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ICICI Money2India Money Transfer: Review & Comprehensive Guide

Updated on August 13, 2023 02:43 pm
ICICI Money2India

With a strong legacy as one of India’s most trusted banks, ICICI Bank Money2India has harnessed technology to create a seamless and secure platform for sending money across continents. As the name suggests, this service is designed to facilitate international money transfers, allowing individuals to send money from various countries to beneficiaries in India.

ICICI Bank’s Money2India allows NRIs and Indian citizens alike to transfer money to and from India from the convenience of any of their bank accounts. 

In this review, we'll explore the features and benefits of ICICI Money2India's money transfer service, examining how it stands out in the competitive landscape of global remittance solutions. Whether you are a curious newcomer seeking a reliable remittance solution or a seasoned user of the service, we've got you covered with all the essential information you need to know about ICICI Money2India.

In this comprehensive ICICI Money2India review, we take a deeper dive into the ICICI’s Money2India online money transfer service and determine if it is the best option for sending money for you.

What is ICICI Money2India Money Transfer?

ICICI Money2India is a secure and convenient online money transfer service offered by ICICI Bank, one of India's leading private sector banks. This service is designed to facilitate international remittances, allowing individuals living abroad to send money to beneficiaries in India. It aims to provide a reliable and efficient platform for transferring funds to family, friends, or business associates back home.

As the name suggests, ICICI Money2India facilitates only transfers to India. 

Money2India provides a unique exchange rate to its users, the more you send, the better exchange rate you get. 

To get started with ICICI Money2India, you simply need to create a free account and begin the simple money transfer process, which will be outlined later in this review. Maintaining your ICICI Money2India login requires no fee. Once you have secured your ICICI Money2India login, you can begin the money transfer process through the Money2India website or the Money2India App.

Do I Need to Be an ICICI Bank Customer to use Money2India? 

Money2India lets you transfer money to India from 7 different countries including the United States, Canada, Australia, Singapore, the UK, and the UAE. 

ICICI Money2India can be used by anyone trying to send money to India. Neither you nor your funds’ recipient needs to be an ICICI Bank account holder to use the service. You can transfer from any bank to any bank. 

How Much Does ICICI Money2India Cost? 

Like most remittance services, ICICI makes money when converting your currency for your transfer. The more money you send, the more favorable your exchange rate will be. As shown above, here is an example of the exchange rate breakdown. You will get the most accurate exchange rate for your transaction once you log in and begin your transaction.  

You will be charged a transfer fee which you can view when you have started the transfer process.

How Much Money Can I Send Using ICICI Money2India? 

With a higher limit than most of its competitors, ICICI Money2India allows you to send up to $300,000 USD per transaction. 

How Long Does ICICI Money2India Take to Transfer Money?

While it is important for us to highlight that each transfer is unique and their transfer times are dependent on the amount and destination country, ICICI Money2India prides itself on its speedy money transfer. If not received within 24 hours of confirming your transfer, ICICI Money2India aims to complete your transfer within 1-5 business days.

Once you begin your transfer, ICICI Money2India will show you your estimated delivery date for your transfer. 

Is ICICI Money2India Money Transfer Safe? 

ICICI Money2India employs the use of many security features and practices to make sure your transactions and accounts are completely safe and secure. Two of the most significant practices and security features they have are firewalls to protect your account from unauthorized logins and a 128 bit Secure Socket Layer which protects all your personal information.

ICICI Money2India also requires you to verify your transfer before it begins to send the money by sending you an OTP code to your mobile device to verify your identity. 

How to Send Money Using ICICI Money2India? 

Now for the biggest question you must have: how does ICICI Money2India work? 

As mentioned previously, sending money with Money2India requires you to first create an account. The account is free; you can register with your email address of choice and password.

Once you have an account created, follow these detailed steps to set up your first remittance transaction.

  1. Select the country you are sending from. Here you can choose to apply a promo code if you have one. If you are a Platinum member of their rewards system, you will get a special offer here which you can select before moving on in your transfer. 
  2. Add a recipient. Enter your recipient’s transfer-related information. Be ready to enter information such as their name, address, bank account number/IBAN swift/BIC, and payment information. 
  3. Select the source account. Here you will enter the information for the account you will be funding the transfer from. 
  4. Enter the specifications of this transaction. Here you will enter a reason for the transfer and what is funding your transfer. For example: “Purpose for transfer: Funding my NRE Account, Source of funds: Salary" 
  5. Select the frequency of your transfer. ICICI Money2India has a unique feature which allows you to set up recurring transfers. This is the step where you can specify if this is a recurring transfer and enter the details for the transfer or you can opt for this to be a one time transfer. 
  6. Schedule your transfer. ICICI Money2India also allows you to schedule a transfer for the future. This is the step where you can decide whether you want to transfer your money now or send it later. 
  7. Review your transfer. You will be taken to a review page where you can see all the details for your transfer, confirm everything looks right before starring the transfer. 
  8. Enter the OTP sent to your phone number to verify your identity. 
  9. Track your transfer using your ICICI Money2India account or mobile app. 

After the transfer has been completed, you are eligible to receive points that can be applied to future money transfers. Money2India will place you into different rewards tiers with the more transfers that you do, allowing you to use the benefits that come with each tier until your status expires or your tier changes. 

