Unplex Detailed Review

Rates, Fees, Limits, Safety and More

Last updated: September 21, 2024

What is Unplex? An introduction

Unplex is dedicated to revolutionizing the way you manage and transfer money. Their mission is to simplify financial lives, especially for the 5 million-strong Indian diaspora in the USA, by leveraging cutting-edge technology and innovative solutions.

Unplex company information

Founded by a team of IIT/IIM alumni, Unplex is part of the prestigious VISA Fintech Fasttrack program and backed by Antler, the world's leading early-stage VC. They launched their first product in early 2024 to address the challenges faced by expats in sending money back home.

Unplex offers a seamless, AI-powered payment solution over web 3.0, ensuring very competitive exchange rates and instant transactions through WhatsApp - a popular communication app used by NRIs (Non-Resident Indians). Their platform harnesses the power of artificial intelligence to provide a secure, efficient, and user-friendly experience for all your cross-border payment needs.

Unplex key information

Here is some additional key information about Unplex.

• Founders: Rahul Chaudhary (IIM Calcutta), Mohan Lath (Amazon Payments) & Parag Sharma (IIT Kanpur)
• Headquarters: USA
• Founded: 2024
• Countries served: USA and India
• Currencies supported: USD & INR
• Funding rounds: 2 - Raised over USD 1 Million

Unplex is an innovative international money transfer company that utilizes WhatsApp to handle transactions in an easy to follow conversational style.

What services does Unplex provide?

Unplex offers money transfer services via WhatsApp designed to simplify and enhance cross-border financial transactions, particularly for the Indian diaspora in the USA. Here is what Unplex provides:

• International Transactions: Transfer money from the USA to India effortlessly using WhatsApp.
• Local Payments: Seamless transfers locally in the USA, straight to the recipient's bank account.

Unplex provides both international as well as local money transfers using WhatsApp. Funds are delivered directly into the receiver's bank account.

Which countries does Unplex operate in?

Currently, Unplex operates its money transfer services in the United States.

Where can I send money from with Unplex?

At this time, you can send money via Unplex from the USA.

Where can I send money to with Unplex?

With Unplex, you can send money international from USA to India as well as make local transfers within the USA.

You can send money internationally from USA to India with Unplex. Additionally, you can also make local payments within the US.

What are Unplex's fees and exchange rates?

Unplex provides very competitive and highly attractive exchange rates. Let us take a look at their live exchange rate for US to India money transfers.

At the time of this writing, Unplex is providing an exchange rate* of USD 1 = INR 84.1980.

*Exchange rates and fees as on August 07, 2024

At the same time, Google shows an exchange rate** of USD 1 = INR 83.9500.

**Exchange rates and fees as on August 07, 2024
**Exchange Rate from google.com

Are Unplex exchange rates good?

Unplex exchange rates are very good. In fact, at the time when we compared Unplex's exchange rate with Google, it was better than even Google's exchange rate, which is generally highly competitive to start with.

That being said, we recommend to our readers to always compare what other money transfer companies are offering. This is because every money transfer is different, and you should inspect all options to see what fits your unique needs the best.

You can always compare money transfer operators by doing manual searches, but a better and more efficient method is to rely on RemitFinder's online remittance comparison platform. RemitFinder has the latest exchange rates and deals from hundreds of money transfer companies so you have accurate information to make the best possible decisions.

Is Unplex a cheap way to send money overseas?

With 0 international money transfer fees and very attractive exchange rates, Unplex is definitely a very cost-effective way to send money overseas.

How do I avoid Unplex fees?

Unplex has no money transfer fees. Plus, you get a great exchange rate to further maximize the reach of your hard-earned money.

How much money can I send with Unplex?

The minimum amount that you must send with Unplex is USD 5.

For the upper limit, Unplex enforces a daily limit of USD 15,000 for international transfers. To be able to send this amount, you must provide your SSN (Social Security Number) and obtain approval from the Unplex team.

In addition, there is a weekly limit of USD 50,000 and a monthly limit of USD 200,000 (provided you have given your SSN already).

You can send up to USD 15,000 per day, USD 50,000 per week and USD 200,000 per month with Unplex once you provide your SSN; the limit is dependent upon approval from Unplex.

How long does it take for Unplex to send money overseas?

Unplex international money transfers are instant for sending amounts of up to USD 1500. For transfers done for amounts larger than this, it may take up to 3 business days for the transaction to finish.

Unplex transactions are instant for transfers of up to USD 1500; higher amounts can take up to 3 business days.

How can I pay for my Unplex money transfer?

The first step in successfully making an international money transfer is to pay for your transaction by send your transfer amount in local currency to your chosen money transfer provider. The method you choose to fund your remittance is usually termed a payment method.

