How does Remit2India work? Is Remit2India any good for sending money to India? Is it fast, safe and reliable? Can I trust Remit2India? This is my personal review of Remit2India money transfer services.
If you’ve seen Remit2India's new #PromisesComeHome campaign featuring Virat Kohli (captain of the Indian Cricket Team) and are thinking of using them, you probably have some questions about what they offer. So, I thought of writing a detailed review of Remit2India’s money transfer service based on my experience. Hopefully, your questions will be answered by the end of this review article.
I’ve been comparing and sending money from the UK to India every month for the past 10 years and have used various money transfer providers including Remit2India. It is a well-known brand amongst Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs).
Over time, money transfers to India options have undergone significant changes due to new players like Transferwise, Remitly, InstaRem, etc. and so have established players like Remit2India, Money2India (ICICI Bank) and State Bank of India (SBI). When I started sending money to India, the money transfer process used to be quite tedious. However, I can now send money to India in just a few clicks. Moreover, I get more rupees for my pounds and it reaches India by next day.
Initially, I started sending money to India through ICICI Bank UK, but after five years, I began to use other providers such as State Bank of India (SBI), Lycaremit, Remit2India, Remitly, Transferwise, Crosspay, etc.
Back then, Remit2India was one of the few providers of money transfer services that wasn’t a bank (before fintech companies like TransferWise, Remitly and InstaRem entered the market). In my opinion, since then they have improved their offering in areas such as – the speed of transfer, payment options, Rupee exchange rates, money transfer fees, customer experience, etc.
Remit2India Review – Pros and cons
Remit2India is a simple way to send money to India from the UK, USA, Australia or Canada for personal needs. From the USA and UK, you can send money instantly at no extra fees and great Dollar to Rupee or Pound to Rupee exchange rates. This, in my opinion, is one of the main advantages of using Remit2India, but let’s look at the pros and cons of Remit2India money transfers.
• Value money transfer provider for instant transfers to India - Competitive Indian Rupee exchange rates and zero fees.
• Cheaper than banks and many established money transfer brands like Transferwise, Money2India (ICICI Bank) and Remitly.
• Instant transfers from the USA to India and UK to India.
• Guaranteed exchange rate for your transfer.
• Good user experience on desktop and mobile app.
• Multiple payment modes to initiate money transfers – By debit card and bank transfers.
• Good referral program.
• 24X7 customer service support.
• They dont declare their margins on the real mid-market exchange rates. So, it’s difficult to know the real cost of transferring money to India with Remit2India, even though they charge zero fees on the transfer.
• No cash pickup facility in India.
• Limited countries where one can transfer money from to India using Remit2India.
Is Remit2India safe?
Remit2India has been in the India money transfer industry for over 16 years and has helped millions of NRIs and OCIs to transfer money to India. They’re backed by UAE Exchange, the world No. 2 money transfer service provider. I have been using them for 5+ years now and can vouch for their instant money transfer option.
When we asked Remit2India, is it safe to transfer money to India with Remit2India, this is what they said:
“Definitely, yes. We use the best technology available for your transactions. All our servers and firewalls have gone through extensive security tests and they are constantly monitored for suspicious activities. Plus, in none of our payment modes does any debit appear in your bank account unless you have personally authorized it.”
You can read our detailed chat with them here - A rendezvous with Remit2India!
How does Remit2India work?
Remit2India money transfer to India works exactly like other international money transfers, except for Transferwise which is a peer to peer money transfer service. Remit2India’s transfer to India is an interbank transfer between two banks in two different countries (one of Remit2India in the originating country e.g., the UK and the second in India). This communication between banks happens using SWIFT.
Let’s assume I want to send £20 from my bank account in the UK to an Indian bank account. I will instruct Remit2India to transfer £20 in Indian Rupees to the account in India and pay £20 to Remit2India either by local bank transfer or my UK debit card. On receiving my instruction and money, Remit2India will send a SWIFT message to its bank in the UK. Remit2India’s bank in the UK will deduct Remit2India’s GBP account in the UK by £20 and send a SWIFT message to Remit2India’s bank in India. Once the message is received (usually within minutes) by Remit2India’s bank in India, the funds can be transferred directly between the banks and credited to the bank account in India.
How to send money using Remit2India?
Transferring money to India with Remit2India is a simple process. As I’ve used Remit2India to transfer money from the UK to India, I will share the steps for the UK to India (Pounds to Rupee) transfer. The way Remit2India works for the UK to India, is the same as USA to India (Dollars to Rupee), Australia to India or Canada to India.
1. Register on the Remit2India Money Transfer site. Click on “Create My Account”. You would receive an OTP in your email box, which you need to enter in the next page and click on “Confirm”.
