Money2India Europe Review: Money Transfer Fees, Safety, Usability, and Monito's Verdict

Byron Mühlberg, writer at Monito.com
Jan 18, 2022
Affiliate disclosure

Money2India Europe is a good money transfer service (7.5/10), often at the top of Monito's comparisons for transfers to India from Germany. Backed by ICICI Bank, Money2India Europe offers reliable and credible service (8.3/10) on speedy and easy-to-use web and mobile apps (7.7/10) and the service frequently offers some of the best EUR/INR exchange rates on the market (9/10). Money2India lags is in its customer satisfaction (4.8/10), where their old platform had earned lukewarm feedback all-around. (However, they recently revamped their product offerings and have come up with a sleek new mobile app and website.)

What We Like About Money2India Europe

  • Very competitive exchange rates to India from Germany.
  • Same-day transfers are supported via fixed rate transfer.
  • Backed by ICICI Bank, India’s largest private sector bank.
  • Sign-up is open to everybody, not only ICICI Bank customers.
  • Supports transfers to businesses.

What We Dislike About Money2India Europe

  • No longer supports new registrations from outside of Germany.
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Monito's Recommendation

ICICI Bank's Money2India Europe remittance service is a good choice for sending money to India from Germany, one we recommend for transfers where you don't mind it taking 1-2 working days to arrive. If you'd like to transfer a smaller amount or make sure you're getting the best deal on every transfer to India regardless of the amount, we recommend running a search on Monito's real-time comparison engine instead.

Who Is Money2India Europe For?

As of 1 January 2021, Money2India Europe is only available to residents and bank account holders in Germany. The platform is still available for existing users outside of Germany in 16 other Eurozone countries, as well as Denmark, Sweden and Norway.

How Monito Reviewed Money2India Europe's Services

As with all services reviewed by Monito, Money2India Europe underwent a rigorous evaluation to assess the quality of its service. To begin with, our experts opened a Money2India Europe account to test out its functionalities, including the ease of registration and speed of transferring money, which provided a well-rounded overview of the platform's strengths and limitations. Next, we weighed this score against several other key criteria, including customer reviews, percentage of fees constituted by exchange rate margins, pay-in options, access to customer service, and business and legal metrics such as volume transferred, appropriate authorization, and company size. Finally, we analyzed hundreds of thousands of searches on Monito's comparison engine to determine how often Money2India Europe was the cheapest service and how often it was competitive against its rivals over the past three months, giving a reliable overview of its pricing in relation to the market. As with all Monito Scores, Money2India Europe's score was peer-reviewed by at least one Monito expert.

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Trust & Credibility

8.3

Background check

Money2India Europe is a product by ICICI Bank UK Plc, Germany Branch, where it is a registered and authorised bank. ICICI Bank UK Plc is itself a subsidiary of India's largest private sector bank, ICICI Bank Ltd.

Security & reliability

Money2India's platforms are fully secured and use top-notch security protocols, including segregated user accounts, 128-bit SSL, advanced firewall protection, 2FA via OTPs, and Touch ID.

Company size

With nearly 100 thousand customers and handling well over US$1 billion in money transfers, Money2India Europe is a large, trusted and well-established service.

Transparent pricing

While the sending page neither indicates the exchange rate margin as a fee amount nor the fact that all of its fees are built-in to the exchange rate, Money2India does clearly indicate the mid-market exchange rate beside its own one.

Can I Trust Money2India Europe?

Money2India Europe is a fully credible and trustworthy way to send money overseas. This is largely because the service is wholly owned by ICICI Bank, the largest private sector bank in India and among the most prominent banks on the globe. ICICI Bank, which is headquartered in India and has subsidiaries in Canada and the UK, boasted a consolidated total assets of INR 14.76 trillion in 2020 and employs nearly 100 thousand people in 16 countries globally.

