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ICICI Bank Money2India: How To Remit Large Sums Of Money To India

Updated on May 05, 2021 03:05 pm
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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. 

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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:

  • Large Transfer Limits: You can send up to USD 300,000 per transaction and up to USD 2 million in a month.
  • Competitive Exchange Rates: Money2India is known to offer one of the best exchange rates in the market, thereby saving a lot of money, compared to the traditionally expensive international wire transfers. To safeguard yourself against the changing market conditions, you can send the exact rupee amount to your receiver in India by opting for a confirmed exchange rate at the time of transaction initiation. Moreover, the service rewards customers for sending higher amounts, by offering a better exchange rate, as the amount sent goes up. You can check the rates by going to the Money2India website. 
  • Uncompromised safety and security: Most electronic fund transfers worldwide are processed through the Automated Clearing House (ACH) and are entirely online. 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!
  • Local assistance provided for large transactions: ICICI Bank's remittance service, and other products and services offered in the US, are done through ICICI Bank's New York Branch, an overseas branch of ICICI Bank Limited. Whenever you require extra support to remit larger funds back home, you can always seek assistance from an authorized personnel to guide you on large transfers or any other queries pertaining to fund transfers. Furthermore, you have the option to physically visit the branch to get your queries resolved through a quick call, during US hours. For more details, the customers can get in touch with ICICI Bank's New York branch team at [email protected]
  • The ICICI Bank trust factor: Needless to say but certainly worth noting is the fact that Money2India is one among many offerings and services provided by a bank that has evolved into a global leader, vouched for by over a million NRIs. Indian Expats all over the world continue to place their trust and turn to the bank for all kinds of financial requirements for more than a decade, and remittances are no exception to this. Being an Indian bank with an excellent banking infrastructure and network within India as well as outside, has led to ICICI Bank becoming adept at handling transactions and procedures at both ends of the transfer. A combination of ICICI Bank Money2India's ability to securely handle large amounts, the human element in terms of support provided by the New York Branch, and the innate Indian quality of the bank have collectively won the trust of many citizens seeking a deep-rooted connection to home, one that transcends financial boundaries
  • Negligible Transfer Fee: A nominal transfer charge of USD 4 is applicable for transactions, up to USD 1,000 and there is zero transfer fee for all transactions above USD 1,000. This amount is negligible compared to the hefty expenses incurred on international wire transfers or while sending money through money transfer agents.
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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:

  1. Go to the Money2India website, register on it, or log in with your Money2India User ID/ e-mail ID if you are an existing customer. Alternatively, if you are an ICICI Bank NRI Account holder, just login with your NRI Account Internet Banking User ID. You can also avail of the service by downloading the mobile app, available on Google Play Store and Apple App Store
  2. Enter the amount you want to send and select the bank account you want to send it through
  3. Enter your recipient's account details
  4. Money2India will convert your money to Indian Rupees and send it to the recipient through the selected pay-out option.

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.

 

Want more information on ICICI Bank's Money2India? Feel free to read our in-depth review of the service including its pros and cons, real reviews, and more. 

 

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