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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.
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 which sending and receiving countries are supported, before taking the time to register for an account with a new money transfer provider. The following section will outline the global coverage of RemitMoney.
RemitMoney exclusively supports payments to Indian bank accounts. RemitMoney is backed by Axis Bank, one of India’s largest private banks and has relationships with over 150 different banks within the country.
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 over 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.
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
- 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
- Bank transfers are the only pay-out method. This is limiting to customers looking for cash pick-up, mobile wallet, or home delivery options.
- Limited sending countries: RemitMoney services are only available to customers in Switzerland, the UAE, the United States and select countries in the Eurozone.
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 4.6 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 UK and Canada were suddenly discontinued from their service. Also, multiple customers had negative interactions with the customer service department.
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.
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 Online With RemitMoney
Sending money online is relatively easy and most transfers can be made in just a few minutes. To get started follow these 4 simple steps:
Sign Up for an Account
Enter the Recipient's Bank Account Details
Select the Currency
Confirm the Transaction
Receiving Money to Your Bank Account With RemitMoney
As RemitMoney only supports bank transfers there is little for you to do when waiting to receive money from RemitMoney. Most transfers will take up to three business days to arrive, although your payee will have the option of paying a little more for an instant bank transfer. To get started follow these steps:
