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MasterRemit international money transfers review
Enjoy secure and fast real-time international money transfers with MasterRemit.
- 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 INR and CNY.
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AUD 1
Min. Transfer Amount
AUD 50,000
Max. Transfer Amount
Within an hour
Transfer Speed
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Details
| Product Name | MasterRemit International Money Transfers |
|---|---|
| Min. Transfer Amount | AUD 1 |
| Max. Transfer Amount | AUD 50,000 |
| Transfer Methods | Online, Bank Account to Bank Account, Cash Transfer |
| Transfer Speed Minimum transfer time | Within an hour |
| Customer Service | Phone, Email, Branch |
| Available Currencies | AUD, BWP, GHS, KES, MYR, RWF, TRY, TZS, UGX, USD, VND, ZAR |
| Online Transfer Fee | AUD 2.99 |
|---|
Why should I consider MasterRemit?
- Speed. MasterRemit promises real-time transaction processing to help your money reach the recipient.
- Security. MasterRemit is headquartered and licensed in Australia.
- Excellent rates. MasterRemit offers market-beating exchange rates, especially for destination countries in Africa.
- Payment methods. MasterRemit accepts payments by credit and debit cards as well as through POLi, which many other providers do not offer.
What to watch out for
- Limited reach. It allows a limited number of destination countries and currencies for remittance.
- High fees. MasterRemit charges anywhere from 2.8% to 3% in fees, which is higher than some other international money transfer providers.
- Transaction limits. MasterRemit limits how much you can transfer at any one time.
- Currency limits. MasterRemit only allows you to send funds in specific currencies based on the country of your choosing. You can send USD to Egypt but not to Malaysia or Zimbabwe, for example.
MasterRemit's exchange rates and fees
MasterRemit generally charges a fee of anywhere from 2.5% to 3%, which while not publicly disclosed, was based on our own experience attempting to make transactions through its platform. Additionally, it does not charge flat fees for international money transfers and does not offer fee-free transfers other than through promotions.
Generally, however, the total fee can vary based on how much money you send, where you are sending the money, your payment method and the currency selected for disbursement. Unlike traditional money transfer services that make most of their profit on the spread (the difference between the price you 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.
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.
Calculate how much your transfer with MasterRemit could cost
Calculate how much sending money overseas would cost with MasterRemit by using our calculation tool below. You can also check out the real-time exchange rate MasterRemit offers.
How long does a MasterRemit money transfer 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.
What currencies can I send with MasterRemit?
MasterRemit transfers money in a range of different currencies, including the following:
- USD US dollar
- ETB Ethiopian birr
- SAR Saudi riyal
- ZAR South African rand
- TRY Turkish lira
- MYR Malaysian ringgit
- AED Emirati dirham
Is MasterRemit safe to use?
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.
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
- Internet banking (POLi)
You first need to confirm your transaction and then MasterRemit will provide you with its bank details.
What are the ways I can send money 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:
- Mobile wallets
- Orange Money
- Amole
- HelloCash
- Airtel Money
- MTN Mobile Money
- Cash pick-up
- Bakaal
- Zeepay
- FinFan agents
- Bank account
What do I need to send money online through MasterRemit?
Besides the personal details that MasterRemit obtains through your account registration, you'll also need to provide other information when you make a transfer. This includes the following:
- Transfer destination. You'll need to know which country you are transferring the money to.
- Transfer method. You'll have to specify how the recipient will be getting their money: to their mobile wallet, bank account or through cash pick-up.
- Recipient information. What's the recipient's name? What's their bank account number or mobile wallet details?
- Payment method. How would you like to pay for your transfer? If you'd like to make a bank transfer, you'll need your bank details. If you're making a credit card payment, you'll need your CVV and other card details.
How to make my first transfer with MasterRemit
Making a transfer through MasterRemit requires a simple 3-step process. Here's how it goes:
- Create an account. You'll need to provide details like your name, contact details and country of residence as well as documents to verify your identity.
- Click on "Send Money". This button is at the top of your screen in the navigation bar. You'll land on a screen labelled "Send Money" at the top.
- Finalise transfer details. You'll need to input where you're sending money to, in what currency and how the recipient will receive the funds.
- Add in the recipient's details. This includes the recipient's name, address, bank details and the reason for the payment.
- Confirm your payment method. For transfers from Australia, you can use a credit/debit card, a bank transfer or Internet banking.
- MasterRemit sends your transfer. MasterRemit will complete the transfer once it receives the money. You can track this through your email updates or online account.
How to track a transfer
You can track your MasterRemit transfer in 2 ways: timely updates via your email or through the app/desktop interface on your dashboard.
How does MasterRemit compare to other providers?
Use our table below to compare the exchange rate and fees for other money transfer specialists.
Bottom line
Overall, MasterRemit offers a reliable and secure method to make 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 only accessible through MasterRemit, MasterRemit could be a good choice for you. To compare MasterRemit with other money transfer services in Australia, visit our international money transfers guide.
