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Product Name | MasterRemit |
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Pay By | Bank transfer, Credit card, Debit card |
Receiving Options | Cash pickup location, Bank account, Mobile wallet |
Customer Service | Phone, Email, In person |
Available Currencies | AUD, BWP, GHS, KES, MYR, RWF, TRY, TZS, UGX, USD, VND, ZAR |
Bank Account Required? | Yes |
Personal Account Manager? | No |
MasterRemit offers a convenient way of making transfers to countries situated in the Middle East, Africa and Malaysia. 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.
MasterRemit's fees depend on a number of factors including:
Fees can range from $0 to $27.20 depending on your destination country and transfer method. 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.
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.
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:
Making a transfer through MasterRemit is a simple process. Here's how it works:
You can pay for your international money transfer with MasterRemit using the following methods:
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 take
MasterRemit was established in 2016 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.
You can pay for your international money transfer with MasterRemit using the following methods:
Yes, MasterRemit has an app on both Google Play and the App Store. The app makes it possible to:
Ratings accurate as of 30 May 2022 | |
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Google Play | 4.5 out of 5 - based on 69 customer ratings |
Apple App Store | 4.6 out of 5 - based on 27 customer ratings |