ExTravelMoney international money transfers

ExTravelMoney is an online aggregator for foreign exchange services in India. Launched in December 2014, ExTravelMoney claims to have tie-ups with more than 4,000 foreign exchange outlets across India, so their customers can get the best rates.

Customers can use ExTravelMoney to compare forex rates from banks and currency dealers at their preferred location. They can then choose to book the wire transfer from a forex service of their choice after comparing the total costs offered by the forex provider. ExTravelMoney also offers users the ability to lock exchange rates for up to two days by paying a nominal amount, regardless of how much the exchange rate may fluctuate after they book the order.

ExTravelMoney foreign exchange rates

Since ExTravelMoney acts as an aggregator for foreign exchange providers, they display rates from reputed forex providers located in the area of your choosing. For example, if you would like to transfer money from Mumbai, you can filter the search results to show providers in different locations in Mumbai.

You can also filter the results by the providers that have a pick-up service for the documentation required to comply with Know Your Customer (KYC) regulations. Depending on the provider, this service can be free or have a fee attached.

ExTravelMoney also displays the live interbank rates of major currencies on their website, which refreshes every five minutes. However, these rates are different from the buy/sell rates of the foreign exchange providers they have tie-ups with.

Screenshot of exchange rates offered by ExTravelMoney

How much does it cost to transfer money with ExTravelMoney?

ExTravelMoney does not charge any fees to its users for transferring money; however, as per Indian law, Goods and Services Tax (GST) is applicable on the service, which is payable by the user. Individual providers also charge their own fees, which are displayed on the website. The advantage of using ExTravelMoney for transferring money is that the competition between the various providers ensures you get the best rates.

Minimum transfer amount and available countries

ExTravelMoney has a minimum transfer amount of US$250 or its equivalent. The maximum amount a resident Indian can transfer in a year as per Reserve Bank of India (RBI) rules is US$250,000 or its equivalent. This is also the maximum limit for transfers by a resident Indian using ExTravelMoney.

Before making any money transfers out of India, you must be aware of the rules and regulations that govern international money transfers from India depending upon whether you are a resident Indian, a Non Resident Indian (NRI) or a Person of Indian Origin (PIO). If you are an NRI/PIO, contact ExTravelMoney for details about the maximum amount you can remit overseas and the documentation required.

You can transfer money to the following countries:

ExTravelMoney supports the following currencies:

What types of transfers can you carry out with ExTravelMoney?

• Wire Transfers. You can transfer money in the form of a wire transfer (TT transfer/Swift transfer) to bank accounts in different countries across the world through the providers who have a tie-up with ExTravelMoney.

The registration and transfer process

You don’t need to have an account with ExTravelMoney to make a wire transfer. You can transfer money by following these simple steps:

• Step 1. Select the currency and the amount you want to transfer.
• Step 2. Compare quotes from the providers in your preferred location.
• Step 3. Place your order online.
• Step 4. Prepare your KYC documents.
• Step 5. Use ExTravelMoney’s pick-up service for your KYC documents or go to the provider’s office and complete the formalities.

The money usually arrives in the beneficiary account within 48 working hours if the sender completes the transaction by 2:30pm IST.

Customer Service

Get access to customer service through a variety of channels and speak to an ExTravelMoney representative over chat, email, over the phone or through their Android app.

Pros and cons of using ExTravelMoney

What other products and services does ExTravelMoney offer?

• Buying and selling foreign currency. You can buy and sell foreign currency from any of the 4,000+ providers that have a tie-up with ExTravelMoney.
• Foreign currency demand draft. ExTravelMoney facilitates the issuance of foreign currency demand drafts.
• Forex Travel card. ExTravelMoney facilitates the issuance of forex travel cards which are currently available in 14 currencies.

Frequently asked questions about ExTravelMoney

• Can I transfer money from my account in India to my own account in another country?

  No, the sender and the receiver must be different.

• What are the documents needed for KYC purposes?

  A copy of your Permanent Account Number (PAN) card and Aadhaar card/passport. If you are transferring money for any other purpose apart from maintenance of a close relative or as a gift, then you will need to provide proof highlighting the purpose of the transfer.

• Are the beneficiary/intermediary bank charges included in the quote?

  No. The beneficiary/intermediary bank charges are not included in the quote. For US bank transfers, these can range from US$12 to US$15.

• Can I send money overseas for business purposes using ExTravelMoney?

  No. ExTravelMoney only supports and facilitates personal money transfers made in an individual capacity.

• Can I make the payment by cash, cheque or demand draft?

  No. You will need to make the payment through either National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement (RTGS) transfer through your Indian bank account.

A final word

ExTravelMoney is an alternative option to major Indian banks for transferring money overseas from India. Since ExTravelMoney is an aggregator of foreign exchange providers, it could be a cost-effective solution for sending money abroad. But make sure to check the current exchange rates offered by providers on the ExTravelMoney website before transferring money.

Image: ExTravelMoney