. 

Top destinations for sending money with RemitMoney

It is a good idea to find out what sending and receiving countries are supported, before taking the time to register for an account with a new money transfer provider: this section will outline the global coverage of RemitMoney.

RemitMoney exclusively supports transfers to India which is the biggest limitation of the service. Customers in the UK, Switzerland, Singapore, South Africa, UAE, and select countries in the Eurozone, can use this company to send money to India. The United States is a notable omission from this list. 

The lack of global coverage is the biggest limitation of RemitMoney as most customer needs will exceed the supported transfer corridors. Those wanting to send money beyond these routes should consider alternatives like TorFX or WorldRemit, both of whom support transfers to and from 100+ countries. 

Pros and cons of using RemitMoney

Considering the pros and cons of RemitMoney allows you to get a balanced overview of their international money transfer service and help you decide if it is the right choice or whether you should look elsewhere for an alternative provider.

Pros
Free transfers: RemitMoney does not charge transfer fees which means you can save money and are unlikely to find cheaper options for these particular remittance corridors
Competitive rates: After investigating the forex rates on RemitMoney’s website we discovered the company offers rates just 0.5 – 0.9% above the interbank rate, which is very competitive, especially compared to banks
Rewards points: RemitMoney offers incentives whereby customers can earn rewards after executing transfers and referring friends; these rewards can be used to gain points and money off
Backing of a legitimate bank: RemitMoney is backed by Axis Bank, one of the largest private banks in India, making it a protected money transfer platform with bank-level security
Cons
Transfers to India only: RemitMoney only serves the India remittance market, which is a significant restriction given the global coverage of other providers, some of whom send money to over 150 countries around the world
Poor ZAR/INR rate: Customers in South Africa may want to steer clear of this provider as a 10% markup is added to this particular currency pairing
Limited sending countries: RemitMoney services are only available to customers in the UK, Euroland, the UAE, Switzerland, South Africa and Singapore

What type of transfers can you make with RemitMoney?

RemitMoney only offers bank transfers from the sender’s bank to one of the available 150 banks in India. However, you can choose between standard or instant transfers, albeit for an additional fee. This limited selection of transfer types means customers do not have  the flexibility of alternative payment and pay-out methods such as airtime top-up, cash pick-up or delivery.

If you do not wish to arrange a bank transfer, we urge you to consider other specialist providers like WorldRemit, who provides a range of transfer options, including card-to-card, Poli, Interac, iDeal, Klarna, Apple Pay, Trustly and Mobile Money. 

How long will it take to receive money using RemitMoney?

Transfer speed is an important factor if the recipient needs the funds quickly or if the payment is time sensitive. 

Since RemitMoney initiates cross-border payments via bank transfer customers will have to wait 3 business days for funds to be deposited. However, for an extra fee you can choose the instant money transfer option, which ensures funds are deposited in the recipient’s bank account within minutes. 

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

RemitMoney only supports bank transfer as a payment method which means users will need to have a bank account in one of the supported sending countries. This money transfer operator is not available to users who do not have a bank account.

TorFX is a viable solution for any customers who do not wish to pay via bank transfer, as the company offers many flexible payment options, as well as useful features such as forward contracts and mass payments for business.

What are the best reasons to use RemitMoney?

The best reason to use RemitMoney is if you want to send money to Indian banks, safely and securely, at a competitive rate. The platform has over 150 Indian banks in their network which makes it easy for the majority of the population to access RemitMoney services. 

RemitMoney is also great for customers looking for low-cost transfers to India, since this operator does not charge fees and the markup percentage for currency exchange is only 0-5 – 0.9% higher than the interbank rate. Compared with other international money transfers that include India in their global coverage, this is very competitive. 

Finally, RemitMoney is backed by Axis Bank, one of the biggest financial institutions in India with a good reputation in the banking sector. This should give customers the confidence to transfer funds without encountering any problems or fraudulent activity. 

Can I trust RemitMoney?

Before using an international money transfer service we encourage users to do their research to guarantee the company is entirely trustworthy. This section focuses on factors that determine the integrity of the RemitMoney platform to ensure total legitimacy. 

RemitMoney is backed by Axis Bank, which is the 3rd largest bank in India. This should give customers confidence that the platform has been set up to reduce the possibility of scams. Axis Bank specializes in bank transfers, so you can count on the reliability of their service. Axis Bank is registered under India’s Banking Act and it is regulated by the Reserve Bank of India. 

RemitMoney has an extensive customer service department that offers phone, email and live chat as the communication methods. You can also request a call back and set the time for your convenience. 

RemitMoney offers a transfer tracking service for your peace of mind. Therefore, you can find out when the recipient receives their money without having to manually contact the recipient or customer service. 

The money transfer service uses modern encryption and firewalls to reduce the chances of hacking events. It should give you confidence that your personal information will be safe and unwanted users will not gain access to your account. 

What do users have to say about RemitMoney?

Find out the overall customer sentiment about a transfer service to get a preview of what to expect. This section presents our findings on what RemitMoney customers had to say about the quality of their international money transfer service

RemitMoney has a TrustPilot score of 4.7 out of 5, which indicates an overwhelmingly positive customer experience. Customers mention that they like the ease of use and the smoothness of transactions. 

The negative comments mention that they were not happy that the US and Canada were suddenly discontinued from their service. Also, multiple customers had negative interactions with the customer service department. 

How to get started with RemitMoney to send and receive money

We understand that you might have trouble using RemitMoney if it is your first time. Therefore, in this section we have outlined the step-by-step process for sending and receiving money with RemitMoney.

Sending money

  1. Open an account with RemitMoney. Provide photo ID and proof of residence to verify the account. 
  2. Enter the bank account details that you would like to send money from. 
  3. Enter the bank details of the recipient’s bank in India and choose the amount you want to send. 
  4. Choose the currency you wish to send and review the currency exchange rate. 
  5. Make sure the details entered are correct before confirming the transaction. 

Receiving money

  1. Provide your Indian bank account details to the sender. 
  2. Once the transfer has been initiated, wait for funds to arrive. It will take up to 3 business days with a standard transfer and moments with the instant transfers. 
  3. Use the transfer tracking feature to check the status of the payment. 

Does RemitMoney have a mobile app?

RemitMoney is one of the rare international money transfer services that does not offer a mobile app to complement their service. This is a big disadvantage since many customers enjoy the convenience of using an app to execute transfers. 

If you want to use one of the top money transfer apps then consider choosing Wise. Their app allows you to send and receive money with complete transparency over the fees.   

Frequently asked questions about RemitMoney

Does RemitMoney offer a transfer tracking feature?

Yes, on their homepage there is a “Track Transfer” button, which you can use to determine the transfer status. You will need to enter the transfer reference number to retrieve the details. 

Can I cancel a transaction with RemitMoney?

You can cancel a RemitMoney transaction within 30 minutes of initiating the transfer. The “Recipient” page has an “Edit or Cancel payment” button that you can use to cancel the payment. 

Does the sender or recipient need an Axis Bank account?

No, there is no need to have an Axis Bank account to use RemitMoney. The recipient needs to have an account in one of the 150 Indian banks in their network.

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