An inexpensive solution to sending money back home to India.
Money2india is an online money exchange and transfer service for sending money between Australia and India. They are affiliated with ICICI Bank, the largest private sector bank in operation in India. ICICI Bank is available across India, with 3,820 branches and 11,798 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.
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. $1 AUD
- 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:
|Europe, GBP||Germany, EUR||France EUR|
|Austria EUR||Finland EUR||Ireland EUR|
|Spain EUR||Sweden SEK||Switzerland CHF|
|Singapore SGD||Australia AUD||Hong Kong HKD|
|United 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 two to three 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
- 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.
- 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.
FAQs about Money2india
Is this service available to non-residents?
So long as you have set up your online account, anyone, including visitors to Australia can use this service.
What’s their refund/dispute handling process?
For registered Money2india users, they can contact the provider directly by using their registered email ID. An email address and phone number for both India and Australia is provided for non-registered users who have any questions or concerns about a money transfer.
Is there a maximum/minimum amount you can transfer?
There is a minimum amount of $100 for each transaction. Maximum limits are as follows: $100,000 for bank deposits, $5,000 for demand drafts and $1,200 for Visa debit cards. For the fixed Rupee transfer there is a minimum of 1,000 Rupees and maximum of 400,000 for a bank deposit. There's a maximum of 32,000 for a Visa debit card deposit.
Is this service available for small businesses?
A small business owner can use this provider to send money to India.
How long do transfers take?
It depends on the type of transaction, but typically between three to four business days.
Is there an app available to conduct transfers?
Not at this time.
How do you check your balance/progress of transferring your money?
You are given a tracking number at the end of your transaction that allows you to follow the transfer’s progress.
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.