Money2India Australia money transfer review: Fees, rates and transfer time

If you need to settle some bills internationally or transfer money to friends and family back home, you might well be looking into the complex world of international money transfers. And if you’re looking to send money to India, then one particular company might seem to fit the bill perfectly: the aptly named Money2India.

Run by ICICI Bank, one of India’s largest, Money2India lets you make transfers into India from 9 different countries and their respective currencies: the USA, Canada, the UK, Sweden, Switzerland, Singapore, Australia, Hong Kong and the UAE¹. So if you’re sending in a currency associated with one of those countries, you’re in luck - but otherwise, you won’t be able to use Money2India. And for the opposite transaction - sending money out of India - you’ll need to look elsewhere as well.

Despite its very straightforward name, Money2India is not your only option for transferring money into India. In fact, there are many specialist money transfer providers that you might be able to use. One of them is Wise, which you can use to send money not just to India but to dozens of other countries too. But more on that later. Here’s the information you came here to read, on Money2India transfers from Australia.

A quick comparison between Money2India and Wise. Read on after that for the full information.

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Now, back to what you came here to read.

What are the fees for an international money transfer with Money2India?

Money2India doesn’t currently set a service charge for most international money transfers out of Australia. Certain other routes - from the UK to India, for instance, do incur service charges, which may vary depending on the size of the transfer. But from Australia, there currently isn’t one².

That doesn’t mean there’s no cost, though. In fact, if you look at their terms and conditions, they’re quite clear about that. They write³:

Registered Users acknowledge and understand that ICICI Bank may make monetary gains when funds in foreign currency remitted by a Registered User are converted by ICICI Bank.

That means that, even though there’s no service charge, your transaction could well still cost you something, because they convert your money into rupees at a rate that benefits them.

Also: you might have to watch out for service tax⁴, which is a legal requirement.

Power transfers

Money2India offers several different types of payment, which we’ll run through below. But if you choose to make what they call a “power transfer”, you could also end up facing a nominal fee of AUD 2 on certain transfer amounts⁵.

Additionally, power transfers involve you making a wire transfer from your bank - so your bank might charge you a wire transfer fee that’s out of Money2India’s hands.

What are the currencies that Money2India supports?

If you want to send money to India from Australia, you’ll need to send Australian dollars. Here’s the full list of countries and currencies supported by Money2India, which is pretty much what you’d expect¹:

• USA: US dollars
• Canada: Canadian dollars
• UK: British pounds
• Sweden: Swedish kroner
• Switzerland: Swiss franc
• Singapore: Singaporean dollars
• Australia: Australian dollars
• Hong Kong: Hong Kong dollars
• UAE: AE dollars

How much is your Australian money really worth in Indian rupees, though? Don’t forget to check before you agree to the rate offered by Money2India. Compare their rate to the one you find on a currency converter like Google, XE or Wise.

What is the Money2India exchange rate?

As you could see from the quote above, ICICI bank explains that they “may make monetary gains” when your money is converted by them³.

This is quite common when a provider promises you an international transfer with 0 fees, making an international transfer costs them money too, so they have to compensate for their costs. When you see these kind of quotes, make sure to compare the exchange rate they offer you to the mid-market rate. That way you can calculate what your transfer will actually cost.

The mid-market rate is the only real exchange rate, and is an average of all the buying and selling rates currently in use, and the rate you’ll find on online currency converters. It’s only by comparing that rate to the rate you’re offered that you’ll find out what your transfer is really worth.

And don’t forget that exchange rates change all the time, so look up the details as close as possible to the time you make the transfer, or it could all change in a flash.

How long can a transfer with Money2India take?

This is always difficult to predict. When a bank makes an international money transfer, their use of the time-consuming SWIFT network can slow things down. When a specialist money transfer provider makes the transfer, they may have other methods, but the transfer times can still vary considerably.

With Money2India, one key consideration is if your recipient has an ICICI Bank account. If they do, the transfer will generally be faster. Here’s an overview, for each of the different types of transfer, which are explained below. All times begin after Money2India receives your money - not necessarily the moment you request the transfer.

How does Money2India work?

From your perspective as a customer, it’s pretty straightforward. You’ll need to sign up for an account, key in all your details, and provide details of the transfer amount and the beneficiary. Don’t forget to look at the exchange rate before you go ahead, though - make sure you’re happy with the deal you’re getting.

