One of ICICI's NRI banking framework's most acclaimed facets is its inward remittance facility, the widely recommended Money2India service. A market leader since the early 2000s, this particular online money transfer service stands out as incredibly reliable, easily accessible and quick. It possesses a one-stop-shop property by integrating various solutions, like an instant (express) transfer facility, pre-scheduled or repeat transactions and ability to handle very large transfers (up to USD 300,000 in a single transaction).
In short, it allows transfers of any denomination to any bank, worldwide for Indians to send money to loved ones back home in India. Needless to say, yet deserving of a mention are its unparalleled exchange rates and nominally priced fee structures.
Another aspect of this offering that sets it apart is that it goes the extra mile and facilitates transactions for everyone i.e. one need not hold an account with ICICI Bank to avail of this service.
Below, we delve into the details of the most valuable resources that Money2India brings to the table:
Besides sending money to a bank account, you can also make payments towards phone bills, utilities, education, etc. For example, NRIs residing in the USA or Canada can use Money2India to make payments of this kind, to over 100 entities in India.
2. Several underlying facilities at your disposal: Money2India's transfer facility is divided into sub-categories based on factors like the time taken for the transfer to take place, the exchange rate policy applied, etc. Here are the three main components that can be utilised depending on the country to which the NRI belongs to:
NRIs can also automate recurring transfers by scheduling them.
Another added plus is that it eliminates the high cost associated with international wire transfers.
3. Competitive exchange rates
Money2India is known to offer one of the best exchange rates in the market thereby helping the NRI save a lot of money when compared to the traditionally expensive international wire transfers.
Moreover, the service rewards customers for sending higher amounts by offering a better exchange rate as the amount sent goes up. The service functions on a Fixed Exchange Rate (or locked-in exchange rate) policy i.e. the exchange rate is locked-in or confirmed at the time of initiation of your transfer.
4. Negligible (almost zero) transaction fees/charges: Low or zero service charges depending on the amount being sent ensures that you make the most of your money transfer. For most regions, the transaction fee is minimal up to a certain transfer amount, above which it is zero.
5. Uncompromised safety and security: All electronic fund transfers worldwide are processed by the Automated Clearing House (ACH), an independent agency that offers secure financial data transmission. ICICI Bank supplements this with added security features such as secure login, 128 bit SSL encryption of data, identity confirmation, security questions, restricted number of login attempts, etc. You can perform online transactions with complete peace of mind.
6. Money2India Business: Entities registered in the USA that want to send money to India for underlying business transactions can register as a Business on Money2India. NRIs have businesses providing legal services, accounting or auditing services, website or mobile app development, maintenance or repair services, consultancy services, travel for business purposes, engineering services, etc.
Once the required registration documents are provided, they can make business payments to Indian service providers and vendors. An individual cannot make payments on behalf of a business, so if you're looking to make remittances of both kinds, you must maintain separate accounts.
7. Donate2India: For those looking to make charitable contributions towards various social causes, Money2India makes it easy to donate to many philanthropic organizations such as GIVE, CRY and other non-profits registered on the Money2India platform.
8. Loyalty programme - M2I Rewards: This unique tier-based programme makes the Money2India journey all the more rewarding, through a system that places loyal customers at one of four tiers, i.e. Blue, Silver, Gold, Platinum. Each level introduces exclusive benefits, like preferential rates applied over the current rate offered by Money2India and higher money transfer limits as you achieve new transaction milestones and climb up the tier-ladder!
9. NRI Remittance Premia benefits: Money2India rewards its customers by upgrading their ICICI Bank NRIs Accounts into NRI Remittance Premia. If you send more than USD 10,000 in a year through Money2India into your ICICI Bank NRI Account, then that account is upgraded to an NRI Remittance Premia status which gives customers benefits up to INR 25,000*.
NRI Remittance Premia holders get a host of benefits like preferential rates on Money2India, personalised services, benefits for family back in India, parental health cover, health pass memberships, promotional offers on various products and dedicated concierge service.
While these are the portfolio's overall qualities, you can be certain of discovering an array of unrivaled benefits associated with each underlying component that comes under the Money2India banner.
There are primarily three ways of accessing the system:
Once your user details have been set up, here's how you can go about the process of transferring funds:
Money2India's intuitive money transfer platform, with its perfect combination of elementary as well as niche solutions, is a testament to ICICI Bank's commitment towards its Non-Resident patrons and its ability to provide world-class banking infrastructure.
*Terms and Conditions apply.