Abound is a digital financial platform designed to serve Non-Resident Indians (NRIs), particularly those residing in the United States. Launched by Times Internet, the digital arm of The Times of India group, Abound aims to simplify cross-border financial transactions, offering services such as money transfers, rewards, and cashback programs. With a user-friendly interface and a focus on the Indian diaspora, Abound has positioned itself as a comprehensive solution for NRIs seeking efficient and cost-effective financial services.
How to Send Money with Abound
Sending money through Abound is a straightforward process:
- Download the App: Available on both App Store and Google Play Store, users can download the Abound app to their smartphones.
- Create an Account: Sign up by providing necessary personal information and verifying your identity as per regulatory requirements.
- Link Your Bank Account: Connect your U.S. bank account to facilitate fund transfers.
- Enter Transfer Details: Specify the amount to send and the recipient’s bank details in India.
- Review and Confirm: Check the exchange rate, fees (if any), and confirm the transaction.
Abound supports transfers to over 130 banks in India, including major institutions like SBI, HDFC, ICICI, Axis Bank, and more.
Exchange Rate and Fees
Abound offers competitive exchange rates for transfers to India. For instance, they provide $1 = 86 INR (as on 21 May 2025, it above mid-market rate) and they charge only a flat $1.99 fee, irrespective of transfer amount. This is one of the best exchange rates in the market at the moment. Moreover, they also give promotional exchange rate $1 = 100 INR (for first $100, only for first 30000 customers). The platform emphasizes transparency, ensuring users are aware of the exact amount the recipient will receive without hidden charges.
Transfer Speed
Abound provides prompt transfer services, with many transactions being processed within 8-12 days. However, the exact duration may vary based on factors like bank processing times and regulatory checks. Users have noted that while the platform generally offers faster-than-average transfer times, there can be occasional delays.
Why Abound Stands Out
Several features distinguish Abound from other money transfer services:
- Rewards Program: Abound offers cashback on purchases made at over 4,000 Indian grocery stores in the U.S., including India Bazaar, Namaste Plaza, and Swadeshi.
- Abound Elite: A premium subscription that provides faster transfer speeds and better exchange rates, along with the ability to pay utility bills in India without extra fees.
- User-Friendly Interface: The app is designed for ease of use, making it simple for users to navigate and complete transactions.
- Security Measures: Abound employs SSL encryption and two-factor authentication to ensure user data and transactions are secure.
Reviews and Ratings
Abound has received positive feedback for its services:
- Google Play Store: 4.2 out of 5 stars, with users praising the cash back program but noting occasional delays in fund transfers.
- CompareRemit: Users appreciate the competitive exchange rates and the reliability of the service, though some have mentioned the lack of a web-based platform as a limitation.
Countries Abound Can Send Money To
Currently, Abound specializes in facilitating money transfers only from the United States to India.
Does Abound Have a Refer-a-Friend Program?
Yes, Abound offers a referral program where users can earn up to $50 for each friend they refer who completes a transaction of $500 or more . This incentive encourages users to share the platform with others in their network.
Can Abound send money to NRE accounts?
No, Abound can send money only to NRO/resident accounts. At the moment, they can’t send money to NRE accounts or mobile wallets.
Customer Support
Abound provides multiple channels for customer support:
- Phone: Users in the U.S. can contact customer service at 800-716-6195 or 929-506-6619.
- Email: For general inquiries, users can email [email protected].
- In-App Chat: The app includes a chat feature for real-time assistance.
Media Coverage and Awards
Abound has garnered attention in the fintech space:
- TechCrunch: Reported on Abound’s $14 million funding round aimed at expanding services for Indian Americans.
- Economic Times: Highlighted Abound’s growth and its focus on providing comprehensive financial solutions for NRIs .
Is Abound Safe?
Abound prioritizes user security through various measures:
- Regulatory Compliance: The platform adheres to anti-money laundering laws and regulations in the U.S. and the EU, including GDPR compliance.
- Security Protocols: Utilizes SSL encryption and two-factor authentication to protect user data and transactions.
- Regulatory Oversight: As a money transmitter, Abound is subject to regulations by financial authorities in the jurisdictions it operates.
In summary, Abound offers a robust platform for NRIs in the U.S. to send money to India efficiently and securely. With competitive exchange rates, a rewarding cashback program, and a user-friendly interface, it stands out as a comprehensive financial solution for the Indian diaspora.
