RemitMoney is not available in the United States. RemitMoney does not allow you to send money overseas from the United States. RemitMoney may be an option if you reside in another country, but you should check with them first. View our comprehensive guide on sending money overseas from the US for services that you can use.
How does RemitMoney work?
RemitMoney is an online money transfer service based in Mumbai that specializes in transfers to India. Whenever you send money, or someone you refer to makes a transaction on the platform, you will earn loyalty points.
What are RemitMoney’s exchange rates?
RemitMoney’s exchange rates are slightly below the midmarket rate and include fees and taxes. On the service’s home page, you can see the full amount your recipient will receive when you use it.
See how RemitMoney compares to other money transfer specialists with our money transfer calculator.
What are the costs of sending money using RemitMoney?
Once you make the transfer, RemitMoney’s fees and taxes are rolled into the rate, so your price will not change. Due to this, it is unclear how much RemitMoney charges for sending money.
RemitMoney supports what types of transfers?
RemitMoney only supports bank-to-bank transfers to India. The company has no additional services, such as spot or forward contracts, but it does offer FX alert services. You’ll receive an email or phone call whenever your set price is reached.
Advantages and disadvantages
|Transparent transaction process, where you can see the total amount your recipient will receive|
|By using the service and referring friends, customers earn loyalty points that they can use for future transactions.|
|An instant transfer, which requires uploading colored copies of an ID, is completed within an hour.|
|US residents cannot access||Only available for money transfers to India|
|There are no Android or iOS apps for smartphones or tablets.||Offers no hedging mechanisms, such as spot contracts, market orders, and forward contracts|
|An account in your name is the only way to book a transfer.||Supports only bank-to-bank transfers|
Compare other services with RemitMoney.
You can compare the services you can use to send money overseas on our table. When you’re ready to send, compare each service’s transfer speeds and fees, and click Go to the site.
|Service||Transfer Time||Transaction Charges|
|WorldRemit||Usually on the same day for personal accounts. For business accounts, it will take 1-2 working days||Your first transfer is FREE|
|Revoult||Transfers reach you within 3 working days.||This fee is 2.5% for Standard and Plus users (and 1.5% for Premium and Metal users)|
How do I send money using RemitMoney?
You can send money via RemitMoney by registering for a free account online, logging into your account, and initiating a transfer. There are two options from there:
- Transfer instantly by uploading a colored copy of a valid ID, such as a Social Security card, passport, or driver’s license.
- Push transfer over the Internet. If you don’t wish to upload an ID, you can use this option, which typically takes two days.
Send your money within 24 hours to RemitMoney. The exchange rate may change otherwise.
RemitMoney transfers funds from your own bank accounts to Axis Bank’s Nostro account, which holds foreign currency at a foreign-based partner bank. RemitMoney then processes the transfer to your recipient. RemitMoney does not require you or your recipient to have an account with Axis Bank.
How can I track my transfer?
From your RemitMoney online account, you can check the status of your transfer. You will receive an email and SMS from RemitMoney informing you of the status of your transaction.
What should you watch out for?
Money can only be sent to India via RemitMoney, with limited currencies available. It’s transparent about how much money your recipient will receive, but it may offer worse exchange rates than its competitors. Fees are included in the rate, but it’s unclear how they determine them.
RemitMoney is safe.
Axis Bank operates RemitMoney, the third-largest private bank in India. It is PCI-DSS compliant, meaning that it has met stringent quality standards for securing your data.
Money transfers to India are RemitMoney’s specialty. Instant transfers and loyalty points are perks, but they may not be the best choice for spot or forward contracts.
How do you remit money?
There is also another way to remit cash, which allows you to lock the exchange rate online before you go to the physical location. Open an account with the remittance service provider’s website or app. By providing details of your transfer, you can lock in the exchange rate and fee for the amount you wish to transfer.
How can I remit money online?
Step 1- Login to your bank’s internet banking website with your Customer ID and Password.
Step 2- Add beneficiary by entering his account number, name, and IFS Code.
Step 3- After successful beneficiary addition, go to the ‘Fund Transfer’ section and click on IMPS. Select beneficiary and enter the amount.
What is remit in banking?
The term ‘remittance’ is derived from ‘remit,’ meaning ‘to send back.’ A bank remittance refers to the funds sent or transferred to another entity or account as payment for services or a product. Remittances can also be personal money transfers made to family and friends overseas and any business payments.
Which bank can I collect WorldRemit from?
All Access Bank branches are able to receive funds. Fidelity Bank. FCMB.