Unplex only supports a bank transfer as their supported payment method to fund your transfer. Simply link your local bank account and pay for your transaction by sending the money to Unplex's bank account.

Which payment method should I use to pay for my Unplex money transfer?

Unplex intakes customer funds for international money transfers via a bank transfer.

Simply link your bank account to your Unplex account to fund your remittance transaction using a direct bank transfer to Unplex.

How can my recipient get paid with Unplex?

When you make an international money transfer, you need to decide how to pay your overseas recipient. The method you choose to do so is usually called a delivery method.

Receivers of international money transfers sent via Unplex get the funds directly in their local bank account. In other words, Unplex supports bank deposit as their chosen delivery method.

Unplex lets you pay for your international money transfer via a bank transfer. Your overseas recipient will get the money via a bank deposit.

Which delivery method should I use for my Unplex money transfer?

Unplex only supports a bank deposit to credit the funds to your overseas recipient.

Are there any Unplex coupon codes or promotions I can use?

At this time, Unplex is offering 50 paise higher exchange rate for RemitFinder users for their first international money transfer sent to India with Unplex.

This is a great way to save even more money on your money transfers to India. For every USD 1000 that you send in your first transaction, you get to save an additional INR 500. Hurry and take advantage of this great Unplex promotion now!

That said, if Unplex offers any deals or promotions in the future, we will add them on this detailed review. Check this page from time to time to make sure that you do not miss out on any future Unplex promotions.

You can certainly keep an eye out for future Unplex offers and coupons manually, but this approach is time consuming and risky as you may miss out on good Unplex deals. A more reliable method is to register for the RemitFinder daily exchange rate alert. This is totally free and RemitFinder will keep you informed about the latest offers as well as exchange rates from umpteen remittance service providers.

Sign up for a free rate alert and stay up to date with market trends

Create free rate alert
 

How can I find Unplex near me?

Unplex is a fully online money transfer company. As a result, there are no locations or offices to go to. You simply need your phone or computer to access Unplex online.

What is the best way to find a Unplex Sending Location near me?

With Unplex, there are no physical branches or agent locations to go to. This is because Unplex is a digital remittance company. You can access Unplex online 24x7.

What is the best way to find an Unplex Payment Location overseas?

When you send money internationally with Unplex, the recipient gets paid directly in their local bank account. Therefore, there is no need for them to go to a payment location in their country to access the funds.

Is Unplex a safe way to send money abroad?

Unplex implements quite a few safety and security measures in a bid to safeguard their customers' money and confidential information. Here are some ways that Unplex tries to protect you:

• Unplex protects their customers' personal data using 256-bit encryption.
• All payment data stored in Unplex systems is tokenized by a PCI-DSS-verified payment processor.
• Customers' funds at Unplex are held with an FDIC-insured bank in the United States.
• Unplex implements Know Your Customer (KYC) to ensure you are making your own account and not someone else. As part of the KYC process, your verification is powered by Prove, the world's advanced authentication system that is trusted by leading companies to reduce identity fraud.
• Each transaction on Unplex undergoes 3 layers of security checks including OTP checks & IP and sanctions checks.
• You can also setup 2FA (Two Factor Authentication) to access Unplex. This further secures your account by adding a 2nd layer of authentication for account access.

Unplex implements various security measures and protocols to ensure that your information and funds are safe and secure with them.

Can I trust Unplex?

A key area to check for any financial company is information related to their legal and regulatory status in the countries they operate in. Here is relevant information about Unplex:

• The legal name of Unplex is Unplex Fintech Corp., which is registered in the US state of Delaware with registration number 6169904 and their registered address as 16192 Coastal Highway, Lewes, Delaware.
• Unplex is also registered as an electronic financial payment service with the Financial Crimes Enforcement Network (FinCEN) under NAICS Code 522320.
• Unplex's money transfer services are empowered by Cybrid Inc., which has a Money Service Business (MSB) License 31000246961737 in the USA as well as a Canadian MSB license M22090366.

Unplex and its underlying financial partners are registered and regulated financial companies within the US and Canada.

How good is Unplex's service?

A good way to validate if a product or service is good or not is to look at feedback from other customers about it. Let us check if Unplex's customers are happy with their service or not.

What do users have to say about Unplex?

In this section, we look into Unplex's ratings and reviews on popular review platforms and major mobile app stores to see what users think about their service.

At this time, Unplex does not have any ratings and reviews on Trustpilot. There are also no ratings on Google Play Store or Apple App Store since the company does not have mobile apps.

This is because Unplex is a fairly new fintech company. As customers rate and review their service in the future, we will add that information to this detailed Unplex review.

