Review of Money2India Online Money Transfer service
Money2India is a global money transfer service designed for allowing Indian expatriates or Non-Resident Indians (NRIs) to send money to India. It is available in many countries with the prominent ones being the United States, the United Kingdom, Canada, Hong Kong, Australia, and Singapore. The service is made available by ICICI Bank and is accessible on both Android and iOS platforms.
Transfer speeds can vary based on a few factors. Typically, the funds reach the recipients within anything ranging from an hour to 48 hours. It is a reliable service provided by India’s leading private sector bank and supported by 24/7 email and phone support. A highly secure platform charges competitive transfer fees and has relatively faster transfer rates.
Terms and Fees of Money2India
- Min Transfer Amount: $0
- Max Transfer Amount: Unlimited
- Exchange Rate: Updated Daily
- Transfer Fees: $3 for amounts up to $975 / $0 for amounts over $975
Key Highlights of Money2India
Money2India is a valuable application for Indian expatriates and others who want to transfer money quickly to an account in India. Transfers can be made easily using a mobile device.
- ICICI Bank launched Money2India in 2017 to simplify money transfer to India
- Any new users can download the application and sign-up for the service
- It is both an affordable and secure way to send funds
- Most of the time the funds reach the recipient’s bank account within 1-2 hours
- Transfers can be made to any bank account in India
- Currencies supported include USD, GBP, CAD, SGD, AED, HKD, AUD, SEK and CHF
- It displays the current exchange rates
- You can keep track of up to last five transactions
- There is no fee for transferring amounts more than INR 65,000 ($975)
- There is no upper limit, giving NRIs lots of freedom and flexibility
Whether it is an occasional fund transfer or a periodic one, this service can be perfect for you. The lower service fee is one of its main attractions. Whether you want to send hundreds of thousands or a few tens of thousands, it makes good sense from the perspective of saving money.
Payment Options of Money2India
There are different payment options within the Money2India application, allowing you to send money at different speeds:
- Express e-transfer: This option will enable you to send money within 1 hour to accounts within ICICI bank. It takes up to 2 hours or accounts in any other Indian bank.
- Standard e-Transfers: If you are flexible with the time, you can choose the option that allows transfers to take place within a maximum of 5 business days.
- Recurring Transfers: This option is ideal for those who need to send periodic funds to someone in India. Recurring payments can be scheduled on a monthly, weekly, or quarterly basis.
Pros and Cons of Money2India
Pros
- Depending on the option you choose, the funds can reach the recipient’s account within 1 to 2 hours.
- Users can install and use a mobile app to make easy and quick money transfer service. It takes just three clicks to carry out a transaction.
- There is a negligent fee of only $3 for sending amounts of up to $975. Amounts more than $975 can be addressed without any charges.
- 24/7 customer support and the fact that a major banking organization backs it provides peace of mind, no matter how much funds you send using this app.
- Even a new user can initiate the process of money transfer with a one-time password.
- Applies mid-market exchange rates for transfers. This means you will be paying less for conversion and transfer.
Cons
- The service is available within a few limited countries. It should be extended to more countries.
- The Money Transfer service is focused only on sending money to India. So, it makes sense only to a fixed target audience – NRIs
- A conversion service tax is associated with a fund transfer fee. This can range from anything as small as $0.50 to $15 per transfer.
- Transfers can be made only to those with bank accounts.
- There are no special services for businesses
