RemitMoney money transfers review August 2019 | finder.com

Review: RemitMoney international money transfers

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

finder.com’s rating: 3.5 / 5.0

★★★★★

How’d we get our score?

Fees & rates: 4.0 / 5.0
Speed: 5.0 / 5.0
Services: 1.0 / 5.0
User experience: 4.0 / 5.0

Send money to India instantly.

If you need to send money to India from the US, RemitMoney could be a solid and reliable option. However, it doesn’t offer spot or forward contracts and only supports bank-to-bank transfers.

Product NameRemitMoney
Max. Transfer AmountNo limit
Transfer Methods
Online,
Transfer Options
One off payments
Transfer Speed
Minimum transfer time
Within an hour
Customer Service
Phone, Chat, Email
Available CurrenciesAED, AUD, CAD, CHF, EUR, GBP, INR, SAR, SGD, USD, ZAR
Online Transfer FeeINR 0
Exchange Rate UpdatesReal time

What is RemitMoney?

Operated by Mumbai, RemitMoney is an online money transfer service that specializes solely in transfers to India. If you become a regular customer, you’ll earn loyalty points each time you send money or whenever someone you’ve referred makes a transaction on the platform.

How are RemitMoney’s exchange rates?

RemitMoney’s exchange rates are a bit below the mid-market rate and include fees and taxes. Its home page features a foreign exchange calculator to use for checking the full amount your recipient will receive when you use the service.

Compare exchange rates with our money transfer calculator to see how RemitMoney measures up against other money transfer specialists.

How much will I pay to send money with RemitMoney?

RemitMoney rolls its fees and taxes into the rate, so your price won’t change once you make the transfer. However, this makes it unclear as to exactly what RemitMoney charges to send money.

How much can I send with RemitMoney?

Send as little as $10, with no limit to how much you can send. However, banks often set limits on how much money can be sent through a single transaction. If this happens, RemitMoney claims that you can make multiple transactions to get your money where it needs to be.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
Within an hour USD 0.00 71.143 INR 355,715 RemitMoney specializes in transfers to India, offering 24/7 customer support and easy tracking. Go to site Show details

Compare up to 4 providers

What types of transfers does RemitMoney support?

RemitMoney only offers bank-to-bank transfers to India. While the company doesn’t have any additional services like spot or forward contracts, it does offer FX alert services. Set a preferred rate, and you’ll get an email or phone call when your set price is reached.

Benefits and drawbacks

Benefits

  • Transparent transaction process, allowing you to see the total amount your recipient will receive
  • Customers get loyalty points to use on future transactions when they use the service and refer friends
  • Instant transfers — which require uploading colored copies of an ID — complete within an hour

Drawback

  • Available only for money transfers to India
  • No Android or iOS smartphone or tablet apps
  • Does not offer hedging mechanisms such as spot contracts, market orders and forward contracts
  • Supports bank-to-bank transfers only
  • You can only book a transfer using a bank account in your name

See how other services compare to RemitMoney

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 0 1 - 2 days USD 0.00 70.289 INR 351,446 Offering no maximum and no minimum limit transfers with $0 fees. Go to site Show details
USD 1 1 - 2 days USD 0.00 70.858 INR
354,292
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
USD 1 Within an hour USD 0.00 70.574 INR 352,869 Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details
USD 1,000 1 day USD 0.00 70.147 INR 350,735 No-maximum limit transfers with competitive exchange rates for 100+ currencies. Go to site Show details
USD 5,000 1 day USD 0.00 69.649 INR 348,245 Venstar will support you through the entire process of your international transactions, from start to finish. Go to site Show details
USD 50 1 - 2 days USD 0.00 69.649 INR 348,245 Simple, zero-margin exchange rates, plus earn loyalty points on sign up, referral and every transaction. Go to site Show details

Compare up to 4 providers

How do I send money through RemitMoney?

To send money via RemitMoney, register for a free account online, log into your account and initiate a transfer. From there, you’ll have two options:

  1. Instant Transfer. This transaction can typically be completed within an hour and requires uploading a colored copy of a valid ID such as a Social Security card, passport or driver’s license.
  2. Internet Push Transfer. If you don’t want to upload an ID, you can use this option, which typically takes two days to complete.

Note that you should transfer your funds to RemitMoney within 24 hours. Otherwise, the exchange rate may change.

Next Steps

Once you transfer funds with RemitMoney, you’ll transfer money from your own bank accounts to Axis Bank’s nostro account — an account that holds foreign currency in a foreign-based partner bank. From there, RemitMoney processes the transfer to your recipient. Neither you nor your recipient need an account with Axis Bank to send money via RemitMoney.

How do I track my transfer?

Check the status of your transfer from your RemitMoney online account. You’ll get an email and SMS from RemitMoney informing you of the status of your transaction.

What to look out for?

RemitMoney only sends money to India, with limited currencies available. Its fees are rolled into the rate you’re given, but it’s unclear how they determine them. It’s transparent about exactly how much money your recipient will receive, but may offer worse exchange rates than its competitors.

How safe is RemitMoney?

RemitMoney is operated by Axis Bank, the third-largest private-sector bank in India. It’s certified as PCI-DSS compliant, meaning it has met stringent quality standards for securing your data.

Bottom Line

RemitMoney specializes in money transfers from the US to India. It offers perks like instant transfers and loyalty points, but may not be your best choice if you’re looking for spot or forward contracts.

Check out our guide to international money transfer services to compare more of your options.

Frequently asked questions

Methodology

Our team analyzes money transfer providers offering services in the US — from big names to digital upstarts. We rank rates and fees, speed, services and user experience for:

  • TransferWise
  • XE
  • OFX
  • WorldRemit
  • Currencies Direct
  • Western Union
  • RIA Money Transfer
  • MoneyGram
  • Remitly
  • Payoneer
  • Remit2India
  • Xoom
  • PayPal

Learn the details of our methodology and scoring.

Back to top

Was this content helpful to you? No  Yes

US International Money Transfer Offers

Important Information*
Logo for XE Money Transfer
XE Money Transfer

Offering no maximum and no minimum limit transfers with $0 fees.

Logo for WorldRemit International Money Transfers
WorldRemit International Money Transfers

Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

Logo for TransferWise
TransferWise

Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

Logo for CurrencyTransfer
CurrencyTransfer

Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
For larger transfers, get no transaction fees and no maximum send limits.

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site