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ExTravelMoney money transfer review
Send money overseas from India using ExTravelMoney
- Great for freezing live exchange rates.
- Not so great if you want to complete the whole process online.
ExTravelMoney is an online aggregator for foreign exchange services in India. It has tie-ups with more than 4,000 foreign exchange outlets across the country, so customers can receive the best rates. Customers can use ExTravelMoney to make international money transfers. You can do this by comparing bids from your nearest exchange or bank and booking your rate online. You can even freeze your rate, and it will be valid for one day. Just be aware that you will either have to submit your KYC documents in person or use ExTravelMoney’s door pickup service.
Why should I consider ExTravelMoney?
- Exchange rates. You can get access to competitive exchange rates since there are multiple providers competing to serve you.
- Freeze your rate. There is the option to freeze your live exchange rate for an entire day.
- Variety. ExTravelMoney has a wide range of foreign exchange providers meaning you are likely to find one in your preferred location.
What to be aware of
- Limited currencies. A number of currencies around the world are not supported, so you may need to use an alternative provider if you’re sending a more exotic currency.
- In-person transaction. You will need to submit your required KYC documents in-store or use ExTravelMoney’s KYC door pickup service.
How much are ExTravelMoney’s international transfer fees?
ExTravelMoney does not charge any fees to its users for transferring money. However, are 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.
How are ExTravelMoney’s exchange rates?
Since ExTravelMoney acts as an aggregator for foreign exchange providers, it displays rates from reputable forex providers located in the area of your choosing. ExTravelMoney also displays the live interbank rates of the major currencies on their website, which refreshes every five minutes.
Keep in mind that banks and money transfer providers usually add a margin on top of the mid-market exchange rate on international transfers. It is best to compare the displayed rate given by ExTravelMoney’s providers with the current interbank rate to work out the size of this margin.
Available currencies
ExTravelMoney supports money transfers in 16 currencies, including:
- AUD Australian dollar
- CHF Swiss Franc
- GBP British pound
- JPY Japanese Yen
- EUR Euro
- HKD Hong Kong Dollar
- CAD Canadian dollar
- USD US dollar
What are the ways I can send money abroad with ExTravelMoney?
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. Alternatively, you can make an outward remittance via a foreign currency demand draft.
What payment methods does ExTravelMoney accept?
You will need to make your payment through either National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement (RTGS) transfer through your Indian bank account.
How long does an international transfer with ExTravelMoney take?
Once ExTravelMmoney has verified the required KYC documents and received the funds, your beneficiary should receive the transfer within 48 working hours.
How to make your first international transfer with ExTravelMoney
You don’t need to have an account with ExTravelmoney to make a wire transfer. You can transfer money abroad by following these steps:
Making an international money transfer with ExTravelMoney
- Select the currency and the amount you want to transfer.
- Compare quotes from the providers in your preferred location.
- Place your order online.
- Use ExTravelMoney’s pick-up service for your KYC documents or go to the provider’s office to complete the formalities.
- Transfer the funds to the forex provider/bank’s account as NEFT/RTGS.
Is ExTravelMoney safe to use?
- Security and regulation: Government regulated.
- Established 2015
Launched in 2015, ExTravelMoney is an online foreign exchange and remittance service which compares rates from RBI licenced banks and money changers. It has a network of 6,5000 partnered forex stores across the length and breadth of India.
How does ExTravelMoney compare to other money transfer services?
If you want to see how ExTravelMoney compares to the exchange rates and fees offered by other money transfer services, enter the details of your transaction into the table below.
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