With revenue of more than $500 million, IndusInd is a new generation bank founded in 1994. It is owned by the Hinduja group and was initially funded by Indians and Non-resident Indians.
IndusInd provides various remittance services to the NRI’s based in Dubai, UK, and the US. The remittance service provided by IndusInd bank for sending money from the US to India is called "Indus Fast Remit". Indus Fast Remit provides only one way of sending money: Online Money Transfer. The online service uses the Automated Clearing House (ACH) system to transfer funds and Bank of New York, Mellon, carries out the ACH service. You can send money to more than 125 banks in India or a check can be issued to the beneficiary.
Indus Fast Remit provides fixed locked-in exchange rate. The minimum time it takes to reach the beneficiary is 3 days and the transfer through check takes 4 days. There is a per day transaction limit of $5000 and per month transaction limit of $30,000. In a day you can send money to 5 beneficiaries and maximum of 10 transactions are possible in a month to all beneficiaries. The sender needs to be careful and accurate while giving the beneficiary’s information. There is no refund provided by Fast Remit if the funds reach the wrong beneficiary based on the wrong information provided by the sender.
The upside is that there is no transaction fee for the sender but the beneficiary may have to give a minimal amount in foreign exchange service tax. To track the status of fund transfer IndusInd Bank has a local call center support in the US as well as free sms alerts for the recipients in India.
If you are looking for various options Fast Remit may not satisfy you. It provides only one mode of transfer and two modes of receiving money. Fast remittance is not possible through Indus Fast Remit because the process of validation of the sender’s account and transfer of money takes about 5 days. The sender has to plan well before sending the money via Indus Fast Remit. But regular Fast Remit users with good history can enjoy the fruits of loyalty as the money can be remitted in 2 days for them.
Since Indus Fast Remit provides limited choice does not mean that it is unreliable. Ultimately, Indus Fast Remit is a reputable money transfer service with its safe and reliable ACH transfer, zero transfer fee, and guaranteed locked-in exchange rate.
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