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MasterRemit

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Summary

Enjoy real-time international money transfers with MasterRemit.

MasterRemit offers a convenient way of making transfers to countries situated in the Middle East, Africa, South Asia and Southeast Asia. If you're specifically looking to make payments through a debit or credit card, through Internet banking or through a mobile wallet service, MasterRemit could be a good choice for you. Just be aware that it has particular destinations it supports and places a limit on how much you can transfer at any one time.

  • Good for exchange rates that are more competitive than rates from the major banks.
  • Not so great if you want to remit popular currencies like CNY.

In this guide

  • Review
  • Details
    • Product details
  • Frequently asked questions
  • Your reviews
  • Ask a question

Details

Product details

Product Name MasterRemit
Pay By Bank transfer, Credit card, Debit card
Receiving Options Cash pickup location, Bank account, Mobile wallet
Customer Service Phone, Email
Maximum Transfer Amount Unlimited
Number of Currencies 23 (number of countries: 29)

Why should I consider MasterRemit?

  • Speed. MasterRemit promises real-time transaction processing to help your money reach the recipient.
  • Regulation. MasterRemit is headquartered and licensed in Australia.
  • Competitive rates. MasterRemit offers market-beating exchange rates, especially for destination countries in Africa.
  • Refer a friend. Invite a friend and earn 75 AUD for every friend that you invite who transfers at least 300 AUD. Your friend will also get 30 AUD.

What to watch out for

  • Limited reach. It allows a limited number of destination countries and currencies for remittance.
  • Transaction limits. MasterRemit limits how much you can transfer at any one time.

How much are MasterRemit's transfer fees?

MasterRemit's fees depend on a number of factors including:

  • Amount
  • Destination
  • The currency you are sending

Fees can range from $0 to $27.20 depending on your destination country. You may also incur some third-party charges such as fees from financial institutions for receiving wire transfers. You'll need to check with your recipient's bank to find out how much this will be.

What your transfer with MasterRemit could look like

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
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How are MasterRemit's exchange rates?

MasterRemit does include a small mid-market margin markup on its exchange rate. This will vary depending on your transfer destination. However, unlike traditional money transfer services that make most of their profit on the spread )the difference between the price your receive for a transaction and the price it actually costs companies to complete that trade), it seems that MasterRemit generally makes its profit from the fees it charges.

What are the ways I can send money abroad with MasterRemit?

There are numerous ways to send money with MasterRemit. However, these are also largely dependent on where you are sending money. Some of these methods include the following:

How to make an international money transfer with MasterRemit

Making a transfer through MasterRemit is a simple process. Here's how it works:

How long does an international transfer with MasterRemit take?

According to MasterRemit, most of its money transfers are sent within minutes since there are zero banking intermediaries. Some of its transfers might take longer, but these can be tracked via real-time status updates to your email.

Do note that your bank may take extra time to transfer money to MasterRemit when you're setting up the transfer. MasterRemit will only start your money transfer once it has received the funds from your bank account.

Transfers typically takeClock icon for transfer speed

Minutes

Is MasterRemit safe to use?

MasterRemit was established in 2019 and is regulated by the Australian Securities and Investments Commission (ASIC). It uses SSL technology and 2-factor authentication as well as advanced Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance features to protect its customers.

Due to regulation by ASIC, MasterRemit has to keep its customers' funds separate from its own. This means that should the company have any financial difficulties, your funds are protected.

What payment methods are accepted?

You can pay for your international money transfer with MasterRemit using the following methods:

  • Credit/debit or prepaid card (only Visa and Mastercard)
  • Bank transfer

Is there a MasterRemit app?

MasterRemit app

Yes, MasterRemit has an app on both Google Play and the App Store. The app makes it possible to:

  • Check exchange rates on the go. Current currency exchange rates and fees can be found in the app.
  • Make instant transfers. Send money to your loved ones at home within minutes.
  • Track your orders in real-time. Stay up to date on the progress of your transfer with real-time updates on your app dashboard.
Ratings accurate as of 17 August 2023
Google Play 4.8 out of 5 - based on 109 customer ratings
Apple App Store4.6 out of 5 - based on 34 customer ratings

How does MasterRemit compare to other money transfer services?

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Sign up and get a AUD$15 top-up. For new customers only. T&Cs apply.
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
Qantas Business Money
Within minutes
$0
Earn 1 Qantas Point per AUD$1 equivalent you convert into foreign currencies. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
TorFX Business Transfers
24 hours
$0
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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Frequently asked questions

Sources
  1. MasterRemit's official website, accessed October 2023

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