Send money to India instantly and with no surprises.
If you need to send money to India from the US, RemitMoney could be a solid and reliable option. However, their fees aren’t exactly transparent and spot or forward contracts aren’t available.
|Max. Transfer Amount||No limit|
Minimum transfer time
|Within an hour|
|Available Currencies||AED, AUD, CAD, CHF, EUR, GBP, INR, SAR, SGD, USD, ZAR|
|Online Transfer Fee||INR 0|
|Exchange Rate Updates||Real time|
What is RemitMoney?
Operated by Mumbai, RemitMoney is an online money transfer service that specializes solely in transfers to India.
RemitMoney’s exchange rates already include fees and taxes, so you won’t come across any hidden charges. And if you become a regular customer, you’ll earn loyalty points every time you send money, plus 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 mid-market rate and includes fees and taxes. Although there’s no available information on how RemitMoney determines its fees.
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.
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.
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, 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
- 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
- Available only for money transfers to India
- No Android or iOS smartphone or tablet apps
- Exchange rates might be lower than other money transfer specialists
- 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
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:
- 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.
- Internet Push Transfer. If you don’t want to upload an ID, you can use this option, which typically takes two days to compete.
Note that you should transfer your funds to RemitMoney within 24 hours. Otherwise, the exchange rate may change.
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 the rate you’re given, but it’s unclear how they determine them.
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.
RemitMoney specializes in money transfer transactions from the US to India. Although RemitMoney rolls its fees into the rate it quotes, its exchange rates aren’t transparent and it doesn’t offer other services such as spot contracts and forward contracts.
Need to send money somewhere else? Check out our guide to international money transfer services to find out more about your options.