0 users would recommend it
0 users wouldn’t recommend it
The company focuses on providing easy money transfers to India from countries such as Australia, UK, Ireland, and the USA, or Canada. They have been on the market for more than 16 years.
You can conveniently order a transfer to India online. The platform allows you to lock the exchange rate so that it won’t be disturbed by market fluctuations, then you can pay for the transfer via regular bank wire, and Remit2India will take care of sending the money abroad and directly into your recipient’s bank account. They cooperate with major banks and financial institutions in India to help in the process. Money can be sent instantly to 26 Indian banks.
It’s worth noting that for the transfers above $999, the transaction is free of charge, and the only additional costs can be connected with your bank fees for processing the transfer or card. For smaller transactions, you need to pay $2.99 per transfer.
While the company has a markup on the exchange rate, judging by the information and transfer calculator on its platform, it is kept below 1% above midmarket prices. However, some of the customers report that the final rate often differs significantly from the suggested one.
The maximum amount per transaction is $50,000. There are no daily limits. When sending your money through an express transfer, which takes only 30 minutes to deliver, the maximum amount is 200,000 INR, which is around $3,000. The minimum transaction amount is set at $50.
The fees are significantly cheaper than any mainstream bank could provide. The customers report that the transfers often take up to a week, therefore in terms of transaction speed, the service seems to be similar to regular international bank transfers.
To start sending money to India, you need to open the Remit2India account. Visit their webpage or download the mobile app, where you can also register. Fill out your personal information. During your first transaction, you will be asked for more details to conduct a verification process. You will most likely be asked to send them your copy of ID, proof of your address, or banking information. This is a standard procedure for any online financial services. The company needs to comply with all of the KYC and anti-money laundering laws.
Visit the Remit2India website and choose your country of residence. You can choose between Australia, the UK, Ireland, and the USA or Canada. Then navigate to the “Sign up” button at the top of the page and set up your account details and set up a strong password. You should receive an email with confirmation of registration.
Remit2India is part of Finablr, a global platform for Payments and Foreign Exchange solutions. This means that not only they are experienced with financial services, but they also need to comply with all of the regulations and international laws. However, they don't remain transparent about their practices as there is no detailed information available online.
Finablr companies processed over 150 million transactions in 2018, managing nearly USD 115 billion for customers, therefore one can assume that the service is somewhat reliable. Also, the sole Remit2India platform has been operating for many years, and there are numerous reviews, which prove that this money transfer service is legit.
The company has been recognized multiple times for their online remittances and won some business-related awards and rankings in India. Apart from some negative comments accusing the company of scamming their users, there weren’t any notable scandals or public backlash, and most of the users have successfully sent the money through Remit2India.
The overall customer satisfaction seems to be mixed, as there is an equal number of positive and negative reviews. You can read that there haven’t been any problems after years of sending money with them and the service is reliable and always delivers the transfer:
“I have used Remit2India now for the last 4 years. The entire process is now streamlined, the online process is intuitive, easy and fast. No fuss or dramas and competitive rates too. The customer service is also prompt and responsive. Keep up the good work!” ~ Rishi on Trustpilot
It’s also worth noting that the platform has frequent promo codes and special offers, which can make your transaction significantly cheaper:
“I had done my first transaction from GBP to INR, and saved almost 3900. I recommend to use this to remit money to India. Check the promo code, which will give more benefit.” ~ Naresh on CompareRemit
But on the other hand, users are complaining about numerous technical problems with the platform and long transaction times with often delayed transfers:
“They should remove the term INSTANT TRANSFER from their website. I used this service to send money for an emergency purpose. I sent it yesterday (Sunday) and I haven't received the money into my Indian account yet. They claim they do the instant transfer on weekends too. But, when I called them yesterday evening they said their technical service doesn't work on weekends and so they can do it only on Monday. I called them today and they said they will try to transfer it today or tomorrow. I don't know where the term "INSTANT TRANSFER" fit here. I have been calling them so many times to get it done quickly but it is not happening. Such a great hassle. I will never use this service again.” ~ Sekar on Trustpilot
“When transaction initiated, their website was showing one rate but when they transfer money to my NRE account after 8-10 business days, the rate was completely different. They are not transparent with their rate. They will take money from the bank account and transfer only with lowest rate so that they can make a profit. This is a fraud company, avoid it. Also, they took almost 8-10 business days to transfer money, which is completely ridiculous.” ~ satyabir287 on Mouthshut
The platform has also a mobile app to make it easy to send the international transfers and manage your finances with your smartphone, however it doesn’t get the best reviews from the users:
“poorly designed and flakey app. login option doesn't appear until you select country, menu seems confusing, transaction status goes into an endless loop of retrieving, app times out and resets the session frequently. KYC got pending for my first transaction and no clarity on progress.” ~ Suman on Google Play
As an advantage acts the fact that the support is available 24 hours a day. You can reach them via a phone call, and there are separate call centers in each supported country. Many people are satisfied with the quality of the service and say that the customer support quickly solved their problems.
There is also a small help section and FAQ on the platform. However, it isn’t designed that good and the amount of information and topics is small.
Thousands of people have used the service throughout the years. Therefore, it should be recognized as somewhat reliable. The prices are low, and the exchange rates are quite good. Therefore, you can send money cheaply to India through the platform. However, the sole design of the webpage and mobile app is quite weak and not intuitive. Therefore, it’s not easy to research information or finalize the order. There is some lack of transparency when it comes to the company’s details and safety procedures. The customers are reporting that there are frequent transfer delays, and even the express transfer, which should take only 30 minutes, often arrives in a day or so. As an advantage acts the fact that Remit2India offers frequent discounts, bonus codes, and cheaper transactions for new users, therefore one can find some bargains there. But on the downside, the platform doesn’t operate internationally and supports only few countries, while the competition is able to provide money transfers to India and also other countries all over the world.
No comments yet