YES Remit Review- Send Money to India Securely 2019

YES Remit Review by Exchange Rate IQ

Overall rating
7.5 /10

We always ask other people before using any kind of online service and the same is with international money transfer services. So, to solve your problem and to provide you with the answer to every question, experts of ERIQ has bought their independent review on YES Remit which offers international money remittance services to NRIs.

YES Remit is a YES Bank money remittance service which offers easy, fast and secure transfers to NRIs residing in Australia, UK, Singapore, UAE and Switzerland. You can send money to India to any bank account. Some of the benefits of YES Remit are:

  • Highly secure
  • Hassle-free transfers
  • Trusted brand
  • 24*7 customer assistance

Review of YES Remit :

YES Remit is powered by one of the largest private banks of India YES Bank, which is offering its remittance services in 6 currencies across 5 countries which includes Australia, Canada, UK, Singapore, Switzerland and UAE. The company has different minimum and maximum transfer limit for different countries which is shown in the table under:

Countries Supported by YES Remit

Currency Maximum Amount Minimum Amount
AED 1600 40000
AUD 300 10000
CHF 1000 20000
GBP 250 20000
SGD 450 10000

You can transfer this amount through bank transfer, wire transfers, cheque deposit and remittances through exchange house. Only Indian citizens or OCI/PIO holders can use the services of the company to send money to the beneficiary in India.

The company is not offering forward contract, spot and third party transfers to its customer which is a major drawback. Besides this, it offers free transfers to the people and also provides 24/7 customer support.

YES Remit is highly secured, so one can transfer funds worry free. So, on an overall basis, we rate it 7.5 out of 10.

Pricing : How much does YES Remit cost?

8 /10

YES Remit Transfer Fee

The company does not charge any transaction fee from its customers. So you can transfer the funds for FREE.

YES Remit Exchange Rate

The company charges, exchange rate lower than the actual market price which is shown as indicative price during the transaction. The actual rate that is applied to the money will be based on the rate prevailing on the day your funds are converted into rupees.

Any Other Fee

Yes Remit charge service tax which includes all the cess:

  • 15% of the gross amount of the exchanged currency for an amount up to 100,000 subjects to the minimum amount of 37.50 and
  • 150 plus 0.075% of the gross amount of the exchanged currency for an amount of rupees exceeding 100,000 and up to 10,00,000 and
  • 825 plus 0.015% of the gross amount of the exchanged currency for an amount of rupees exceeding 10,00,000 subject to maximum amount of 7,500

Under the pricing head, we rate it 8 out of 10 because it has not fixed the exchange rate as money transferred will not be the exact amount shown at the time of transfer.

Transparency: Does YES Remit have any hidden fees?

9 /10

YES Remit Hidden Fee

The company does not charge any hidden fees from its customers, but if there are any taxes levied by the transferred countries, then it may reduce the amount.

YES Remit Transaction Tracking Details

One can track the transactions directly on their dashboard by logging into it. There is no direct process to track the transactions.

Under the transparency head, we rate YES Remit 9 out of 10, because it neither charges any hidden fees and good tracking procedure.

Transfer Speed: How long does it take to send money through YES Remit?

8/10

The company takes 24-48 working hours to transfer funds in foreign currency cheque and bank account to bank account transfer. While, it also offers same day credit facility to its users living in Australia and Singapore.

It also offers high-value transactions through “Online Wire Transfer” product which deliver funds to recipient much faster. 

YES Remit is also offering remittances through exchange house - GCC region, which takes at least 2 hours or more in transferring funds to YES Bank account.

Therefore, under this head, we rate it 8 out of 10, because it is not offering instant transfers as offered by many of its competitors.

Coverage: How many Countries & Currencies does YES Remit support?

The company offers transfer from the UK, Australia, Singapore, Switzerland, and the United Arab Emirates to India. So it supports 6 currencies, which are:

  • GBP
  • AUD
  • SGD
  • AED
  • INR
  • CHF

There are many more countries and currencies, which are needs to be covered by YES Remit where most of the Indians live and use the transfer services to make the transfer to their families. Therefore, we rate it 6 out of 10 to it. If you live in the above countries and want to send funds with YES Remit login here.

YES Remit Transfer Process

Send money to India securely with YES Remit

  1. Go to the YES Remit website.

  2. Select the country from which you want to send funds to India.

  3. It will show the indicative and fixed rate.

  4. Click on the "Register".

  5. Enter all the details as asked by the company which will help in transferring.

  6. Enter the details of the bank account.

  7. Enter the beneficiary details.

  8. Enter the amount you want to send and recheck all the details.

  9. Confirm transfer.

User experience of YES Remit

8/10

YES Remit is a transfer service which is mainly designed for the NRIs living in the 5 countries, including Australia, UK, UAE, Switzerland and Singapore. The company has multiple positive and negative aspects, which are:

Positive:

  • No transfer fees
  • Multiple transfer options

Negative:

  • Offer services in limited countries
  • Exchange rate changed if you have chosen indicative rates for transfer

 

YES Remit Customer Care Details:

The user can contact with YES Remit customer support assistance 24/7 at its toll-free number or can write them at the email.

YES Remit Toll-Free Number: 1800 1200

YES Remit Email Address: [email protected]

 

YES Remit Mobile Apps

The company is currently offering only android app for its users which they can download from here and planning to launch iOS app soon.

 

YES Remit Referral Benefits:

The company provides multiple referral benefits if the person referred you have transferred amount through it. You can get exciting vouchers of SAAVN, Magzter and Uber on every referral.

YES Remit Promo Code

The company provides promo codes through notifications, email and SMS to customers, which will help them to provide better exchange rates.

 

As per user experience, we rate YES Remit 8 out of 10 as its services are available in a few countries only. This depicts that it has vast opportunities to grow to become the top money remittance company. If you want to use the remittance services of YES Remit sign up here.

Security : Is YES Remit Safe?

10/10

When you pay through YES Remit, the money is transferred through the Electronic Clearing System (ECS) in your sending country to the designated account held and operated by YES Bank. Thus, money always moves within the banking system. All transactions and information exchanges happen on fully secure encrypted lines and your data is stored on servers that are protected by advanced firewalls which have undergone extensive security tests.

Therefore, we rate 10 out of 10 to YES Remit under the security head.

YES Remit Exchange Rate

Transfer Type And Modes

Pay In Options

Bank

Pay Out Options

Bank

Service Mode

 Online

Exchange Rate Type

Fixed
Indicative

YES Remit FAQ's

Can I avail YES Remit services even if I am not YES Bank customer?

Yes. You can avail the services of YES Remit without being the customer of YES Bank and transfer funds to India to any bank from any bank of the country you are residing in.

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Does YES Remit allow business transfers?

No. You can make payments to only friends and family using YES Remit from Australia, UK, UAE, Canada, Singapore, and Switzerland.

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Can I transfer funds from any third party account on YES Remit?

No. For transferring funds through YES Remit, the name of YES Remit account, as well as the bank account, should be same. The company does not allow third party transfers to prevent fraud.

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Can anyone use YES Remit services?

No. The services are available only for Non-Resident Indians (NRIs) who wants to send money from their bank account in Australia, Canada, UK, UAE, Switzerland and Singapore to India. The Remitter can also send money to his/her own NRE/NRO account in India.

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Alternatives to YES Remit

Compare YES Remit With Other Money Transfer Companies

YES Remit Company & Contact Info

Address:- YES BANK Limited, Nehru Center,
9th floor, Discovery of India, Dr. A.b. Road,
Worli, Mumbai - 400 018, India.
Email:- [email protected]
Phone:- +91 22 3099 3600
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