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While the company strives to give clients the best service, the main hindrance it faces is the fact it doesn't permit transfers to countries other than India. In an era where online money transfer services are competing for the most extensive sending and disbursing networks, having such a smaller footprint can jeopardise growth.
Remit2India Review
With Remit2India, you can send money from the United States, the United Kingdom, Ireland, Canada, and Australia to India at competitive rates. You can pay for your transfers through direct debits, wire transfers, the email money transfer (EMT) method or the bill payment method. The transfer is paid out directly to the recipient's bank account hence cutting off the hassle of cash pickups, or courier deliveries. Currently, the platform supports 5 currencies which are U.S Dollar, Canadian Dollar, Pound Sterling, Ireland Euro, and Australian Dollar.
Remit2India Exchange Rates and Fees
Remit2India charges both transfer fees and exchange rate margins on the transfers it processes. The amounts being transacted, and the currency pairs involved determine how high the fees go and how wide the margins get.
Transfer Fees
The amount you will pay in transfer fees depends on the size of the transfer.
Transfers of $50 to $999 or equivalent will incur a fee of $2.99. Whilst there is no transfer fee for transfers over $999.
Compared to other money transfer providers, Remit2India fees are very attractive. Banks charge up to USD 40 per transfer which pales in comparison to Remit2India’s fees.
Exchange Rates
Remit2India updates its exchange rates during the day to reflect the global market pulse. However, due to the instantaneous nature of real exchange rates, the updates may not be exactly in sync with the prevailing rate.
The provider may display on its transfer widget the indicative rate or guaranteed rate or both for any currency pair.
Guaranteed Exchange Rate: This is the rate at which your transfer will be processed. When transferring funds for reasons such as property purchases and Equated Monthly Instalments (EMIs) that require fixed amounts to settle, the guaranteed exchange rate is the best option as it gives you the assurance of how much your recipient will get.
Indicative Rate: This exchange rate only shows the prevailing exchange rate status as far as your currency pair is concerned. Normally, it is not the rate at which your transfer will be processed. The actual rate will be determined during the transfer processing and may be above or below the indicative rate depending on the currency market movement.
In terms of exchange rate margins, Remit2India charges between 0.5% and 1% off the mid-market rate. The currency pair with the lowest margin (0.08%) is the EUR/INR while the pair with the highest margin is the AUD/INR at 0.9%. Compared to other digital money transfer companies, Remit2India is on the competitive edge close enough to providers like TransferWise who charge 0% margins.
Other Fees
Remit2India makes it clear that the charges billed do not include bank charges and any other fees that may be charged by the sending or receiving banks. For instance, if you pay for your transfer using ACH, you may be charged some fees. On the receiving end, there could be additional charges such as landing fees, processing fees, and intermediary fees.
Top Destinations for Using Remit2India
Remit2India only has five transfer corridors but out of them, three stand out in terms of the remittance volume. They are:
India corridor
India corridor
India corridor
Remit2India solely concentrates on sending remittances to India. The company has been around for 16 years and has a partnership with 89 banks in India.
Pros and Cons of Remit2India
Sending money on the Remit2India platform gives you lots of benefits including advanced technology infrastructure. However, on the flip side, the provider has its own challenges and areas in need of improvement. Below are some of the pros and cons.
- Competitive exchange rates: Customers enjoy some of the best rates in all the 5 remittance corridors. The exchange rate margin charged is less than 1%
- Lower transfer fees: The fees per transaction are among the lowest in the industry. With other providers charging anywhere between 5 and $10, Remit2India charges only $2.99 and above a certain threshold based on the currency pair you can pay zero transfer fees.
- 24/7 Support: Remit2India customer support is available on the toll-free phone (1-888-736-4886) and on email. You can even request a callback. They also have a detailed FAQ section that answers most of the questions.
- Currency Experts: Thanks to the fewer transfer corridors, the customer service team and the other employees have mastered the details involved in transfers to India form the five markets. The minute you ask a question, chances are that they’ve had a similar scenario hence can give a quick resolution.
- A variety of Payment Options: Paying for your Remit2India transfer is simple and convenient. You can pay via online transfer, wire transfer, debit, bill payment, and email money transfer.
