Review: Rocket Remit international money transfers
Summary
Quick and convenient mobile transfers to over 50 countries around the world.
Details
Product details
| Product Name | Rocket Remit |
| Pay By | Bank transfer, Credit card, Debit card |
| Receiving Options | Cash pickup location, Mobile wallet, Alipay (China only) |
| Customer Service | Phone, Live chat, Email |
| Maximum Transfer Amount | $1,000 |
Quick verdict
Good for
- Send to 50+ countries.
- Fast and convenient transfers.
- Simple and transparent fee structure.
- Sending money to people who don't have a bank account.
Not so great for
- Restrictive transfer limits.
- Fees on smaller transfers.
Rocket Remit exchange rates and fees
There are two factors you'll need to consider when calculating the total cost of a transaction: the exchange rate you get and any transaction fees that apply. Rocket Remit adds a margin on top of the mid-market exchange rate when you use Australian dollars to buy a foreign currency. The size of the margin varies depending on the currency you want to send overseas.
Rocket Remit also charges a flat $5 fee on all transfers except those sent to Pakistan and Bangladesh, which are free.
What types of transfers can you make with Rocket Remit?
Rocket Remit allows you to send mobile money transfers to people who live in a supported country and who have an account with a compatible m-wallet or e-wallet provider.
The funds you send will typically be deposited into your recipient's m-wallet or e-wallet immediately, and how they access the funds will vary depending on the services offered by their wallet provider.
How long does a transfer with Rocket Remit take?
Once you've authorised a payment, the money you send will typically arrive in your recipient's mobile wallet immediately.
However, please remember that unless your Rocket Remit account already has sufficient funds, you'll also need to wait for your account to be loaded. This can take instantly depending on your bank and the payment method you select.
What payment methods does Rocket Remit accept?
You can fund your Rocket Remit account using any of the following options:
- Internet banking transfer
- BPAY
- ANZ ATM deposit
- Over-the-counter deposit at any ANZ ATM branch
Transfers typically take
Within minutes
Is Rocket Remit safe to use?
- Regulation. Regulated in Australia by ASIC and AUSTRAC.
- Established. 2004.
- Security. Online safety tips and advice for customers.
Rocket Remit is operated by Australian fintech business mHITs Limited, which was established in 2004. mHITs Limited is regulated by the Australian Securities & Investments Commission (ASIC) and is also listed on the Australian Transaction Reports and Analysis Centre (AUSTRAC) Remittance Sector Register.
You'll need to verify your ID to sign up for a Rocket Remit account and enter a one-time SMS code every time you want to send a transaction. Rocket Remit also offers a selection of online safety tips to help customers protect themselves against fraud when sending a mobile transfer.
How does Rocket Remit make money?
Rocket Remit makes money in two ways:
- By charging transaction fees on most transfers.
- By adding a margin on top of the mid-market exchange rate. The mid-market rate is the "real" exchange rate you see listed on Google and currency conversion websites.
How to register an account
It's free to sign up for a Rocket Remit account online by completing the following steps:
- Visit the Rocket Remit website and click the "Sign up" link at the top right of the screen.
- Enter your first and last name, mobile number and email address. You'll also need to choose a password before clicking "Register!".
- A one-time code will be sent to your mobile number. Enter this code to confirm your phone number.
- You'll then need to:
- Provide your date and country of birth.
- Specify whether you are an Australian citizen or resident.
- Provide your occupation.
- Enter your residential address.
- Select your gender.
- The final step is to verify your ID and complete the sign-up process.
How do I make an international money transfer with Rocket Remit?
Once you've created an account, you can send a mobile money transfer with Rocket Remit by completing the following steps:
- Check that your recipient is registered with a compatible m-wallet or e-wallet operator in a country supported by Rocket Remit. Check the must-read box below for a list of supported wallet operators.
- Compose a payment SMS to 0488 762 538 (0488 ROCKET) as follows: "PAY [Recipient's mobile number] [Amount] [Recipient's first name] [Recipient's last name] [Recipient's address]".
- You'll be sent a confirmation SMS with a one-time code.
- Reply with this code to confirm payment to your recipient's mobile wallet.
- You'll be sent an SMS receipt with your transaction reference number.
Rocket Remit mobile wallet partners
Bangladesh: bKash Mobile Money
Benin: MTN Mobile Money
Burundi: EcoCash Mobile Money
Cameroon: Orange Money, MTN Money
Colombia: Movii
Congo DRC: Airtel Money
Ecuador: Efectivo Desde Mi Celular
El Salvador: Tigo Money
Ethiopia: Hello Cash
Fiji: Vodafone Fiji M-PAiSA
Guatemala: Tigo Money
India: PayTM
Kenya: Safaricom m-pesa Mobile Money
Malawi: Airtel Money
Mozambique: Vodacom m-pesa Mobile Money
Nepal: eSewa Mobile Money
Nicaragua: Billetera Movil (Banpro)
Nigeria: vCash Mobile Money
Pakistan: Telenor Easypaisa Mobile Money
Rwanda: MTN Money, AirtelTigo Mobile Money
Senegal: Orange Money, Tigo Cash
Somaliland: Telesom ZAAD Mobile Money
Sri Lanka: eZ Cash Mobile Money
Tanzania: Airtel Money, Tigo Pesa, Vodacom m-pesa
Uganda: Airtel Money, MTN Money
Vietnam: MBBank Vietnam Mobile Money
Zimbabwe: EcoCash
What is Rocket Remit?
Rocket Remit is a mobile money remittance service that specialises in transfers from Australia to Africa, the Asia-Pacific region and the Americas. Previously known as mHITs Remit, Rocket Remit is a service of Australian fintech business mHITs Limited. Established in 2004, mHITs Limited has built and run a number of payment services in Australia and around the world. Its head office is in Canberra.
In a nutshell
Pros:
- Fast and convenient transfers. Rocket Remit allows you to send money overseas directly from your mobile and the funds will arrive in your recipient's mobile wallet instantly.
- Simple fee structure. Rocket Remit's fee structure is simple and straightforward, with no hidden fees or complicated tiered fee systems to worry about.
- Send to 50+ countries. Rocket Remit allows you to send transfers to over 50 countries around the world.
- Easy access. Rocket Remit offers its service to Australian residents who can provide valid proof of ID and have a compatible mobile phone. Your recipient also doesn't need a bank account to receive the money you send.
Cons:
- Transfer limits. If you want to send an amount of $500 or more, you'll need to look elsewhere.
- Fees on smaller transfers. A $5 flat fee applies to all transfers except those to Pakistan and Bangladesh. If you're only sending Rocket Remit's minimum transfer amount of $50, this fee equates to 10% of the money you're transferring.
How does Rocket Remit compare to other providers?
Frequently asked questions
- Rocket Remit official website, accessed July 2023
Your reviews
Tim Finder
Writer
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