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Abound Money Transfer: Review & Comprehensive Guide

Updated on September 14, 2023 05:01 am
Abound

Finding the right money transfer service to use when sending money home can be a daunting task. With hundreds of great options, it can become mind-boggling to ensure that you are making the right choice. Enter, Abound, a name that has been making waves in the industry for its user-friendly platform and competitive rates. 

Whether you're sending funds to loved ones or engaging in cross-border business transactions, this exploration of Abound's money transfer services aims to provide you with the insights you need to make informed decisions.

In this review and guide, we will explore Abound Money Transfer, highlighting its key features, benefits, and providing step-by-step instructions to help you get started.

What is Abound Money Transfer?

“Designed in USA. Built in India,” Abound is a remittance solution created by the staple, Indian household name, Times of India. Abound by the Times of India is a digital financial platform that allows individuals and businesses to send and receive money internationally. It offers a range of services, including international wire transfers, currency exchange, and mobile wallet top-ups. Abound is known for its user-friendly interface and competitive exchange rates, making it an attractive option for those seeking to transfer money across borders.

To use Abound Money Transfer, you'll need to create an account, which typically requires providing your personal information, including your name, address, and contact details. Depending on your location, additional identification may be necessary to comply with regulatory requirements.

Abound facilitates transfers from the US to India, covering over 130 banks in India, making this a great option for NRIs looking to send money home. 

How Much Does Abound Money Transfer Cost? 

Abound takes pride in its fee-free transfers. That’s right! Abound guarantees complete transparency, ensuring that every dollar you send to your loved ones in India arrives without any additional charges. 

This makes Abound a standout service for those sending money to India, helping users void hidden charges and excessive costs associated with traditional banks.

How Much Money Can I Send Using Abound? 

Abound money transfer to India allows you to send up to USD 7,500 per day for money transfers from the USA to India.

Furthermore, Abound is committed to providing competitive exchange rates. This means you can often get more value for your money compared to traditional banking or other money transfer services.

How Long Does Abound Take to Send Money? 

Abound Money Transfer offers competitive transfer speeds, with many transactions completing within a few hours to a few business days. Rest assured that most transfers with Abound are processed within one business day, ensuring your funds reach their destination promptly.

Regardless, keep in mind that the actual time may vary based on the destination, the chosen delivery method, or verification issues.

Is Abound Safe? 

Security is a top priority for Abound. It employs robust encryption technologies to protect your financial information, and its compliance with international regulations ensures that your money is in safe hands.

How to Send Money With Abound? 

Now for the biggest question you must have: how does Abound work? 

To get started with Abound Money Transfer, visit their website or download their mobile app. Sign up for an account by providing the necessary information and verifying your identity as per regulatory requirements. Creating an account is completely free. 

Once you have an account created and your identity verified as well, visit the Abound Money Transfer website or download their mobile app and follow these detailed steps to set up your first remittance transaction.

  1. After signing in, navigate to the "Send Money" section.
  2. Enter the recipient's details, including their name, contact information, and bank account details.
  3. Specify the amount you wish to send and select the destination currency. Here you can review the exchange rate and fees associated with the transfer.
  4. Choose how you would like your money to be received. You can choose between a bank deposit and UPI Virtual Payment Address. 
  5. Confirm the transaction and choose your payment method (bank transfer, debit/credit card, etc.).
  6. Abound Money Transfer provides real-time tracking, allowing you to monitor the progress of your transfer. You'll receive notifications when the funds are sent and when they are received by the recipient.
  7. Once the funds have been successfully received by the recipient, Abound will notify both parties, ensuring transparency and peace of mind.

How to Contact Abound? 

Abound has an extensive FAQ section where previously asked questions and answers are displayed transparently. 

If you still have any questions, please contact their email address: [email protected]

 

Pros of Abound Money Transfer

Based on our research of customer reviews and comparison to other remittance providers, the pros of the Abound money transfer service are:

  • Competitive Exchange Rates: Abound Money Transfer offers competitive exchange rates, often better than those provided by traditional banks and some other money transfer services. 
  • No fees: Abound charges no transfer fees and guarantees complete transparency, ensuring that every dollar you send to your loved ones in India reaches its destination without incurring any additional charges.
  • Fast and Reliable: Most transfers with Abound are processed within one business day, ensuring that your funds reach their destination relatively quickly. Their partnerships with trusted financial institutions contribute to the reliability of their services.
  • Multiple Transfer Receiving Options: Abound Money Transfer allows various payment receival methods, giving you flexibility in how you fund your transfers.
  • Large Reach: Abound allows you to transfer money easily to 130+ banks including SBI, HDFC, ICICI Bank, Axis Bank & many more.