As for Money2India Europe in particular, the platform (alongside Money2India more broadly) was founded in 2002, making it one of the oldest online remittance services out there with a long track record of service. These days, Money2India Europe transacts around €1 billion of client money annually for nearly 50 thousand users, making Money2India Europe a prominent money transfer service for India-bound remittances from Germany.

Is Money2India Europe Safe?

Yes, Money2India Europe is indeed a safe and secure money transfer service. Sending money using the website or mobile app is among the safest ways to transact digitally for a number of reasons. Firstly, Money2India's online platforms are fully secured through advanced firewall protection and 128-bit Secure Sockets Layer (SSL) technology, and clients can make use of two-factor authentication to log in to their accounts. All of which makes customer money nearly impossible to be interfered with from the outside.

Furthermore, apart from being a part of a German regulated Bank, the customer deposits are covered by Deposit protection schemes, which ensures that the funds are kept safe in the improbable event of bankruptcy.

Service & Quality

7.7

Opening an account

Opening an account with Money2India Europe can take quite a bit of legwork, requiring ID verification for transfers above €1,000 and a large number of signup steps more generally.

Making a transfer

You can use payment gateways to pull money or send the funds from your bank account. It's easy and no need to register your bank details.

Contacting support

With an around the clock email and phone support, Money2India Europe makes it relatively simple to get assistance when needed, although no live chat feature is supported.

Money2India's Service Quality

Opening a new account with Money2India Europe is seamless, but the service really shines when it comes to making a transfer to new or existing recipients — the process is very quick with just a few clicks.

Besides security and excellent exchange rates, Money2India Europe offers a high-quality (albeit rather narrow) range of services to NRIs living in Germany. For example, international money transfers are only possible using a bank transfer (i.e. moving money from one bank account to another), with alternative pay-in methods such as debit or credit card transfers and pay-out methods such as cash pick-up not being supported.

All this being said, Money2India Europe’s new Avatar truly excels at the services it offers. Transfers are made relatively quickly (30 minutes to any ICICI Bank account using Guaranteed Rate transfers and within one to two business days to any other beneficiary bank account). Money2India Europe is widely available to NRIs living abroad and can transfer money to pretty much any registered and authorised bank in India, as well as to business bank accounts.

What's more, Money2India allows users to choose between two ways of sending: 'Floating rate', and 'Fixed rate' transfers. The former transfer type arrives within one to two working days and works through the SEPA system, while the latter is processed via KLARNA or TRUSTLY and arrives within the same working day for non-ICICI and 30 minutes for ICICI bank accounts. Unlike many other transfer services, Money2India Europe charges no additional fees for fixed rate transfers above the exchange rate margin (more on this later).

Monito's Impressions During Our Test

Money2India's new remittance platform offers customers a simple and clear experience for sending money to India. The platform is straightforward to use, with the entire money transfer process being completed in a single instance. The dashboard features a user-friendly dropdown layout that allows customers to easily transition from one step to the next, allowing our reviewers to wrap up a new money transfer in as few as one to two minutes when both the sender's and recipient's bank accounts are added, or five minutes when starting from scratch.

Money2India Europe's Mobile App

Money2India Europe's new mobile app offers all the same features as the website for users on iOS and Android, allowing customers to send money to India, verify their identity, add new sender and beneficiary banking details, and choose between Floating rate and Fixed rate transfers. The new app is quite sleek and user friendly.

The app has garnered very mixed reviews from customers to date, scoring 3.3 out of 5 stars on Google Play from around 260 reviews.

Fees & Exchange Rates

9.0

Transfers to a bank account

Money2India Europe is the cheapest option on around one in ten (9.8%) Monito comparisons between Germany and India and competitive on most (80%) of the others.

Money2India Europe's Fees & Exchange Rates

All things considered, Money2India Europe is reasonably well-priced in relation to the rest of the market. On Monito's comparison engine, while it's seldom the cheapest bank transfer service of all from Germany to India, it's pretty much always competitive.

Money2India Europe's Transfer Fees

Unlike most banks and money transfer specialists, Money2India Europe charges no transfer fee — neither a fixed fee nor a commission — on transfers abroad, meaning that all transfers are sent without a base amount being detracted from the transfer.

