ICICI Bank is one of the largest banks in India along with State Bank of India, Punjab National Bank, and HDFC Bank and was established in 1994 by the Industrial Credit and Investment Corporation of India (ICICI Limited), an Indian development financial institution. It has varied international experience with subsidiaries and branches all over the world.
In 2002, ICICI Bank launched its money transfer service called Money2India. It provides fixed exchange rupee transfer facility in USA. With Money2India’s Express e-Transfer and e-Transfer products,, you can send money from your checking or savings bank account in USA to the recipient’s bank account in India, Demand draft payment, making donations or transfer to various pre-registered entities. The money can be transferred to over 100 banks in India. There is an upper limit of USD 20,000 per day* if the money is sent directly to the recipient’s bank account (upto USD 300,000 per transaction for the power transfer product). The limit is higher compared to the other banks.
ICICI Bank's Money2India is the only service, which is able to send money from USA to ICICI Bank accounts within an hour**, all days of the year. So for quick transfers to ICICI Bank accounts, Money2India is the choice you should be making to send money to India.
For sending money to other bank accounts, it takes 0-24 hours to upto 5 business days. If you want to send amounts higher than USD 20,000 (USD10,000 per transaction), you can use the Power Transfer*** product by Money2India and transfer upto USD 300,000 per transaction.
Money2India also provides additional features for its users. The customer service is available by phone or by email. You can go online to track the transfer the Money2India website or use the Money2India mobile app launched in May 2013. You can also pay your bills in India through Money2India. You are not dependent on the banking hours in India to make the transfer as the service is available 24×7.
On a final note, Money2India services might be more popular among users who already have an account with ICICI bank. But because of ICICI’s reputation as banking giant, non-ICICI bank users can also use Money2India to their advantage to transfer money to India in a reliable and protected manner.
*Daily / Transactions Limits may vary from customer to customer ** Delivery time may vary for some customers ranging from within 24 hours to 5 business days *** Power transfer may require you to do a local wire transfer to the designated Money2India account