Remit2India money transfer review: Fees, rates and transfer times


Founded in Mumbai in 2001, Remit2India now has over 500,000 customers, and is owned by UAE Exchange¹. As the name suggests, the service allows customers all over the world to remit money to accounts held in India² - handy if you’re sending money home to family or loved ones in Indian rupees (INR). There are several routes to choose from, but it’s worth knowing that there are also restrictions on who can use the service. More on that later.

If you need to make a money transfer from Australia to India, it’s well worth doing some research on the alternatives available. If Remit2India doesn’t meet your needs, there are other specialist international payment services out there, such as Wise.

Here’s everything you need to know about sending international payments using Remit2India.

A quick comparison between Remit2India and Wise. Read on for the full information.

FeesThe fees are different per currency you are sending from, and can also differ per amount. Transfers from AUD are fee free². - There might be a fee charged by intermediary or receiving banks³.From AUD to INR the fee is: 0.6% of the AUD amount + $1.20
Exchange rateExchange rate + mark up. - “You acknowledge and agree that Remitting Bank and/or UAE Exchange designated Service Providers involved in processing a Remittance Payment may charge a currency conversion fee for converting the foreign currency like AUD payment to the local currency of the Recipient. The fee for this currency conversion may vary³.”The mid-market exchange rate
Supported currenciesOnly transfers to INR - Transfer from USD, CAD, SGD, GBP EUR, PHY, AED, AUD, NZD, HKD²Transfers to 48 currencies - Transfers from 22 currencies - More information on the supported currencies FAQ page

Banks and money transfer providers often give you a bad exchange rate to make extra profits.

Wise is different. Its smart new technology skips hefty international transfer fees by connecting local bank accounts all around the world. Which means you can save up to 8x by using Wise rather than your bank when you send your money abroad.

Check out how to make your first transfer with Wise. And give it a try.

Oh, and while you’re at it, check out Wise’s free borderless multi-currency account. Where you can manage and send dozens of currencies all from the same account.

Now, back to what you came here to read.

What are the fees for an international money transfer with Remit2India?

There are several different payment routes available with Remit2India. The currency you send, and the payment route chosen could impact the fees that are levied for the service. Here’s a brief overview of what to expect:

ServiceRemit2India fee
International payment feeFees vary depending on the currency being sent to India - AUD transfers are fee free. USD transfers cost up to USD2.99, and CAD transactions cost at least CAD4.99, or 0.95% of the transfer amount. Check the details for the currency you’re sending.²
Exchange rate usedThe exchange rate used is selected by Remit2India or their partner banks, and will vary according to the market. Here’s a snippet from Remit2India’s terms and conditions³: "You acknowledge and agree that Remitting Bank and/or UAE Exchange designated Service Providers involved in processing a Remittance Payment may charge a currency conversion fee for converting the foreign currency like AUD payment to the local currency of the Recipient. The fee for this currency conversion may vary." It is worth knowing that the exchange rate used is likely to include a markup added to the mid-market rate - more on that in a moment.
Other fees and chargesDepending on how your payment is processed there may be additional fees, including those related to the SWIFT network (more on that below). Here’s the small print in the terms and conditions³: “Regardless of the currency transferred, the actual amount that the Beneficiary receives may be reduced by charges imposed UAE Exchange or other intermediary banks, including a service fee for currency conversion.”

It’s useful to know that international payments are often processed using the SWIFT network. This is a global network of banks working together to make sure that international payments reach their end destination safely.

Because of the SWIFT network, up to 3 intermediary banks - referred to in the terms and conditions extract above - could be involved in any one international payment. Each of these banks could add their own fees to the transaction - meaning that your recipient ends up with less than you might expect in their account after the transaction has cleared.

What are the currencies that Remit2India supports?

You can use Remit2India to send money to India in any of 10 global currencies, including AUD, CAD, USD, GBP² - but the service is only available if you’re based in one of the following 24 countries²:

  • United States
  • United Kingdom
  • Australia
  • Singapore
  • Canada
  • Germany
  • Austria
  • Belgium
  • Cyprus
  • Finland
  • France
  • Greece
  • Hong Kong
  • Ireland
  • Italy
  • Japan
  • Luxembourg
  • Malta
  • Netherlands
  • New Zealand
  • Portugal
  • Slovakia
  • Spain
  • United Arab Emirates

Before you commit, you’ll want to check the exchange rate being offered by Remit2India is fair. This is easy to do using an online currency converter.

You’ll notice that you can only use Remit2India to send money to India². If you want a service to send money from India to another country - or if you live in a country which isn’t listed above, you’ll need to find an alternative, such as online international payment specialist Wise.

What is the Remit2India exchange rate?

Exchange rates move up and down all the time, and are influenced by a wide variety of factors, from global politics to the local economic situation in your home country.

If a poor exchange rate is used for your international payment, your recipient will receive much less than you might have expected. The best way to know whether an exchange rate is fair, is to compare it to the mid-market rate - that’s the only real exchange rate, and the one you’ll find if you google your currency pairing.