Have you used Unplex yet? If so, please consider leaving a review on RemitFinder so other users can benefit from your expertise and experience.

Add your Unplex review to share your experience

Add review
 

Is Unplex the best choice for me?

Based on our in-depth review of Unplex's international remittance service and associated aspects, we find that Unplex has quite a few strong areas. Below, we list some points where we find Unplex money transfer service to be advantageous.

• Conversation style money transfers: Unplex uses WhatsApp to facilitate international money transfers. Both the sender as well as the receiver handle part of their transaction on WhatsApp in a conversational style. This makes for an easy and enjoyable remittance process.
• International and local payments: With Unplex, you can make both international money transfers from the United States as well as local payments within the US.
• Highly competitive exchange rates: Unplex's exchange rates are very good. In fact, we found their exchange rate to be better than Google when we checked. This makes Unplex an attractive choice to send money abroad.
• No money transfer fees: Unplex does not change a money transfer fee. This further amplifies the reach of your international money transfer sent with them by putting more money in your overseas recipient's pocket.
• Fast money transfers: Many Unplex international money transfers are instant, and the rest complete within 3 business days. This makes Unplex a quick way to send money overseas.
• Send and receive money using bank accounts: Both the sender and the receiver of an Unplex international money transfer send and receive money from their bank account. This makes it straight forward to send and receive funds using Unplex.
• Focus on safety and security: Unplex is a fully regulated financial company registered in the United States. It also implements many safety and security protocols and guidelines. Check out our section on security earlier in this review for more details.

RemitFinder likes Unplex for facilitating conversational style money transfers via WhatsApp, offering highly competitive exchange rates and 0 fees, moving money abroad quickly and putting strong focus on safety and security of customer funds and information.

What are the best reasons to use Unplex?

Given Unplex's strengths discussed above, it can be a reliable partner for many international money transfer scenarios. Based on our detailed analysis, here are some use cases where we find Unplex can be a very good choice to send money overseas.

• If you prefer to use WhatsApp to send money overseas in a conversational style, Unplex is well suited for that experience. Sending money with this method is easy, enjoyable and hassle-free.
• We all want to send money overseas at highly competitive exchange rates so we can make the most of our hard-earned money. To do this, you can rely on Unplex as their exchange rates are highly competitive.
• If you need to send money overseas quickly for urgent needs, you can rely on Unplex as their international money transfers finish instantly or within 3 business days.
• Banks accounts are highly prevalent and convenient. If you and your international recipient simply want to use bank accounts for sending and receiving money, Unplex can be a good partner as they support bank account on both payment and delivery side of the transaction.
• If you need to send local payments within the United States, Unplex supports that. In that way, you could use Unplex for not only sending international money transfers from the US, but also making domestic payments within the country.
• Unplex also seems to put a strong focus on the safety and security of customer funds and information. This can help you send money with them without worrying about safety concerns and risk of fraud.

Unplex's strengths and advantages make it a good fit for many international money transfer needs.

What type of transfers can I make with Unplex?

With Unplex, you can make 2 types of money transfers; these are listed below.

• International money transfers from the United States.
• Domestic payments within the United States.

What are various ways to send money with Unplex?

You can initiate your international money transfer with Unplex by visiting their website and entering your mobile number. Unplex will then contact you via WhatsApp to begin the transaction process.

How to send and receive money with Unplex?

Sending money internationally with Unplex is quick, easy and enjoyable at the same time. Unplex's conversational style transaction process over WhatsApp makes sending money with them a fun experience. In fact, the whole process can be completed within a few simple steps. In the next section, we will share the exact steps you will need undertake to do an international money transfer with Unplex.

Step by step guide to send money with Unplex

Sending money abroad with Unplex only takes a few minutes. Here is a step-by-step guide for sending money internationally with Unplex:

• Step 1: Decide if Unplex is your chosen partner for your next money transfer. Nowadays, there are so many money transfer companies to choose from that it may seem difficult to even decide who to go with. To make the selection process easier, we recommend that you compare various money transfer companies using RemitFinder's real-time remittance comparison engine. By easily inspecting the pros and cons of many money transfer companies side by side, you can see which ones fit your unique needs.





• Step 2: Start a money transfer with Unplex using WhatsApp. Once you have decided to use Unplex for your next international money transfer, simply go to their website and enter your mobile number. Unplex will then contact you via WhatsApp to start the transaction.
• Step 3: Select your overseas recipient. The first step in the WhatsApp conversational transaction is to select your overseas recipient. You can choose a contact from your contact list, or create one in case the receiver is not in your contact list. Note that the recipient must also have a WhatsApp account to be able to receive the funds.
• Step 4: Enter transfer amount. Once you have chosen your recipient, simply enter the amount you wish to send to them.
• Step 5: Select a reason for the transfer. The next step in the process is to select a reason for sending the money to your recipient. Unplex will show a list of reasons for you to choose from.
• Step 6: Pay for your money transfer. The final step is to pay for your money transfer. You can do this by following the prompts in WhatsApp and linking your bank account to pay for your transaction.

