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Review: RemitMoney international money transfers

Send money to India instantly — not available for US residents.

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RemitMoney isn’t available in the US

Unfortunately, you can’t send any money overseas from the US with RemitMoney. If you reside in another country, you may be able to use RemitMoney, but it’s best to check with RemitMoney first. For services that you can use from the US, visit our comprehensive guide on sending money internationally from the United States.

What is RemitMoney?

Operated out of 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.

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

  • Not available for US residents
  • 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

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
OFX
24 hours
$0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Dunbridge Financial
Dunbridge Financial
24 hours
$0

View details
Dunbridge Financial offers competitive exchange rates and zero fees on transfers to more than 120 countries.
CurrencyTransfer
24 hours
$0
SPECIAL OFFER ✓ Minimum transfer of $1,000 for Finder readers (normally £5,000)

View details
Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
XE
Within minutes
$3

View details
XE has fast transfers with low fees and a range of foreign currency tools.
WorldRemit
Within an hour
From $1.99

View details
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Wise (TransferWise)
Within an hour
From $2.26

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Instarem
Within an hour
$1

View details
Exclusive: Use code GET60 and save $30 on each transaction over $200. Valid for the first two transactions and till 31st July 2021. T&Cs apply.
Instarem offers zero transfer fees on all transfers.
Remitly
Within minutes
From $0
SPECIAL OFFER ✓ Free transfers and better exchange rates available for new customers

View details
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Western Union
Within an hour
From $0

View details
Western Union sends money online to friends and family in 200+ countries around the world.
MoneyGram
Within an hour
From $0

View details
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
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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 to India. It offers perks like instant transfers and loyalty points, but may not be the 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:

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

Learn the details of our methodology and scoring.

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