Money2India Europe's Exchange Rates

While Money2India Europe doesn't charge fees directly, it does make money on exchange rate margins — the difference between the mid-market exchange rate at which banks trade and the rate that consumers are offered for personal transfers.

At Money2India Europe, exchange rate margins between the Euro and the Indian rupee are normally between 0.4% and 0.5% worse than the mid-market rate for both their guaranteed rate transfers and normal bank transfers. In the end, this means that for every €1,000 you send to India through the platform, between €995 and €996 will be converted to rupees at the "real" exchange rate (which is comparatively very cheap).

Take a look at the chart below to get a better picture of how this works:

All things considered, these exchange rates make Money2India Europe one of the cheapest services available to NRIs sending money home from Germany. However, while it frequently outcompetes banks and many other transfer specialists for EUR/INR remittances, Money2India Europe was only the cheapest option on 9% of Germany-to-India comparisons on Monito between July 2020 and 2021, with CurrencyFair (11%), Wise (25%), and Remitly (35%) more often being the provider to make it to the top of the results.

Run a search on Monito's real-time comparison engine to find out which service offers the cheapest transfers from Germany to India today:

Compare Money2India's Fees & Exchange Rates

Customer Satisfaction

4.8

Customer review score

Garnering an average of 3.2 out of 5 stars from around 260 reviews on Trustpilot and Google Play, Money2India Europe has received lukewarm feedback, although it doesn't yet have many reviews to show for.

Number of positive reviews

With fewer than 200 four- and five-star reviews across Trustpilot and Google Play, Money2India Europe does not yet have a large number of reviews to its name.

Customer Reviews of Money2India Europe

Although customer feedback of Money2India Europe's service has been generally mixed, as of June 2021, there have simply been too few total reviews to accurately and fully represent customer sentiment. However, out of the non-mobile-app-specific reviews we surveyed on Google Play Store, the following sentiments came out as particularly common:

Positive Money2India Europe Reviews

  • 30-minutes transfers from banks in Europe to ICICI accounts in India.
  • No extra fees for Guaranteed rate transfers.
  • Simple and easy to use platform.
  • A reliable way to send money to India.

Negative Money2India Europe Reviews

  • Including "Europe" in the name can be misleading given that only German registrants are supported.
  • The old app can be slow at times.

How Money2India Europe Works

  • Step 01

    Check Money2India's Rates

    Use Monito's comparison engine to see how Money2India Europe's fees and exchange rates weigh up against the rest and make sure they are indeed the cheapest option for your international money transfer. There, you'll be able to discover both the cheapest ways to fund your transfer and have the money received.

  • Step 02

    Register for a Money2India Account

    Sign up for a new Money2India Europe account by entering your full name, mobile phone number, email address.

  • Step 03

    Complete Your Registration

    Enter your date of birth, current address and citizenship to complete the registration.

  • Step 04

    Set Up a Transfer

    Set up your transfer by entering the amount you'd like to send to India. Enter any coupon codes you might have. Click 'Proceed' to move to the next step. Select from recent transactions or recent favourites if you want to repeat the transaction for a much quicker transfer.

  • Step 05

    Verify Your Identity/User Identification

    You must complete a one-time user identification process. You'll need to provide a copy of your passport and proof of residence to ICICI Bank's online ID verification partner for simple user identification. This will allow you to make seamless transfers.

  • Step 06

    Add Your Beneficiary

    Add the personal and banking details of the person in India to whom you'd like to send money. They can either be an ICICI Bank account holder or an account holder from another Indian bank. Required details include their full name and email address, bank ,IFSC code and bank account number.

  • Final step

    Review and Pay

    In the final step, you'll be required to review the details of your bank transfer and select the purpose of your transfer from the dropdown options. Review and confirm if all is okay.

    Go To Money2India Europe

Frequently Asked Questions About Money2India Europe

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