USD INR ₹ 84.00
GBP INR ₹ 102.77
CAD INR ₹ 60.58

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

Updated on May 05, 2021 03:05 pm
Large amount

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:

  • 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.


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. 


**T&C Apply

Rate article:
Money Transfer FAQ's
Related Articles
Understanding USD to PHP
Understanding USD to PHP Exchange Rates in 2024

For many immigrants or individuals supporting their families in the Philippines, understanding the fluctuations in USD to PHP exchange rates is very tricky. Navigating the intricacies of these rates involves examining a spectrum of economic, political, and social factors.CompareRemit is here to make life easier for you, so you can make the best decision with little to no hassle on your part. In this guide, we'll unravel the complexities surrounding USD to PHP exchange rates, providing valuable insights to empower you in making informed decisions for your money transfers.​​Interest Rates: The Currency Tug-of-WarOne of the primary factors that influence exchange rates is  interest rates. When the U.S. Federal Reserve adjusts interest rates, it sends ripples through the currency market. Generally, higher interest rates attract foreign investment, strengthening the USD against the PHP. For individuals, keeping an eye on interest rate differentials between the U.S. and the Philippines can offer insights into potential shifts in exchange rates.Inflation: The Balancing ActInflation, the rise in the price of goods and services, plays a pivotal role in currency valuation. Countries experiencing lower inflation rates often witness an appreciation in their currency. Comparing inflation rates between the U.S. and the Philippines allows you to gauge the potential strength of the USD. A lower inflation rate in the U.S. compared to the Philippines may contribute to a stronger USD.Government Policies: Shaping Economic StabilityGovernment decisions and economic policies, both domestic and international, have large impacts on exchange rates. Policies promoting economic stability, prudent fiscal management, and sound monetary measures contribute to a stronger currency. Staying informed about the policies of both the U.S. and the Philippines will allow you to gain an understanding of the economic health and help predict dips and rises in exchange rates. Trade Balances: A Global PerspectiveThe dynamics of global trade, including exports and imports, definitely impact currency values. A country with a trade surplus, exporting more than it imports, may see a stronger currency. It might be very tedious to stay up to date with trade imbalances between the U.S. and the Philippines, but doing so can serve as an indicator of potential exchange rate movements.Historical Data: Patterns and PredictionsAnalyzing historical USD to PHP exchange rate trends can reveal patterns and provide insights. While past performance doesn't guarantee future results, understanding how rates responded to similar economic, political, or social events can guide your decisions. Historical data offers a valuable tool for predicting potential movements in exchange rates.Practical Tips for Informed Money TransfersStay Informed: Regularly follow financial news and updates from both the U.S. and the Philippines to understand the broader economic context. Regularly read our blogs to stay up to date with all the major money transfer news. Utilize Reliable Tools: Use CompareRemit’s online comparison tool and email alerts to track real-time exchange rates, ensuring you get the best value for your money transfers.Seek Professional Advice: Consulting financial experts or using professional services can provide personalized insights tailored to your specific situation, enhancing your decision-making process.In conclusion, comprehending the factors influencing USD to PHP exchange rates empowers you to make informed decisions when sending money to the Philippines. By staying attuned to economic indicators, leveraging historical data, and adopting a proactive approach, you optimize your money transfers, securing a more stable financial future for your loved ones.

