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Review: Rocket Remit international money transfers

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Summary

Quick and convenient mobile transfers to over 50 countries around the world.

In this guide

  • Review
  • Details
    • Product details
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  • Ask a question

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 takeClock icon for transfer speed

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:

  1. Visit the Rocket Remit website and click the "Sign up" link at the top right of the screen.
  2. Enter your first and last name, mobile number and email address. You'll also need to choose a password before clicking "Register!".
  1. A one-time code will be sent to your mobile number. Enter this code to confirm your phone number.
  2. 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.
  1. 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:

  1. 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.
  2. 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]".
  3. You'll be sent a confirmation SMS with a one-time code.
  4. Reply with this code to confirm payment to your recipient's mobile wallet.
  5. You'll be sent an SMS receipt with your transaction reference number.

Rocket Remit mobile wallet partners

Armenia: Idram Payment System – U!Pay
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
Ghana: MTN Mobile Money, AirtelTigo Mobile Money
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
Philippines: Globe GCash
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?

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

  1. Rocket Remit official website, accessed July 2023

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