Most Indians generally retain strong relationships with their home country, even after settling elsewhere. One of the many ways in which this bond is strengthened, is by continuing to maintain significant personal and familial commitments back home. A few examples of these commitments include purchasing a property in India, preparing for a post-retirement life back home or generally making arrangements for a comfortable move to India. What all of these have in common, is the need to make periodic financial investments in the form of remittances or large fund transfers to India. NRIs residing in USA and other geographies often send large amounts back home for the reasons stated above, as well as to support loan repayments, family emergencies or endeavours like weddings and higher education. Cultural ties and the fact that a majority of first generation NRIs come from large families, also play a pivotal role in Indian expats sending home remittances regularly.
Although the reasons to remit money is largely of a positive nature, the reality is that transferring money back home is a regular yet cumbersome affair for most Indians living abroad. Whether the funds are being sent on priority to family or friends or being used to purchase international assets or make general recurring transactions, it is often difficult to conveniently send money. Mostly, there are two types of offerings when it comes to money transfer, namely: Wire Transfer and non-bank Money Transfer Operators or MTOs. However, both these solutions have their shortcomings, in that, wire transfers have no limits but tend to be quite expensive, whereas MTOs only allow smaller fund transfers i.e. have low transfer limits. Having to wait for days to be able to transfer one's hard earned money is an unfair and trying ordeal that needs to be avoided. Besides, the market is teeming with options in this space, so people need to be wary about the speed and costs of the various methods that financial institutions provide for remitting money to India.
Another huge challenge is when larger amounts are involved. For banks, the task of sending money abroad through wire transfer on behalf of individual customers is labour intensive and far from being profitable. As a result, the handling fee charged for transfers involving large amounts is exorbitant, and the exchange rates are unfavorable. The latter is also relatively susceptible to political and economic factors, which directly influence remittance flows by dictating the global exchange rates. What customers need is a quick, reliable, cost-effective and convenient remittance solution that they can depend upon for all their transfer requirements, big or small. Keeping this in mind, ICICI Bank's Money2India provides a seamless remittance (money transfer) service that has become an integral part of its NRI banking framework, even for non-account holders.
Money2India stands out as incredibly reliable, easily accessible and quick. It is an all-encompassing bouquet of money transfer services, constructed by bringing together various solutions, like an instant (express) transfer facility, pre-scheduled fund transfers and specific features for large transfers (up to USD 300,000 in a single transaction). It permits electronic transfers into any bank account in India. Transfers can be made to any ICICI Bank Account with over 5,288 branches in India or to any non-ICICI Bank Account, which includes over 75,000 banking branches of over 100 banks in India. In short, it enables transfers of any denomination to any bank for Indians worldwide, to send money to their loved one's back home. The cherry on the cake is its unmatched exchange rate policy that allows for pre-confirmed exchange rates, thereby protecting customers against the volatile economic climate and currency fluctuations. Money2India's rates are the most favorable to customers and helps them save a lot of money, as compared to the international transfer rates offered by a majority of other banks or financial institutions.
Before delving into details of accessing the system and using this transfer facility, let's look at some of the key services that fall under the Money2India bucket and the benefits associated with them.
While there are many options available within Money2India's bouquet of services, like payment of utility bills, insurance premium or making donations to charities, the one that's most popular for large money transfers, is the large transfer capability. This has been utilized by customers across regions, one of which is the USA.
Using Money2India's large transfer capability provides an entirely online transfer channel that makes it effortless and convenient for customers to transfer large amounts - up to USD 300,000 - to India, in a single transaction, within 24 - 48 business hours. It leverages the local (US based) capabilities of ICICI Bank to help individuals avail fast and secure transmission of funds. Money2India also eliminates the high cost associated with international wire transfers and minimizes errors due to manual intervention. Moreover, you know there is always someone to help with the presence of ICICI Bank's team at its New York branch.
Here are some details around the charges, exchange rates and benefits that come with this service:
Now that you've had a walkthrough of some of the benefits of using Money2India, there are primarily three ways for you to access the system, after which you can set up your account and go about the process of transferring funds:
With that, we've covered a majority of reasons that makes Money2India a great way to send large amounts of money to India and how you can utilize its unrivalled benefits to your advantage. The vast spectrum of primary and specialized features is what makes Money2India a perfectly intuitive, smooth money transfer solution and the symbol of ICICI Bank's commitment towards its non-resident patrons.