Money from India to UK
Best Way For An NRI to Repatriate Money From India to UK

 When it comes to repatriating large sums of money from India, it puts every NRI in a situation where he has to consider different obligations regarding monetary cross-transfer. Taxation, reliability and transfer timelines are a few things that influence these decisions.Personal finances have to be dealt with delicately and ensured that there is no loss during the due process of remittances. There are various options available in the marketplace today, be it via traditional banking or the modern ways of online transfers.CompareRemit offers a platform that allows you to compare different players in the market and pick the best rates that suit your needs.Repatriation from an NRE AccountAs a component of the liberalization scheme of the Reserve Bank of India, remitting funds from India has become relatively easier. Balances in NRE (Non-Resident External) accounts are freely repatriable. No formalities or requisite permissions are required for remittances abroad be it any amount. Funds in accounts are usually funds deposited from abroad or current income like interest or dividends on investments made through foreign funds.Repatriation from an NRO accountBalances in NRO (Non-Resident Ordinary) accounts are subject to certain conditions. The remittance of USD 1 million per financial year from NRO accounts is allowed subject to certain procedural formalities. NRO account balances include income earned locally or certain capital account transactions. Form 15-CA and 15-CB need to be submitted before a remittance can go through.Read more on difference between NRE and NRO account on CompareRemit.The Traditional Option - BanksThe most sought after choice for remittances to the UK are banks. Banks are the most popular means of transferring money to the UK because:There is a high level of trust owing to the various government regulations.Familiarity and the comfort of knowing the neighborhood-friendly banker.There are two ways one could remit funds using banking services:Online - If your bank has given you access to internet banking and allows repatriation through online instructions.In-Person - One could walk into the bank yourself and have the formalities completed there and then and have the satisfaction of seeing it to its destination with a receipt in your hand.However, it is important to note that INR to GBP/GBP to INR exchange rates may not always be competitive. The transfer fees can be high and the charges, not always transparent.Selection of Remittance Service ProviderShould you want to avoid remitting through banks, approaching a marketplace of money changers would be the next best option. A selection of remittance service providers should be made based on the following:- Transfer chargesSpeed of transferExchange ratesCharges on the conversion of currency (INR to GBP)Freeze option on exchange rate while process requirements are completedFlexibility of payment optionsAlternative Options for Remittance from India to UKWise - UK based transfer service supporters - Wise incorporates credit cards/debit cards, SWIFT, international transfers to bank accounts, domestic wire transfers and more. Wise offers competitive exchange rates for pound to rupee or rupee to pound conversions. It assures fast and low-cost online money transfers from India to the UK.ExTravelMoney - One of the easiest services for transferring funds from India to the UK, they also offer the facility of booking orders online.Western Union - In four easy steps available online and your money is sent from India to the UK. They offer competitive rates and faster transfers as well.Thomas Cook - Provides the best foreign exchange rates besides giving the assurance of secure and timely remittances for specific purposes.BookMyForex - With zero commission and zero charges, they claim to send money from India to the UK at guaranteed lowest exchange rates. The time span for the transfers to be effective is 12 to 48 hours.To select the right money transfer service one should keep the cost and time factors in mind. Convenience at a reasonable cost should be the mantra for selecting a suitable remittance service provider.