Cons of Abound Money Transfer Service

Based on our research of customer reviews and comparison to other remittance providers, the cons of the Abound service are:

  • No money transfer calculation tool: Some of Abound’s competitors provide a simple money transfer calculation tool that will allow a user to get a gist of what their transfer will look like before they even have to create an account. Unfortunately, Abound does not have that. 
  • Low sending limits: Abound limits your transfer to 7,500 USD. 
  • Limited international reach: Abound does not offer transfers to countries outside of India. Thus, making this a low priority option for those looking to send to other countries.

Abound Money Transfer Service: Best Feature

Abound's standout feature is its no transfer fee policy, a rarity in the world of remittance services. With Abound, you can send money to your loved ones in India, knowing that every dollar you send will reach them without any additional fees. 

This commitment to full transparency sets Abound apart from the competition, as it eliminates hidden costs and ensures that your hard-earned money goes where it's intended. In an industry where fees can often eat into the funds being transferred, Abound's dedication to providing a fee-free experience makes it a shining star among remittance services, offering unparalleled ease and peace of mind for consumers.

Abound Money Transfer Service Alternatives

If you’re looking for an alternative to Abound’s remittance service, here are some top remittance providers we recommend that offers low fees, excellent exchange rates, and are easy to use: 

Abound Reviews

Need more assurance about Abound? Let’s see what users of Abound have to say. Sourced from multiple platforms, customer reviews of Abound are: 

New service from TOI - seems reliable and smooth. Good promo rate for first transfer and 2nd onwards also it's the best after fees compared to other websites. Only downside is no web functionality yet but not a big hindrance.” - Anuradha P on CompareRemit

Unbelievable, it transferred so fast beyond my imagination. Definitely will use the service in future.” - Biswa Sahoo on CompareRemit

Do We Recommend Abound?

Abound Money Transfer is a reliable and user-friendly platform for international money transfers, offering competitive exchange rates and transparent fees. Whether you're sending money to family overseas or conducting business transactions, Abound can help you streamline the process. Say goodbye to hidden fees and hello to a hassle-free way to send money globally with Abound Money Transfer.

We invite you to compare remittance providers using CompareRemit’s comparison tool today to find the best rates, lowest fees, and fastest turnaround times for your specific destination and transfer amount.

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Walmart2Walmart
How to: Walmart to Walmart Money Transfer