You might be surprised to learn that banks and money exchange services don’t always offer customers the real exchange rate. Instead, it’s common to add a markup to the exchange rate used, which the bank will then keep as their profit. To get the best deal available it’s important to know the exchange rate being used for your remittance.

When you arrange a payment through Remit2India, you’re asked whether you’d like a guaranteed or indicative exchange rate. A guaranteed rate is then fixed, while an indicative rate could change depending on how the market rate moves between you setting up your transaction, and it actually being processed².

Here’s what Remit2India says about the exchange rate in the terms and conditions section³:

“The foreign exchange conversion rate shown for the calculation on the Website is only indicative to help you to arrive at an approximate INR amount that the beneficiary will receive. It in no way guarantees or represents, the foreign exchange conversion rate that will actually be applied to the foreign exchange sent by you (the remitter). The Bank will be responsible for the conversion to INR, and will apply the foreign exchange conversion rates prevailing on the day of conversion, or other rates as per its discretion.”

That means that you may not be able to confidently say how much your recipient will receive, in INR, once your payment has arrived in their account.

If you’re not happy with the uncertainty - or if the exchange rate on offer from Remit2India doesn’t look fair, check if you’d be better off using an international payment service which offers the real exchange rate, such as Wise.

How long can a transfer with Remit2India take?

There are several different payment routes available through Remit2India, and the length of time they take to arrive can vary. All payments are processed online with money being sent electronically from one bank account to another.

Broadly speaking, this is how long each route takes, for a payment from Australia to India⁴:

  • Net Banking Express Transfer - instant for amounts under INR100,000, same day for larger sums
  • Net Banking Guaranteed Transfer - same day if received before 15:00 AEST
  • Net Banking Indicative Rate - 1 working day
  • Wire Transfer - 1 working day

It’s worth noting that the time taken for transfers is measured from the point that your funds are received by Remit2India - so the whole process may take a day or two longer than outlined above, depending on your own bank’s delivery times.

How does Remit2India work?

To send money back to India using Remit2India, you’ll need to first check your eligibility, and then create an online account, providing your personal and contact details. You can then choose your payment route, and get started.

What kind of transfers can you make?

There are several different types of transfer available from Remit2India. However, not all methods are available from all countries. From Australia, the following transfer routes are available⁵ - but if you’re elsewhere in the world, you’ll need to double check the options open to you.

Net Banking Guaranteed Rate

Transfers are made on the same working day, with an exchange rate agreed at the point of placing the transfer

Net Banking Express Transfer

This instant transfer is fast and efficient, but you’re limited to AUD4,000 a week via this payment route.

Wire Transfer

You’ll make a wire transfer to a local account owned by Remit2India, who will then arrange for the money to be converted to INR and sent to the recipient account

Net Banking Indicative Rate

The exchange rate you agree to is indicative only, meaning a different rate could applied to your transfer depending on fluctuations in the market

Does the recipient have to sign up with Remit2India?

The recipient does not need an account with Remit2India in order to receive money. Your payment will be delivered right into their regular bank account.

Are there any limits to the amount you can transfer?

There are some limits applied to individual transfers, although you may find you can then choose to make multiple transfers to move the whole amount in several transactions. Check the fees if this is the only option open to you.

Here’s an overview of the limits you’re likely to find⁵:

  • Same day service - uncapped
  • Net banking express transfers - up to AUD4,000 a week.
  • Wire transfers - up to AUD25,000 per transaction.
  • Instant transfers - up to INR100,000 per transaction²

Remit2India may ask you at any time for additional information or documents to show the income sources and reasons for transfer, to ensure transactions comply with local law².

Is the service available to anyone?

Remit2India is only able to serve non-resident Indians, over the age of 18, who are looking to send money to a bank account³ - including NRE accounts² - held in India.

You’ll be asked to specify the reason for your transfer, and can only send money if your situation fits into the following categories, as set out on the Remit2India FAQs²:

“You can send money for family maintenance, Credit to NRE/ NRO account and saving purposes only.”

If that doesn’t sound like you then it’s time to find an alternative - try Wise to get your international payment made safely, with the real exchange rate, and just a small upfront fee.

If you’re planning on making frequent payments to India, you might be even better off if you choose a Wise borderless multi-currency account. This smart new account allows customers to hold money in any of dozens of currencies, including AUD and INR, make and receive payments, and switch between currencies for just a small upfront fee, whenever you like. See if you could save with a borderless account from Wise, today.

How can you contact Remit2India?

To contact Remit2India, you’ll need to visit their website, and then either request a call back, or complete your registered email address and they’ll contact you by mail².

Whatever your reason for making an international payment, it’s worth checking out all the options available to you. Remit2India are only able to serve non-resident Indians, making specific payment types, and so their service won’t suit everyone.

The good news is that there are many services out there, including traditional banks and specialist, and online providers like Wise. Look at the upfront fees - but also the exchange rates on offer, to make sure you’re getting a fair deal.

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