There are some great money transfer providers, like Transfast, out there that are helping to make the process smoother, faster and online. What they often don’t tell you is that although their technology has gotten better, their fees are still the same. Or they hide fees in the exchange rate they show. No wonder the rate you see on Google isn’t the one you see from your provider. Wise is changing all that by giving you the rate you see on Google, and clear and transparent fees for every transaction.
Transfast is a global cross-border payment network that provides payments and transfers for individuals and businesses. It’s a completely online and mobile money transfer service for residents of the United States and Canada to send money to 50+ countries¹. Let’s get to know Transfast better and see if it could be a good fit for your transfer needs.
In this article, you will find-
- Receive money internationally with Transfast
Direct bank deposit
- Send money abroad with Transfast
- The true cost of international transfers with Transfast
- A cheap, fast and transparent alternative: Wise
Transfast has a strong network of banks in India that helps make the transfer to you easier. You have two ways to receive money: directly into your bank account, or with cash pickup.
With the bank deposit, the money comes straight into your bank account. You will be notified by SMS when the funds will be available.
You will be notified by SMS when the money is available and you can pick it up from any of Transfast’s 34,000 partner locations across India² ³. Use the Transfast location finder to find the one that is closest to you. Make sure you carry your government approved photo ID and the transaction number to pick it up.
To start the process, first make sure that your sender has the following⁴:
- Your name per government ID and bank account
- Mobile phone number
- Bank name in India (not necessary for cash pickup)
- Bank account number (not necessary for cash pickup)
You will receive an SMS when your funds have been deposited or are ready for pickup.
You won’t be charged to receive money through Transfast- the charges and fees will be taken out of the total amount paid by the sender.
The time it takes for the transfer to show up in your account or for pickup will depend on how your sender sends it and their payment method. Overall you can expect this to take 3-5 business days for Transfast’s Value+ service if all the information inputted is correct and in lines with their terms and conditions5. Transfast’s Fastrack option can have it to you sooner.
Looking to send money from Australia, Europe or the UK? Wise can be your go-to provider for sending fast, easy and secure transfers to India. 90% of all money transfers to India are delivered in 1 business day from the moment the payment is received at Wise. If you need another reason to choose Wise, look at the table below at how our exchange rate compares.
Sending money with Transfast can be done through their website or mobile app.
You will have to sign up for their service online by clicking on ‘Sign Up’ and providing your:
- Full name
- Address per ID
- Phone number
- Email address
Make sure that the name on your credit/debit card or bank account matches the name on your Transfast account so there are no delays or cancellations of your transfers⁶.
To note, you have to be 18 years old or older to open an account. When you set up your account and intend to pay for the transfers by checking account, there is an additional step to validate the bank account. This can be done online or by confirming 2 small deposits that are made into the checking account⁷.
Once you have set up your account, you can see the rate and fees for sending money to India for your transfer. Transfast provides an exchange rate guarantee so you’ll know exactly how much your recipient will receive.
To add your beneficiary, make sure you have their name per government ID, mobile phone number, city and state. For direct bank deposits, you will also need their bank name and bank account number.
Next, you’ll have to choose your payment method.
You can pay by using your US or Canadian checking account (once it is validated). This is often the most cost-effective way. Payments from savings accounts are not permitted.
You can also pay by Visa, MasterCard, or some Maestro, credit or debit cards (the Maestro card must have a 16 digit card number). The name on the credit or debit card must match the name on your Transfast account. It is important to keep in mind that if you use a credit card, your credit card company may view this transaction as a cash withdrawal and charge additional fees and interest.
The sending limit with Transfast is $2,950 per transaction and $10,000 USD within 30 days⁸. You can get it increased the more you use the service and after submitting additional KYC documents⁹.
Transfast determines its own exchange rate, which is less than the mid-market exchange rate. The mid-market exchange rate is the rate you see on Google or Reuters and is also the rate that Wise uses. But Transfast sets theirs lower to be able to take a profit in each transaction. For instance-
|Mid-market Exchange Rate (Google/Wise)||₹69.78||₹69,780|
Collected on May 30, 2019
The small difference in the exchange rate can start to take a bite into the amount your sending before any fees are added.
Transfast offers two exchange rate and time options for sending money- Value+ and Fastrack¹⁰
|Transfast Value+||Transfast Fastrack|
|Higher exchanges rates||High exchanges rates|
|Fees from 0.00 USD with a bank account||Fees from 4.99 USD * with a bank account or debit card|
|Delivery in 3-5 business days||Instant to 24-hour delivery|
*If you are sending $1,000 USD or more from the US to India and pay with your bank account, the $4.99 fee is waived.
So depending on your transaction and time on hand, your fees and rates can differ.
The time it takes to send money with Transfast can depend on if you are using doing a Value+ or FastTrack options. Overall, a typical Value+ transfer takes 3-5 business days. Fastrack can be instant to 24 hours.
You can check the status of your money transfer at any time directly from your dashboard in your Transfast account. Your transaction receipt will also provide a date to expect the transfer to be complete.¹¹
You can contact their customer service support anytime at 1 (888) 973-6383, or drop them a message on their website. They also have a comprehensive FAQ page if you are looking for quick answers to common questions.
Looking to have a better pulse on your transfer? Wise emails you at each stage of your transfer. You can also track your transfer with Wise’s award-winning app and website wherever you are.
Transfast provides an easy way to send money globally and online. But it may not always be the cheapest. With a lower exchange rate and a fee, getting a fast transfer over to India may be best done with other providers like Wise. 90% of Wise’s regular transactions to India are completed within 1 business day after payment receipt, and you get the mid-market exchange rate. Let’s take a look if we compare both 24-hour services,
|Fee (Bank ACH)||-4.99||-8.16|
|Amount to convert||$994.01||991.83 USD|
|Exchange rate at $1 for Fastrack||₹69.03||₹69.89|
As you can see, the lower exchange rate becomes a type of fee that eats into the amount you want to send. You get ₹633 more rupees on this transaction just by using Wise.
The sending limits with Transfast are also something to consider if you are supporting loved ones back in India. Wise allows for transactions up to 1 million USD.
So although Transfast has many reasons to be a strong money transfer provider for your needs, it is best to shop around to make sure you are getting the best deal. Wise has a comparison tool that will give you an honest breakdown of which providers have the best rate and fees for your particular transfer.
Wise is a new way to send money globally. We use the real exchange rate for sending money- so what you calculate on Google or Reuters is the rate we use too. We combine that with a transparent and low upfront fee you can check for your particular transaction right on our homepage. And we’ll be honest, there may be instances where we may not be the cheapest and we will make sure you know that too. Wise is regulated by the FCA in the UK and has over 35,000 5 star customer reviews on Trustpilot. Plus we have awesome customer support that is there to help you every step of the way.
Sources used for this article
3, 5, 11 https://www.transfast.com/faq/tracking-your-money-transfer
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
Find out the best international money transfer companies and compare your exchange rates. Know how you can decide which company can be best for you!
Learn all about the Reserve Bank of India's Liberalised Remittance Scheme (LRS), and how it affects your international transfers.
Find out the best international money transfer apps in 2019. Know what to consider when choosing the best Android or iOS app for sending money internationally.
Learn more about ACH payments, its meaning, charges, and how this bedrock of electronic payments between bank accounts in the US work. Know more.
Find out what are NEFT transfers in India. Learn about their full-form, meaning, charges, timings, limits and more in 2019. Know more.
Learn all about sending and receiving money internationally with Xoom. Find out what are all the fees and charges, and how much time does it take. Know more.