If you will register using this link, you get 20 paisa extra on your first transaction and £5 each on your first three transfers. We’ve blagged this NriDealExpert exclusive offer for our users from Remit2India.
2. Select the country you want to transfer money from and the amount you want to transfer. Click on “Send Money Now”.
3. You then need to share and upload a proof of identity (Passport or the UK Driving License) and address (like the UK Driving License, utility bill statement, etc.). The verification of your documents and confirmation of your account set up takes a maximum of one day.
4. Provide your money transfer beneficiary details. You need to do this once; the details will be saved for the next time. With Remit2India, you can also send money to yourself or a business/charity depending on your country.
5. Either transfer the GBP amount from your UK bank account to Remit2India or pay by debit card. If you select pay Remit2India by a debit card, then the exchange rate for Pounds to Rupee (GBP to INR) or Dollars to INR (USD to INR) would be slightly worse off than by account transfers. But then you save the hassle of logging into your bank account, adding Remit2India as a payee and transferring money to their account.
Remit2India then converts UK Pounds to Indian Rupees at the given rate, and your recipient gets paid the amount in Indian Rupees from Remit2India’s bank account in India.
Remit2India cost of money transfer
Remit2India charges zero fees on money transfers to India but maintains a margin of roughly 0.50% on the mid-market interbank Indian Rupee exchange rate. This is the rate at which, Remit2India buys Indian Rupees at wholesale rates from its bank in the UK, USA, etc.
To get an idea of this rate, search “GBP to INR” on Google or check the GBP-INR on XE.com. So, if XE.com, shows a mid-market exchange rate of 90 for £1, and Remit2India’s exchange rate is 89.55, then their margin works out to 0.5% (89.55/90), equivalent to a fee of £5 on a £1000 transfer (£1000X0.5%). Let’s compare their exchange rate, fees and total cost of sending £1000 to India with Transferwise and Remitly.This comparison is based on their exchange rates as on 8th August 2018 and the mid-market exchage rate of 88.4034 from XE.com.
|Cost of sending money to India||Remit2India Bank Transfers||Remit2India Debit Cards||Transferwise Bank Transfers||Transferwise Debit Cards||Remitly Bank Transfers||Remitly Debit Cards|
Based on above comparison, we can see that Remit2India offers best value for money transfers to India in comparison to Transferwise and Remitly.
NriDealExpert Tip: Be aware that “Zero fees” or “0% fee” money transfers does not mean that the money transfer provider is not charging you in some way. Always look at the final amount that your beneficiary in India will receive.
Check this link on NriDealExpert.com to compare Indian Rupee exchange rates, fees and speed from various money transfer providers for sending money to India.
How long does the money transfer take with Remit2India?
Back in 2007 through ICICI Bank, it used to take 1-2 working days. However, over the years, the time taken for international money transfers including India has greatly reduced. Remit2India offers instant money transfers to India from the USA and UK.
How to pay for the transfer?
You can pay by bank transfer to Remit2India’s account (the cheapest) or by Debit card.
For a £1000 transfer, this is what it would cost you: (based on exchange rate as on 26th July 2018):
• By bank transfers, SWIFT transfer: £6.98 (Cost effective transfer if speed is not a critical factor)
• By Debit/Credit card: £9.16 (Faster transfer but comes with the higher cost of money transfer)
Remit2India Review: Conclusion
With this detailed review of Remit2India, you should now have a better understanding of how Remit2India works and if it suits your needs to send money to India. Remit2India is the best value money transfer option for sending money to India from the USA or UK. It offers a cost-effective and instant money transfer solution for sending money to India. Apart from the cons, I shared earlier, I am personally quite happy with Remit2India.
If you planning to send money to India from the UK and looking for promo codes, use these links and you will get exclusive offers from Remit2India only available on NriDealExpert.
For our readers of NriDealExpert in the USA, Remit2India is offering 80 paisa extra for first time users of Remit2India. Users will need to transact using this Remit2India promo code link to avail the offer.
For UK readers, Remit2India offers 20 paise extra on your first trasaction and 5 GBP extra on your first three transactions, so you can avail a total benefit of 15 GBP. You will need to transact using this Remit2India promo code link.
Always send money to your NRE account in India before transferring to any local account in India. Read here about the benefits of sending money to an NRE account.
I hope this Remit2India review by NriDealExpert was helpful to you in making an informed decision.
If you’ve used Remit2India before for sending money to India and would like to share your experience with other users, click this link and share your rating and review. This will help other users.
IMPORTANT INFORMATION: This is a personal review and we haven’t been paid to write this post. However, there are affiliate links on this post that may result in us being compensated by Remit2India if you sign up and complete a money transfer via NriDealExpert. Nothing on this site is intended to or should be construed as advice or a recommendation to use any product or service.