What kind of transfers can you make?

Money2India offers 3 similar types of transfer from Australia to India online:

• NetExpress transfers⁹ are transfers using your internet bank account. You specify the amount you want to transfer in Australian dollars, and they give you an “indicative” exchange rate, which may change by the time the transfer is actually made.
• NetExpress - fixed rupee transfers¹⁰ work in the same way, but you specify the transaction amount in rupees rather than dollars. The exchange rate you’re given isn’t an indicative rate, but the actual rate you’ll be charged.
• Power transfers¹¹ are an alternative method. Your transfer to ICICI Bank is done via a wire transfer, which Money2India advises should be done via a printed-out form given to your bank. So you might need to make an extra trip to your bank, or send a letter off in the post.

Are there any limits to the amount you can transfer?

The limits depend on the type of transfer you make. In addition to the three types of transfer above, there’s a separate, lower limit if a Visa card is used.

Is the service available to anyone?

Although the service is run by ICICI Bank, the service is open to all. As noted above, though, it’s often quicker if you’re transferring to an ICICI account.

To sign up, you’ll need to supply an Australian mobile phone number¹³.

How can you contact Money2India?

There are various ways to get in touch with Money2India¹⁴:

• Call, available from different countries
• Request a call back
• Send an email
• Send snail mail
• If you’re a registered customer, you can get in touch via web chat too
• Visit a branch. There are several branches around the world

In conclusion, Money2India certainly offers an effective way to get your money from Australia to India, although this service lacks the flexibility of some other providers. Wise, for instance, lets you send money to - or receive money from - dozens of different countries, which could be a good option even if there’s just a small chance that you might need to make a transfer at some point in the opposite direction - from India to Australia - or indeed make any other international transfer.

What’s more, Wise also offers borderless multi-currency accounts, which you can use to store money in 40+ international currencies - including Indian rupees - and it gives you virtual account details in Australian and US dollars, British pounds and euros, which makes receiving money in any of those currencies a breeze. There’s no monthly fee for it at all, so it’s a low-maintenance and stress-free way to keep your money in whatever currency you like.

Sources:
1.https://www.icicibank.com/nri-banking/money_transfer/faq/money-transfer/popular-questions-faqs.page? (July 12, 2018)
2.https://www.icicibank.com/nri-banking/money_transfer/australia/australia-transfer-via-m2i.page?#servicecharges (July 12, 2018)
3.https://www.icicibank.com/nri-banking/RHStemp/terms-and-conditions-m2i.page#3 (July 12, 2018)
4.https://www.icicibank.com/html/en/nri-banking/money_transfer/popup-disclaimer/servc-tax-ruls.html? (July 12, 2018)
5.https://www.icicibank.com/html/en/nri-banking/money_transfer/faq/australia/australia-power-transfer-faqs.html? (July 12, 2018)
6.https://www.icicibank.com/html/en/nri-banking/money_transfer/faq/australia/australia-netexpress-faqs.html? (July 12, 2018)
7.https://www.icicibank.com/html/en/nri-banking/money_transfer/faq/australia/australia-fixed-rupee-faqs.html? (July 12, 2018)
8.https://www.icicibank.com/html/en/nri-banking/money_transfer/faq/australia/australia-power-transfer-faqs.html? (July 12, 2018)
9.https://www.icicibank.com/html/en/nri-banking/money_transfer/australia/netexpress.html?id=netexpress (July 12, 2018)
10.https://www.icicibank.com/html/en/nri-banking/money_transfer/australia/fixed-rupee.html?id=fixed-rupee (July 12, 2018)
11.https://www.icicibank.com/html/en/nri-banking/money_transfer/australia/power-transfer-aus.html?id=power-transfer /July 12, 2018)
12.https://www.icicibank.com/html/en/nri-banking/money_transfer/australia/visa-money-transfer-limits.html? (July 12, 2018)
13.https://money2india.icicibank.com/newm2iNetOthr/m2iNetLoginFormRevamp.do?country=AUS&site=othr-web-login (July 12, 2018)
14.https://www.icicibank.com/nri-banking/RHStemp/contact-us.page (July 12, 2018)

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