Money2India: ICICI Bank's Money Transfer Service

HIGHLIGHTS

ICICI Bank Ltd. (NYSE: IBN) is India's leading private sector bank. Its subsidiaries include India's leading private sector insurance firms, securities brokerage firms, mutual funds and private equity firm. ICICI Bank is one of the three domestically systemicially important banks in India as declared by the Reserve Bank of India.

Focused on creating a widespread network for customer convenience ICICI Bank has a network of over 5,275 branches and over 15,589 ATMs across India. ICICI Bank's international operations include subsidiaries in Canada and the United Kingdom; branches in USA (New York City), Bahrain, China, Dubai International Finance Centre, Hong Kong, Singapore, South Africa and Sri Lanka; and representative offices in Bangladesh, Indonesia, Malaysia and the United Arab Emirates.

ICICI Bank's Money2India is a popular online money transfer service offered to NRIs from 15 different countries via e-transfer, express e-transfer and local wire-based power transfer. Power transfer can be used to transfer amounts upto USD 300,000 per transaction or upto USD 500,000 per week. With an ever-expanding base since its launch in 2002, Money2India has become one of the preferred modes of online money transfers to India, facilitating secure and fast money transfers at confirmed exchange rates with round the clock customer service availability.

Money2India uses 128 bit Secure Socket Layer (SSL) encryption and other technologies to offer secure money transfer solutions through multiple channels like Money2India Mobile app and the Money2India website. To use this service, a user needs to complete a simple one-time online registration by accessing and can thereafter, start sending money from any bank account in their countriy to any beneficiary account with over 100 banks in India.

FEATURES

Exchange Rate Type
Locked-in
Transfer Fee
Bank Account
$ Amount
Fee
Up to $1000
$4.00
$1001 - $999999
$0.00
Transfer Time
Bank Deposit
5
Transfer Type
  • ACH Transfer
  • Wire Transfer
Daily Transfer Limit
$0 - $25,000
Customer Service Info
866 ICICI 4U (866-424-24 48)
Company Headquarter
Mumbai, India
Company Type
Bank
Mobile App
Company Established
1994
Text Update (SMS)
Yes
Email Updates
Yes
Provider's FAQs
Referral Program
Yes
Key Feature
* High per transaction limit of USD 300,000
* Only bank to provide 1 hour transfers to ICICI Bank account 24x7, 365 days a year
Document Requirements

USER REVIEWS

ManjuV
Posted on September 27, 2022 11:54 am

We have opened an account in Money2india provided all the documents more than a month. But, our account is still not activated to do money transfer. I have called more 5 times so far, the customer service picks, give wrong options to choose from sometimes, other times, they said they will arrange a call (same answer if you call 9am EST, 12pm EST or 2pm EST), never got a call from any customer services since last 3 weeks. I think ICICI lost touch with the customer, earlier who had good customer service, now has pathetic customer service, who does not know anything, except they always say "we will arrange a call within 24 hours". If a bank cannot services the customers during the day time (between 8am-4pm EST), then, there is no point in doing business in US.I want to give zero star, but, it is not available.

 
Adeeb
Posted on August 08, 2022 01:14 am

i initiated a transfer to my nri account using m2i and its still in process for the pas 1 week. Customer care never gives correct info and nriservice also doesnt respond to your emails. Avoid this service if you need to transfer funds urgently

 
Mukundan
Posted on July 13, 2022 05:35 am

Worst service, never use this service, i never had problem with other banks but here i am unable to even contact a customer care by email. i send email to nri@icici no reply from them

 
Richard
Posted on March 21, 2022 01:36 am

Used M2I for years with no problem, but over the past few years they always seem to find a reason to stop my transfer. Nothing has changed except their system. So sick of staying up late to call New York to try and fix it.. slow and a waste of time. Xoom does the same transfers in less than a minute.

 
Venkat T.
Posted on June 15, 2021 04:07 pm

Stay away from ICICI and Money2India. I strongly recommend using either Click2Remit, Ria, Remitly, XE, XOOM etc. And for NRE/NRO accounts, use Kotak and their Click2Remit. But NOT ICICI or Money2India. We were trying to send money via Money2India to newly opened ICICI NRE Account. But ICICI failed to complete the transfer due to name mismatch and refunded our USD money, but issue is: they didn't refund full amount. ICICI deducted few dollars saying I lost it due to the conversion loss. I paid in USD, and they refunded back to me in USD. There was nothing needed to convert. Even if they had to convert back and forth, ICICI should have dealt that internally. But they put that loss on the customer. When I spoke to ICICI customer care, they forwarded me to supervisor/floor manager. And that customer service floor manager spoke like "yes sir, if you are not happy, simply drop an email to close the account sir; ya sir you can share the feedback, no worries sir, ok sir".. funny and nasty customer service. Even I connected with Facebook team with direct message, but no use, no help, except they also gave same answer saying that conversion rate is low during refunding my money. And same reply I received even in email. I don't know why/how ICICI or Money2India is doing business in USA.

 
Prasad
Posted on April 07, 2021 11:15 pm

Worst service. You will not get what they promised. I suggest not to choose this one

 
Aj Pat
Posted on March 08, 2021 08:20 pm

Money2India remittance service is the worst I have used; not only they did not remit the money, I had to chase them for knowing the exact status. And it turned out their website vs customer care vs email different statuses - email status was the most specific, but most delayed. Email simply stated "Our team confirmed that we are unable to process the transaction... We request you to visit your US Bank Branch and raise R07 request to recall the funds.".

 
Uday K
Posted on December 30, 2020 02:22 pm

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. Cheers! Uday

 
Raj M
Posted on December 15, 2020 09:56 am

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.

 
Dr. Faiz Rahman
Posted on December 09, 2020 05:00 am

Excellent, timely and courteous service. The team showed their eagerness to properly address the issues I was facing and they were thorough and totally professional while showing care and concern. They resolved issues to my satisfaction. Way to go..keep it up.

 

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