Review: RemitMoney international money transfers
What is RemitMoney?
finder.com’s rating: 3.5 / 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.
Max. Transfer Amount
Within an hour
|Max. Transfer Amount||No limit|
|Transfer Methods||Online, Bank Account to Bank Account|
|Transfer Options||One off payments|
Minimum transfer time
|Within an hour|
|Customer Service||Phone, Chat, Email|
|Available Currencies||AED, AUD, CAD, CHF, EUR, GBP, INR, SAR, SGD, USD, ZAR|
|Online Transfer Fee||INR 0|
|Exchange Rate Updates||Real time|
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.
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
- 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
- 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 complete.
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 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.
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.