Unplex will take it on from here and start working on your international money transfer.

Step by step guide to receive money with Unplex

If you are the recipient of an international money transfer sent via Unplex, you have to complete a few steps to be able to access the money. Here are the instructions for receiving money with Unplex:

• Step 1: Receiver will get a WhatsApp message from Unplex. If you are the recipient of an international money transfer sent via Unplex, you will get a WhatsApp message notifying you that money is being sent to you.
• Step 2: Complete one time KYC flow. Unplex requires international money transfer recipients to identify themselves by undergoing the Know Your Customer (KYC) flow. You may be asked for identity proof to ensure that you are the legitimate recipient of the money transfer.
• Step 3: Enter bank details to receive the money. Once you finish the KYC process, the final step is to provide your bank details. Unplex will then credit the funds directly into your provided bank account.

Note that you do not need to do anything for repeat transfers as Unplex has already verified your identity as well as linked your bank account.

Sending and receiving money internationally with Unplex is quick and easy. Repeat transfers are very quick as the receiver does not need to do anything.

How can Unplex help me send money?

Unplex supports international money transfers from the US and local payments within the country. They have a dedicated Help section on their website in case you have questions or need additional information about their service.

Do I need a Unplex account to receive money?

No, the recipient of an Unplex international money transfer does not need an Unplex account to receive the money sent to them. The whole end-to-end transaction happens over WhatsApp, so the recipient does need to have a WhatsApp account to be able to access the funds.

The recipient of an Unplex international money transfer does not need to have an Unplex account. That said, they do need to have a WhatsApp account to receive the money.

Does Unplex have a mobile app?

Unplex does not have a mobile app. This is because the transaction progress over WhatsApp, and the sender and receiver both need to have a WhatsApp account to use Unplex.

How do I track my Unplex transfer?

Unplex will keep you posted on your transfer progress via WhatsApp messages. You can also look at your transaction history within your Unplex WhatsApp chat messages.

Can I use Unplex for international bank transfers?

Even though Unplex is not a bank-to-bank money transfer service, you can simulate an international bank transfer using Unplex.

Since you pay for your money transfer using your bank account and since your overseas recipient receives the funds in their local bank account, an Unplex international money transfer effectively behaves like an international bank transfer, albeit at much better exchange rates and lower fees than banks would offer.

Is Unplex online better than sending money in-person in stores?

Unplex is only available online and there are no office, branches or agent locations to go to. In that sense, you can use Unplex anywhere, anytime.

Unplex is a fully digital financial company and their international money transfer service is available online.

Does Unplex have a rewards program?

At this time, Unplex does not have a rewards program. If that changes in the future, we will update this detailed Unplex review with that information.

What customer support options are available with Unplex?

Unplex has a customer support system in place in case you need to get in touch with them for any problems with your money transfers, or to get answers to any other general questions.

Here are some simple and easy ways you can get in touch with the Unplex customer support team:

• By chatting with the Unplex online chat support bot on their website.
• By chatting with the Unplex WhatsApp message you receive when you start a transfer with them.
• By sending an email to support@unplex.app.

You can get in touch with Unplex customer support team by chatting with them on their website or WhatsApp, or by sending them an email message.

Can I cancel my Unplex transfer?

If you wish to cancel your Unplex money transfer, you can do so till up to 30 minutes of making the payment, provided that the recipient has not claimed the funds already. If the recipient has already received the funds, you may need to contact them to get your money back.

We recommend reaching out to Unplex as soon as you realize that you need to cancel your transaction.

How do I delete my Unplex account?

Since Unplex money transfers happen via WhatsApp, there is no Unplex account created for you. In that sense, there is no Unplex account to delete.

If you wish to request deletion of your record and information that Unplex stores, you can email their customer support at support@unplex.app.

Additional Information

Legal and Regulatory Compliance

Unplex Fintech Corp. is a Delaware-registered US company located at 16192 Coastal Highway, Lewes, Delaware. Its registration number is 6169904, and it is registered with Financial Crimes Enforcement Network (FinCEN) under NAICS Code 522320 as an electronic financial payment service.

In addition, Cybrid Inc. powers Unplex's money transfer services. Cybrid Inc. possesses a Money Service Business (MSB) License 31000246961737 in the USA as well as a Canadian MSB license M22090366.

Awards, Prizes and News

• GrepBeat article introducing Unplex international money transfer service.