Send money overseas using ExTravelMoney
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.
Back to topMinimum 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:
- AED (UAE dirham)
- AUD (Australian dollar)
- CAD (Canadian dollar)
- CHF (Swiss franc)
- DKK (Danish kroner)
- EUR (euro)
- GBP (British pound)
- JPY (Japanese yen)
- NOK (Norwegian kroner)
- NZD (New Zealand dollar)
- SEK (Swedish krona)
- SGD (Singapore dollar)
- SAR (Saudi riyal)
- USD (US dollar)
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.
Back to topCustomer 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.
Back to topPros and cons of using ExTravelMoney
Pros
- Get access to a wide range of foreign exchange providers in your preferred location.
- Get access to competitive exchange rates and low fees since there are multiple providers competing to serve you.
- Lock in an exchange rate for 2 days by paying a refundable deposit of INR1,000.
Cons
- 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.
- Must send at least US$250 (or equivalent).
- Have to be physically present to complete the formalities for the wire transfer.
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
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