There are four rewards tiers: blue, silver, gold, and platinum. The higher on the tier scale, the more rewards and benefits you get on each transaction

How to Contact ICICI Money2India? 

ICICI Money2India provides help either through their customer service phone number or their FAQs/Help Centre. 

If you need assistance that is not solved by consulting the Help Centre, give a missed call on the customer service number: +91 7666 022 222

Pros of ICICI Money2India Money Transfer

Based on our research of customer reviews and comparison to other remittance providers, the pros of the ICICI Money2India money transfer service are:

  • Convenient and quick to use. The simple process makes this easy to use for customers new and old. 
  • Rewards system. The ICICI Money2India tier system rewards you for frequently using Money2India, the more you use it, the more benefits you get. 
  • Competitive exchange rates that strive to serve the best deal in the market. 
  • Unique scheduling system. Money2India allows you to set up recurring transfers or schedule a transfer for the future, minimizing your hassle. 
  • Transfer to and from any bank. Neither you nor your recipient have to have or be transferring money out of an ICICI bank account to use this service. 

Cons of ICICI Money2India Money Transfer Service

Based on our research of customer reviews and comparison to other remittance providers, the cons of the ICICI Money2India service are:

  • The less money you transfer, the poorer exchange rate you get in comparison to if you are sending a large sum of money. 
  • Confusing transfer fee. There isn’t a way to estimate your transfer fee until right before you confirm your transfer. 

ICICI Money2India Money Transfer Service: Best Feature 

As mentioned before, ICICI Money2India allows users to set the frequency of their transfers and choose to schedule them for later as well. This allows for a hassle free user experience, especially for those wanting to repeat transfers. 

ICICI Money2India Money Transfer Service Alternatives

If you’re looking for an alternative to ICICI Money2India’s remittance service, here are some top remittance providers we recommend that offers low fees, excellent exchange rates, and are easy to use: 

ICICI Money2India Money Transfer Reviews

Need more assurance about Money2India? Is ICICI Money2India legit? Let’s see what users of Money2India have to say. Sourced from multiple platforms, customer reviews of ICICI Money2India are: 

I always get better deal from Money2India, customer support team are very supportive during any transaction, they will guide end to end and they give better rates compare to any other vendor. Thanks to Ashna from New York branch and Rupam from India, and rest of the backend team.” - Uday K on CompareRemit

The Money2India is an easy online money transfer platform provided by India’s ICICI Bank leading private bank in India. I have sent money from US to India very easily.” - Sumit on TrustPilot

Tried it based on recommendation by a friend. It took 5 working days to fund my account in India. As soon as I registered, the phone banking officer called and helped me out through the process. The team at New York did a good job to handhold my entire transaction.” - Raj on CompareRemit

Negative reviews pertain to issues with identity verification and transfer cancellations/delays as a result or having to go into a local ICICI physical branch to sort out complications. 

To see even more trusted reviews from users of ICICI Money2India, check out CompareRemit’s review page.

Do We Recommend ICICI Money2India?

With a legacy of trust and expertise, ICICI Bank has created a platform that not only offers competitive exchange rates but also ensures the security of your financial transactions. The simple process, rewards system, and unique scheduling capabilities make Money2India a great option for especially those looking to frequently transfer money.

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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This can be a drawback for users who prefer a specific delivery method.PlacidPlacid Express was established over two decades ago and offers international payment services to a range of countries in Europe and Asia including India. Placid offers easy and economical cross-border money transfers because of its direct partnerships with a number of banks and financial institutions.Upsides:Competitive Rates: Placid offers competitive exchange rates, which can result in cost savings for users compared to traditional banks.Low Fees: Placid's fees for money transfers are lower than those charged by traditional banks and some other online transfer services, making it a cost-effective choice.Fast Transfers: Many Placid transfers are processed swiftly. For direct bank account transfers, it can take 3 business days. If you pay with a card, the money gets delivered in as little as 10 minutes in some cases.SpotCash! Service: This service allows your recipient to collect the payment in local cash from an agent.Downsides:Fees: The transfer costs for card payments are fairly high.Limited Coverage: Placid may not be available in all countries, so the range of countries you can money is limited.Potential Transfer Delays: A few things could slow down the transaction, like the recipient's bank's processing time or the delays caused by the intermediary bank.Transfer Limits: Placid has limits on the amount of money that can be sent within specific time frames. This can be inconvenient for people or businesses with large transaction needs.User-Friendly Interface: Some people have noted that Placid’s website is not the most user-friendly, especially for those not familiar with online remittances. ConclusionSending money to India from the US doesn't have to be a costly endeavor. With the right approach and using the various options available for cheap money transfers, you can save both time and money when you send money to India from USA.Whether you're supporting your family back in India, making investments, or simply need to transfer funds for any reason, the key is to stay informed, explore your options, and choose the one that best suits your needs.You can make your international money transfers more affordable and efficient by comparing exchange rates and fees and considering digital remittance service providers.To find the best dollar-to-rupee rate, use CompareRemit for real-time USD to INR exchange rates from the best remittance providers to send money to India today!

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