If you are unsure about whether to use the services of TransferWise or Money2India to transfer money overseas, you are not alone. For the uninitiated, TransferWise is UK-based overseas money transfer company, whereas Money2India is a remittance service provided by India-based ICICI Bank. TransferWise lets you send money to most countries the world over. The Money2India service, on the other hand, is only available for transferring money to India.
Turning to Trustpilot gives you some indication of where the Money2India vs. TransferWise comparison stands in the real world. TransferWise scores an average of 9.2 out of 10. While there are no ratings for Money2India, ICICI Bank’s average score on Trustpilot is 1.0 out of 10.
Selecting Money2India or TransferWise to send money to India requires that you pay attention to different aspects, which include:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Pay close attention to this section of the Money2India vs. TransferWise comparison because both service providers follow different fee structures.
- The fee you end up paying is a small percentage of the transfer amount.
- The currency you wish to transfer, the transfer amount, and the payment method have an effect on the fee you need to pay.
- More details about the company’s pricing structure are available online.
- There are no fees for adding funds or receiving payments in the TransferWise Borderless account.
- You need to pay nominal fees when you convert currencies or withdraw money from your Borderless account.
- The country you initiate the transfer from and the transfer amount have a bearing on transfer fees.
- If you live in the U.S., you need to pay a U.S. $4 fee when transferring any amount up to the fee-free threshold of U.S. $1,000.
- From Canada, transfers of up to the fee-free threshold of C$1,500 attract C$4 as fees.
- Transfers from the UK, depending on the transfer amount, attract 0.44% to 0.56% of the transfer amount as fees.
- Transfers carried out from Australia, Hong Kong, and Singapore come with no fees.
- If you send money from the United Arab Emirates to India, you pay a flat fee of AED 15.
- From Switzerland, transfers of up to the fee-free threshold of CHF 1,500 attract CHF 4 as fees.
- If you send money from Sweden, you pay SEK 20 as fees when transferring any amount up to the fee-free threshold of SEK 8,000.
Ease of Use
If you wish carry out an online transfer, you may use Money2India or TransferWise. Both also provide apps for devices that run on iOS and Android.
- Access to the TransferWise website comes in multiple languages.
- Depending on your country of residence, you may pay via a bank account transfer, a debit card, a credit card, or SOFORT.
- The Borderless account comes with free receiving accounts in USD, GBP, AUD, and EUR.
- The company provides a prepaid Mastercard, giving you easy access to funds in your Borderless account.
- Neither you nor the recipient needs to be an ICICI Bank account holder.
- Offline transfer modes include insta transfers, speed transfers, and demand drafts.
- Website access comes only in English.
Regular Overseas Payments
This section of the Money2India vs. TransferWise comparison tilts the scale in favor of the former. While TransferWise does not offer this feature yet, scheduling transfers through Money2India is fairly simple.