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Money2india Money Transfers

An inexpensive solution to sending money back home to India.

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Money2india is an online money exchange and transfer service that specialises in sending money to India. They are affiliated with ICICI Bank, the largest private sector bank in operation in India. ICICI Bank is available across India, with 4,867 branches and 14,367 ATMs.

Although Money2india does work with ICICI Bank, there is no obligation to you or your recipient to be an account holder. They also allow transfers between Australia and India to hundreds of other banking institutions.

Money2india makes it inexpensive to send money to India by locking in your transaction at a competitive exchange rate and charging no fees to the sender for larger transactions. They offer a wide range of options for transferring funds, including fixed Rupee transfers, transfers to debit cards or remittance cards and demand drafts. You choose the option that is most convenient for your beneficiary in India.

Money2india exchange rates

Money2india prides itself on offering an exchange rate to Rupees that is competitive compared to what the banks offer. Plus, since exchange rates fluctuate depending on economic conditions, they also allow you to choose the amount of Rupees you want to arrive in India, and lock you into that rate until the transaction is complete. This way, you’ll known exactly how many Rupees you’ll be transferring over.

One of the most important things to consider when transferring money from Australia to India are the exchange rates and the fees charged. Most services, including Money2india, will show you the current exchange rate for easy comparison. Below are the rates current as of the 29/10/14.

Money2India-table


How much does it cost to transfer money with Money2india?

The exchange rate is just one consideration when sending money from Australia to India. These types of transactions will also be accompanied by a charge. This is something to consider when comparing these services to those offered by other money transfer service providers.

Money2india offers a number of different ways in which you can send money to India. Here is a list of those options and the fees you will be charged for using them:

  • Demand draft. 0.2% plus courier charges
  • ICICI Bank. $1 AUD
  • Non-ICICI bank. $1 AUD
  • Remittance card. $1 AUD
  • Visa card. $1 AUD

A fixed Rupee transfer is also available, which allows you to send a minimum of 1,000 Rupees or a maximum of 400,000 per transaction at a fixed exchange rate.

There are also two different sending options, NetTransfer and Swift Wire Transfer. NetTransfer allows you to send the money right from your computer while with Swift, you are going through your local bank in Australia.


Minimum transfer amounts and available countries

There's a minimum transfer amount of $100 when using Money2india and you are allowed to send up to $100,000 per day when sending the funds to a bank account in India. If you are sending the money to a Visa card the maximum amount will be $1,200 and $5,000 if you are using a demand draft.

Money2india is available outside of Australia as well. You can use this online service to transfer money to India from the following countries in the listed currency:

United States, GBPSingapore, SGDUnited Arab Emirates, AED

What types of transfers can you carry out with Money2india?

With Money2india you get a variety of options to choose from when transferring money from Australia to India. You can also use different options for different recipients once you have set them up in your account:

  • ICICI transfer. This is an electronic transfer of the funds where the money is deposited into an ICICI bank account in India.
  • Bank transfer. With this type of transfer you don’t have to be an ICICI Bank customer. Money2india allows transfers to over 100 other banks in India.
  • Remittance card. The money can be deposited onto an ICICI bank issued remittance card.
  • Visa debit card. An electronic transfer can also be placed onto a resident Visa debit card that was issued in India.
  • Demand draft. There are over 700 locations in India where a demand draft will be cashed for your recipient.

You can also set up the transfer using the exact Rupee option. This allows you to make sure that your beneficiary receives an exact amount by locking down the exchange rate for you. With the typical service, the rate is indicative and subject to change if the market value does in between the time that you place the transfer order, and when it actually arrives in India.


The registration and transfer process

You will first have to register with Money2india before you can begin using their services. This is a one time only step where you will have to provide your name and contact information. They will store your recipient information as well, so that you do not need to resubmit that on subsequent transfers.

All of your money transfers from Australia to India can conveniently be done online. During the transfer you will be asked to choose between a speedy transaction, where the exchange could change, or a fixed Rupee transfer that will keep it constant. Keep in mind that you will usually lose a little more during the exchange if you choose the second option.

The time it takes for the transfer to complete will be dependent on the way in which the money is being deposited:

  • ICICI bank transfers. It will take up to two days for the funds to be deposited into the account.
  • Card transfers. Allow for one extra business day if the money is going to a debit or remittance card.
  • Demand draft. This will depend on the address. If a courier dispatch is available it will take two to three days, but if registered post is required it will take up to eight or ten business days.

Pros and cons of using Money2india

Pros

  • Convenience. Being able to conduct your money transfer online is very time saving.
  • Low minimum transfer amount. Money2india accepts transfers as low as $100.
  • Low fees. The fees payable to Money2india for the use of this service are quite competitive.
  • Competitive exchange rate. The exchange rates offered are within the same range as those offered by other services.

Cons

  • Limited recipient options. This provider only allows for money transfers to India.
  • Money availability. This is not a good option if you need to send the money in an emergency situation, as it will take at least two days to become available to the recipient.

What other products and services does Money2india offer?

In addition to NetExpress and Swift, Money2india also provides these other transfer services to India:

  • Donate2india. If you wish to support a local charity in India, Money2india provides a service that allows you to send money straight to them from Australia.
  • Foreign currency cheques. ICICI Bank in India will allow the deposit of cheques issued in foreign currencies to be deposited into an existing bank account.

How does Money2india compare to other providers?

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.
1 - 25 of 25
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
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.
WorldRemit
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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
Limited time offer: Earn up to 125,000 bonus Qantas Points as a first-time converter. Ends 30 April 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
Airwallex
Within minutes
$0
Streamline global payments in 60+ currencies. Send & receive securely in 150+ countries, with fast settlements & competitive rates. Simplify book-keeping & manage everything in one place.
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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FAQs about Money2india

While this is a low fee option for sending money from Australia to India, you should also be looking at other companies for comparison. Focus your attention on the fees, exchange rate and turnaround time for the money transfer to ensure that the company you choose is giving you the benefits that you need.


Money2india money transfer service is a competitive cost provider that lets you conduct your transactions right online. This is a competitive service that can get your Australian earnings into your Indian bank account in just a few days.

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