Curious to now, I have been using Paypal for all my international transactions. I am okay with how it works. Do you think there is any other better option for international transactions?
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Payoneer. Far lesser charges than PayPal
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Thanks for all your feedback. We will certainly work on it.
Jupiterâs rates/ fees do not change with the amount you pay. Certain other players in market increase their rates as you increase the amount that needs to be sent abroad- and this change becomes prohibitively expensive. At Jupiter, we have always wanted to move away from any hidden fees and hence it is one flat fee that you see right at the beginning of the journey. We also lock in the rates you transact at unlike other players.
But your feedback is well received, we will go back to the drawing board and figure out a solution specially for lower amounts to be sent.
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Not sure what data you have to back for this, but again with normal banks like HDFC etc - the more transfer volumes you have, the lesser their margins go & the close their rates get to market rate. These rates can be easily negotiated with RM on a simple email/call, provided you have decent contacts with the bank - and yes their rate is also âWITHOUTâ any hidden charges as thatâs the only value proposition you seem to stress upon (even though Jupiterâs rate is far worse, like I cited above 7% worse than Wise. Probably far worse than bank rates.). Banks like HDFC etc wonât advertise such competitive rates online obviously, but if you hold a half-decent relationship with them and know relevant people, the rates can be negotiated to quite low easily.
When we are making claims here about competitor rates here^ - Have you looked at other bank rates to start with, and tried negotiating with them citing good relationship with the bank? @AB_27
If your comparison is with services like Remitly etc, then iâm not sure theyâd be the good baselines to compare against in the first place. I havenât tried their services yet, so donât know much about the same. As counter intuitive as it sounds, with our banks itself rates can be negotiated quite a bit provided you have a decent transfer volume that needs to be made.
Iâm all okay if the Jupiter rates are not competitive and really poor, but such completely âincorrect claimsâ in this thread above is appalling to see - that hey we offer a rate âwithoutâ any hidden fees, while others are poor so on and so forth etc - are just plain incorrect and gimmicky to be honest. Itâd have been great, if weâd have made correct claims to start with.
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Thanks for your detailed response.
Based on our research for categories such as Education and Travel - we observed that the average amount sent was to the order of 1500USD at least. At higher volumes like such, we certainly offer very competitive value proposition. Moving to banks like you have mentioned, not everyone enjoys an RM relationship or has balances high enough to sway the standard spread- that is where Jupiter comes in. Same competitive rates for everyone, 100% digital and one day transfers to all key international destinations.
Having said that, we are still refining our product offering (which is why it is only available to the waitlist folks) so your feedback is well received. We will certainly work on it.
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When will be able to send money to our friends abroad? I am using Paypal which is okayish ( not good tbh)
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With the coming soon banner already there, I am assuming the roll will take fairly soon.
Yeah i saw that. I was actually asking how many monthâs exactly will it take.
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I got acess to international transfer for now there is three options -education, medical,travel.
And more options coming like- overseas investment, family, gifts.
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