Wise vs Money2India

Wise provides a simple easy to use international money transfer service with digital wallet capabilities. Their digital wallet, or Borderless account also gives the individual local banking details in 6+ currencies including, EUR, SGD, NZD, USD, GBP and AUD. Their Wise Borderless debit card backs on to their Borderless digital wallet allowing you to spend directly out of your multi-currency account balances.

What Wise offers individuals

• International money transfers
• Borderless multi-currency receiving accounts
• Borderless Debit Card - FX optimised debit card
• Android and Apple apps
• Send money to email address
• Scheduled and recurring transfers - sufficiently funded Borderless account required for this to work.

What Wise does not offer individuals

• Personal account management
• Full support for regular transfers. Currently regular transfers or ‘scheduled transfers’ need to have a Borderless multi-currency account balance. Find out which countries support TransferWise Borderless account.
• Cash pick up or international bill payments

The ICICI Money2India service gives individuals from different countries an easy means to remit money to India.
 

What Money2India offers

• International money transfers.
• Same-day transfers (from some European countries).
• Regular transfers.
• Demand drafts.
• Money2India Loyalty Program.

What Money2India doesn’t offer

• Cash pick up.
• Travel card.
• Digital wallet.
• Personal account manager.

In addition to the services Wise offers the individual, there are some features only available for a business. Unfortunately, as Wise is online only, a business customer does not have support with currency fluctuations and trends. Wise does however offer easy to use transactional foreign currency receipts and payments.

Scheduled transfers is a recently added feature. This can reduce admin for those standard monthly, weekly payments to suppliers and staff. A sufficient balance in the Business Borderless account is required. Wise will remind the account owner to make sure there is sufficient funds in the multi-current account. What is not supported is standing orders from a business bank account through Wise. This may mean that businesses need to alter their business structure to ensure continuous sufficent Borderless account funding.

What Wise offers businesses

• Batch payments
• Xero and Quickbook integration
• FX optimised business debit card
• Multi-user account access
• Regular and scheduled transfers

What Wise for business doesn’t offer

• Business account management
• Risk management tools

As of now, businesses registered in the US can use Money2India to remit funds to India. Individual customers from the US may also transfer money to Indian businesses.
 

What Money2India offers businesses

• Money transfers to businesses and individuals in India.

What Money2India for business doesn’t offer

• Online seller solutions.
• Travel debit cards.
• Business specialists.
• Risk management tools.
• Multi-currency accounts.
• Digital wallets.
• Accounting integration.

Wise offers the real time exchange rate at the time of your transfer. Therefore fees are visible in addition to the transfer amount. The fee structure is complex as it differs depending on the currencies you are sending from and to. Fees also apply to the type of Borderless account transaction. Fees can also apply on the use of the Wise Borderless debit card. Fees are briefly summarised below. Read the detailed TransferWise review for more details on Wise fees.

Money2India exchange rate

You can check ICICI Money2India rates based on the currency in which you wish to pay online. ICICI Bank applies a markup on the existing interbank exchange rate when sending money to India, which is typically below or around 1%.

Depending on where you live, you might benefit by getting special rates as a new user, for a limited number of transfers. You may also expect to get better Money2India exchange rates if the amount you wish to remit to India is significant.
 

Money2India additional fees

The fee you need to pay depends on where you live and the amount you wish to remit to India.

The Wise app design and user experience of their technology is great with simple, intuitive processes.

Registration - Fast and easy account creation

ID verification - Instant in some countries

Transfer speed - It can be instantaneous in some countries. Fast payments to Wise comes at an additional cost.

Minimum transfer amount - $1

Mobile app - Simple and easy to use. Probably the best designed app of the international money transfer companies.

Payment options - Wise has the broadest range of payment options. Local bank transfer, debit / credit card and country specific solutions such as POLi.

Sign up - Existing ICICI Bank customers can register for the service through their internet bank accounts. New customers may sign up via the Money2India app or website.

Transfer speed - Money2India provides a same-day transfer option for customers from a number of countries in Europe. While the stated turnaround time for bank account transfers is 1 - 2 business days, a number of Money2India reviews on Google Play Store complain about transfers taking considerably longer than promised. If you wish to send a demand draft, registered post takes 8 - 10 business days, and dispatches through couriers take 2 - 3 business days.

Transfer method - Depending on where you live, you may set up your transfer using the Money2India website, the Money2India app or by visiting any ICICI Bank branch.

Payment options - You can make payments only via your bank accounts.

ICICI Money2India app - You may remit money to India by using the Money2india app for Apple or Android. The apps also let you track your transfer's progress. However, several Money2india reviews on Google Play Store and Apple App Store highlight problems with the apps' functionality.

Wise’s supported countries vary with different services having different supported customer countries and destination countries. These are detailed in the TransferWise Countries and Currencies article and is summarized below.

Send from - 23 countries plus the Europe SEPA countries

Send to - Over 60 currencies

Borderless account and debit card - Over 6 countries can sign up to their Borderless services.

Supported Countries

You can only use Money2India to send money to India.

You can register as a customer from the U.S., Canada, the UK, Australia, Hong Kong, Singapore, the United Arab Emirates, Sweden and Switzerland.
 

Customer Service

24/7 Customer Service in some countries.

While there are no ratings for Money2India, ICICI Bank’s average score on Trustpilot is 1.0 out of 10.

Wise is fully regulated by the FCA and their customer funds are segregated from their business banking activities.

Wise is rated on TrustPilot as Excellent. Unfortunately there have been some poor reviews on TrustPilot indicating sudden account closures with funds being returned with no explanation.

Wise continues to raise capital through private funding. This could be a concern for the future when the shareholders are looking for aggressive growth and / or a return on their investment.

Supported registration countries - You can use Money2India from the U.S., Canada, the UK, Australia, Hong Kong, Singapore, the United Arab Emirates and several countries in Europe.

Supported countries for Net Express transfers - The Net Express service is available for individuals who have local bank accounts in Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain, Denmark, Norway or Sweden.

Supported countries for Insta Net Express transfers - The Insta Net Express service is available for individuals who have local bank accounts in Austria, Belgium, France, Germany, Italy, Netherlands or Spain.

Money2India customer care - Money2India customers get local phone support in a number of countries. Customer support is also provided via email, live chat and in person at any ICICI Bank branch.

Languages - The Money2India app and website is only in English.