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The service is powered by Ria, a well-established money transfer company with a strong reputation. However, it's essential to follow best practices for online and in-person money transfers, such as safeguarding your transaction details and only sending money to trusted recipients.ConclusionWhether you're helping out a friend, sending funds to a family member, or taking care of financial obligations, these services offer speed, reliability, and security. By following the simple steps outlined in this guide and considering the tips provided, you can make the most of these options for your money transfer needs. Remember, when it comes to transferring money, convenience and peace of mind are key, and Walmart's partnerships with these trusted providers deliver just that.There are numerous ways to send money internationally. 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philippines flag
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This feature allows you to transfer money to family, friends, or anyone with a mobile number.Pay bills for utilities, credit cards, and other services directly through the appPurchase mobile prepaid loads for your phone or for your loved ones, as well as data packages from various telecom providers in the Philippines.GCash can be used for online shopping on partner merchants’ websites and appsGCash QR payment feature enables you to pay for goods and services in physical stores by scanning QR codes displayed by merchants.Convert your GCash balance to cash by cashing out at partner outlets or through participating banks and ATMs.How to Transfer Money to Philippines Using GCash?The best way to send money to GCash, Philippines is through a digital money transfer platform. Gcash has partnered with several top online money transfer companies including Remitly, Skrill, Wise, WorldRemit, and Western Union among others.These platforms allow you to send Philippine Pesos (PHP) to Gcash in an affordable, quick, and efficient manner.How to Send Money to Gcash Mobile Wallet via an Online Money Transfer App?Here are the steps to follow:Sign up on any of the third-party money transfer apps or platformsEnter your personal detailsGet your account verifiedEnter transfer amountEnter your recipient's countryChoose GCash as your delivery methodEnter the recipient’s GCash-registered name & account numberConfirm your transferPay for the transferPesos will be deposited to the recipient’s GCash AccountMoney Transfer Platforms Offering GCash as a Delivery OptionWiseUsing Wise, you can send PHP to any individual or business bank account in Philippines or mobile money to any of the several mobile wallets such as GCash, PayMaya, GrabPay, Starpay, etc. To send money to mobile wallets, you'll need your recipient's mobile number, starting with the country code +63. The maximum limit for money transfers to bank accounts and mobile wallets is 9 million PHP per transfer and 50,000 PHP per transfer respectively. It may take 1-2 working days to complete the transfer.RemitlyYou can do a Remitly transfer to GCash via Mobile Money in the Philippines. Remitly offers two ways to transfer money to Gcash wallets in Philippines based on how you pay for the transfer. Using a debit card (Express) to pay will take a few minutes for the money transfer while it may take 3-5 business working days if you pay via than bank account (Economy). The GCash wallet limit is PHP 100,000. Make sure you have sufficient funds availability in your account to do the transfer. Remitly is the optimal choice to send GCash from USA if you are looking to make fast and secure mobile payments.WorldRemitWorldRemit facilitates mobile money transfers to several mobile wallets in the Philippines including GCash. The cash is deposited within minutes. You can send up to PHP 50,000 per transfer and a maximum of PHP 100,000 total remittances per month to the mobile wallet. To avoid delay in transfer, make sure your recipient's details are correct. WorldRemit might be your cheapest option as they often charge no fixed fees, but this depends on the sending country. In the case of top-sending countries like the USA, the company does not charge fixed fees.Western UnionWestern Union is a well-known international money transfer service that has partnered with GCash to facilitate remittances to the Philippines. To initiate a transfer, you can simply go to your GCash account and proceed to the Cash-In segment within the GCash App and opt for Western Union as your preferred money transfer option. Or you can either go to a Western Union Branch or their website to make the transfer. You will find that sending money to a mobile wallet, GCash is less expensive than sending cash to a pickup location.MoneyGramMoneyGram, a well-established money transfer company is also a GCash partner, enabling users to receive international remittances directly into their GCash wallets. To send money directly to GCash wallet, either go to the MoneyGram website or any agent location. Provide your recipient's details and select 'Mobile Wallet as your delivery option. Both you and your recipient will receive a notification once the money is sent.XoomBy partnering with GCash, Xoom enables users to effortlessly transfer funds to GCash accounts. To start the transfer process from Xoom to GCash, download the Xoom app, and create an account. Then, enter the transfer amount and choose GCash as the receiving option, provide the details of your recipient's mobile wallet, and pay for your transfer using a PayPal account, bank account, credit card, or debit card.Xoom may be a popular option for transferring funds to GCasg, however, they are a little expensive due to transfer fees and exchange rate margins. Look for cheaper alternatives on our list.PangeaPangea provides global money transfers to regions in Latin America and Asia. Through their mobile app, you can make the payment and use your linked bank account or debit card to pay for the transaction. If you pay using a card to transfer money for pickup, your recipient will receive the funds within minutes, while selecting a bank transfer method will take a little longer.SkrillBy leveraging its digital wallet expertise, Skrill offers users a secure and efficient way to send money to GCash, contributing to the financial accessibility of recipients in the Philippines. Skrill offers various ways to transfer money to GCash including bank account transfer, payments via debit card or credit cards, and letting you choose mobile money transfer. Opting for bank transfers is typically the cheapest, allowing you to send funds from your bank account to a GCash wallet at a lower cost compared to other payment methods. However, the transfer will take a little longer.Note: The availability of GCash GCash as a delivery option on the above money transfer platforms can differ due to variables like the sender's location, the platform's offered services, and potential shifts in partnerships. It's recommended to visit the platform's website or app prior to utilizing any money transfer service to verify the current selection of delivery methods and choices for sending money to the Philippines.What is the Cost of Transferring Money to GCash?The cost of transferring money to GCash can vary depending on the service provider, the country you are sending money from, the transfer method you choose (bank transfer, debit/credit card, etc.), the amount being sent, and any applicable fees for currency conversion or processing. Different remittance platforms and financial institutions might have different fee structures.Carefully review the terms and fee information provided by the specific service you plan to use to determine the exact cost of the transfer to GCash. Keep in mind that some providers may offer promotions or fee waivers for certain transactions or during specific timeframes.How to Claim Your Remittance on the GCash App?Open GCash app homepageGo to ‘Cash-In”Under the Global Partners, & RemittanceClick the money transfer company you sent the money withEnter the amount of remittance to be receivedEnter the Reference numberConfirm the TransferThe funds will be loaded into the GCash walletWhere Can You Cash-Out with GCash in the Philippines?You can withdraw funds through several options in the Philippines. If you have a GCash Mastercard, you can visit any BancNet or Mastercard ATM, or any GCash Partner Outlet.Here is the list of the GCash Partner Outlets:Cebuana LhuillierCVM PawnshopDA5ECPayExpressPayHanepBuhayJaro PawnshopPanalo ExpressPeraHUBPosiblePuregoldRobinsonsSM StoreTambunting PawnshopTrueMoneyVillarica PawnshopVIP Payments CenterThe steps for cashing out might be different with each partner outlet. You can look it up in the GCash App.How GCash Exchanges Currency?GCash is primarily not a currency exchange platform. The currency exchange is usually handled by the money transfer provider or financial institution initiating the money transfer to the Philippines from abroad.For example:If you are sending money from abroad to a GCash mobile wallet in the Philippines, your transfer providers will likely handle the currency conversion from the currency you are sending to Philippine Pesos based on the prevailing exchange rates.The converted amount in PHP will be deposited to the recipient’s GCash wallet.However, GCash may display the received amount in both the sender’s currency and PHP within the app for the recipient’s reference.If you want to get the best exchange rates while sending money to the Philippines or abroad, the best way is to compare your options. To compare the best rates to send money to the Philippines using Gcash, use our online comparison tool to check the best providers today!

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