- Limited Disbursing Network: Remit2India only allows for transfers to India. This makes the company a one-way money transfer and payment solutions provider.
- Slower Delivery Times: Depending on the transfer method that you choose, it can take up to 5 working days for your transfer to be delivered.
- Limited Currencies: You can send money to India in only 5 currencies that are supported on the Remit2India platform. They are USD, CAD, GBP, EUR, and AUD.
Types of Transfers By Remit2India
Remit2India transfers money directly to the recipient's bank account in India at no cost to the beneficiary. This saves families the need and risk of handling cash from cash pickup points.
Time It Takes to Receive Money With Remit2India
Sending money to India through the Remit2India platform takes anywhere from 30 minutes to 5 days. The speed of transfer depends on the amount you are transferring, local clearing processes, banks availability, and compliance checks.
Instant Transfer-When transferring money from the United States to India, you can use the Instant Money Transfer solution which takes only 30 minutes. This service comes in handy when sending money for use cases such as:
Medical emergency
Loan instalment
Surprise birthday gift
School fees
Transfers of up to $3,500 qualify for instant transfers which can be initiated through the Remit2India website or mobile app.
What Payment Methods Are Offered by Remit2India?
You can pay for your transfer to India through any of the following methods. It is important to note that these payment gateways may differ based on the corridor:
Direct debit
Online bank transfer
Wire transfer
Email Money Transfer -This transfer method is mostly used for Canada- India transfers and is also known as Interac e-Transfer.
Reasons to Use Remit2India
There are lots of reasons why people transfer money to India, some of them are:
Family maintenance
Mortgage and loan repayments
Education and tuition payment
Repatriation of income
Freelancer and contractor payments
Payment of wages and salaries
Medical bill payments
Can I Trust Remit2India?
Remit2India was set up in 2001 and in the course of time, the company has grown through value-adding services to customers. Because of the company's laser focus on transfers to India, it has built a much stronger and tailored technology infrastructure to offer customers excellent experiences.
The company is owned by UAE Exchange, a subsidiary of Finablr, a global payment solutions provider for businesses and individuals across the world. Currently, Remit2India has over 500,000+ clients on its various corridors.
Remit2India systems are protected by Norton Secure which means all communications between customers and the company are secured. This is in addition to the bank-grade security layers the company has put in place. In Canada and Australia, Remit2India is regulated by Unimoni Limited, which is another global money transfer and foreign exchange service provider.
User Feedback About Remit2India
On Trustpilot, Remit2India has 3,471 reviews, 75% of which are 5-star and 12% of which are 4-star. This is what customers had to say:
- Fast and reliable transfers
- Simplified and streamlined app and desktop experiences
- Great customer support
- Competitive rates
- Identity and proof of address verification takes too long
- Delays in transfers with some transactions taking over 6 days to complete
- Poor customer support on some occasions
How to Send and Receive Money With Remit2India?
Sending money through Remit2India is extremely simple and once you’ve been approved for an account, the process should take less than 10 minutes from start to finish.
How to Send Money Online With Remit2India
The Remit2India website is very easy to use. To get started follow these simple steps:
Sign Up for a Remit2India Account
Enter the Recipient Information
Send the Transfer
Receive Notification
How to Send Money Through the Remit2IndiaMobile App
The Remit2India mobile app allows users to send money to India from wherever they happen to be in the world. Working in a similar way to the website, the process is simple and can be achieved in a few minutes. Just follow these simple steps:
Sign Up for an Account
Enter Transfer Amount
Choose Payment Method
Track the Transfer
How to Use Remit2India to Send a Wire Transfer
The process differs a little if you’ve chosen to send a wire transfer to India, as this will need to be initiated by your bank. Wire transfers usually arrive within two days and again the process is simple if you follow these steps:
Follow Steps 1-4 of Sending Money
Print the Remittance Confirmation Page
Sign It Then Give It to Your Local Bank
How to Receive Money From Remit2India
As transfers from Remit2India arrive directly at your bank account, there is little that you need to do to receive money. Online money transfers can take up to five days to clear and Remit2India works with 89 different banks in India. Follow these steps to get started.