EUR and INR on European and Indian Flags
How To Send Money To India From Europe

There are a variety of reasons to send money from Europe to India. To start with, Europe is home to many Indians - working professionals earning a living, students and researchers pursuing higher education, and entrepreneurs and investors running businesses. In this blog, we will discuss the best ways to send money from Europe to India and India is one of the fastest-growing economies and has been the top remittance-receiving country in the world for years in a row. Indians working in European countries send money to India for various reasons such as: Financial support for friends and family back home,Monetary gifts during festivities,Education and healthcare needs, andInvestment purposes in India.Non-Indian residents (NRI) frequently transfer money to India to save their foreign income in an Indian bank account. In addition, India and the European countries are important trading and tourism partners. Owing to the flow of trade and people between the two countries, there is a lot of EUR to INR or INR to EUR currency exchange. The trouble with sending money internationally is that it comes with certain costs. The two main costs are:Transfer fees, andHidden exchange rate margins. Banks may be your first option, but they usually are not the best for international money transfers because of the poor exchange rates and hidden fees, meaning your recipients get less money in their pockets. The good news there is plenty of authorized money transfer specialist offering online money transfer to India with transparent and low fees, competitive exchange rates, faster delivery, and enhanced convenience for efficient and cost-effective transfers. Compare these money transfer services to get the best Euro to Rupees rate before making your transfer and finding the best money transfer service to India. How To Send Money From Europe To IndiaCompare money transfer services in terms of fees, exchange rates, and speed.Choose the best provider that meets your transfer needs.Sign up with the provider of your choice.Add the necessary information (Transfer amount, recipient details, your details, etc.)Press Send and leave the rest to the service provider Several providers offer direct transfer to major Indian banks (SBI, ICICI, HDFC, etc.)To help you find the cheapest, fastest, simplest, and most secure ways to send money to India from Europe, we have listed below top money transfer specialists. XE XE money transfer is a Canada-based online international foreign exchange business, and it is a part of the Euronet Worldwide Group, one of the largest money transfer businesses. It offers fast and cost-effective international money transfers to more than 130 countries in more than 60 currencies for individuals and businesses.XE offers free tools to check live currency rates, view historical charges for any currency pair, and set alerts for any chosen currency pair. Convert Euro to INR with XE Currency Converter.XE also provides forward contracts, spot contracts, market orders, business transactions for international employees, and currency data APIs.XE is great for large bank-to-bank transfers because XE offers lower exchange rate margins for large transfers. There are no fees for transfers above $500.You can initiate wire transfers to India from Europe on the XE website or mobile app and pay with a bank transfer or debit/credit card. Most of the transfers are completed in a few minutes. The transfer amount is unlimited. PassToPassTo is a cheap and quick way to send money to over 60 countries worldwide from the UK. They offer an easy-to-use, secure platform that only takes a few minutes to download and sign-up for. Some of PassTo’s benefits include:Discounted welcome rates for first-time usersBest foreign exchange ratesMoney can arrive as quickly as a few minutesFCA regulated and safe to useTransparent, up-front feesSend money from the UK with PassTo today!Remitly Remitly operates in 17 countries and transfers money to over 90 countries, including India. It is an online-based money transfer company located in Seattle. You sign up online on the site or Remitly app to start sending money. For sending Euro to Indian Rupees, the promotional exchange rate applies to your first transfer of Euro 1000.00. Remitly offers multiple receive options: recipients' bank accounts, UPI (virtual payments), and 100,000+ cash-up locations in India. If you don't mind paying a higher fee for a faster transfer, Remitly offers the Express mode of transfer. The economy mode of the transfer costs less, but it is slower. Skrill Skrill is a London-based digital wallet platform, currently enabling international money transfer to over 180 countries in 40 different to a bank account, mobile wallet, email address, and phone number. You can also buy and sell cryptocurrencies. Skrill is the cheapest option for sending to a bank account overseas because of zero transfer fees. You are allowed to fund your transfer with a credit or debit card, bank transfer, or other local payments if applicable. If funded by manual bank transfer, the money arrives in 2 hours or less. You can cashback when you refer friends. Sign up for free on the Skrill website or the Skrill App to send money to an Indian bank account for free.WiseWise, an online money transfer service provider, offers transparent and low-fees international money transfers from 59 countries to over 80 countries. You can hold 50+ currencies in your account and convert between currencies at a super-low fee. Based in London, it now has 12 million users and counting. It claims itself as 8X cheaper than leading banks in the UK. You get transparent fees and real exchange rates (the ones sourced from Reuters or Google). If you pay your transfer with a bank account, the fees are the cheapest, but you will have to compromise on speed. Payment via debit or credit cards transfers your money faster at a higher cost. Wise is ideal for small transfers as the cost gets higher with larger transfers. Send money on their website or download the Wise app to start sending money today.ICICI ICICI Money2India offer fast fund transfer from Europe to any bank account in India. Available in 20 Eurozone countries, the service allows you to lock your desired exchange rates and charges minimal fees with no hidden costs. Money2India Europe is an online money transfer service by ICICI Bank Germany. ICICI is one of India's largest banks and has many branches overseas. You can also sign up on the Money2India app and send money hassle-free. If you transfer money to ICICI bank accounts in India, the transfer is completed in under 30 minutes.InstaremSimilar to Wise, Instarem offers real exchange rates sourced from Reuters for your every transfer. Based in Singapore, Instarem is an online remittance service enabling money transfers to 55+ countries in partnership with 8000+ banks worldwide.Instarem is one of the low-cost international money transfer service providers, especially for small transfers. The fees are upfront, and there are no hidden charges. The exchange rates are very competitive. You earn InstaPoints with every transfer that allows you to redeem in your next transfer, saving you money.Sign up for a free account on the Instarem site or app with your email, or use your Google or Facebook ID for a quick registration.PandaRemitPandaRemit is a Hong Kong-based online money transfer service providing fast and convenient remittance services across 30+ countries. You also get zero fees on your first transfer. And receive money with minutes as fast as 2 minutes. Your recipient has the option to receive the money in a digital wallet or bank card or opt for cash pick up if available.Transfer funded by bank transfer carries no charges, but payment with a credit card has additional charges. There are no hidden charges with PandaRemit. Make use of referral bonuses and discounts to save money on transfer costs.Paysend Trusted by 6 million customers worldwide, Paysend currently operates in more than 150 countries allowing international money transfers to over 110 countries. Paysend is the first Fintech company to introduce global card to card transfers connecting 12 billion cards issued by Mastercard, Visa, China Union Pay, and local card schemes.Paysend provides 40+ payment methods for online SMEs and serves 17,000 SMEs. Sending money to India from Europe is easy because of the multiple receiving options: send money online directly to bank cards, UPI, or bank accounts in India at a fixed low fee. You can also send a Paysend link to your recipient's mobile number to make a transfer. Transfers are usually completed within minutes. Sign up online or get the Paysend app to send Euros to Indian Rupees.Revolut  Revolut is a popular British digital-only bank/ neobank offering a range of banking services in a mobile app. Revolut, the global financial super-app, has more than 18 million customers around the world.With Revolut, you can send money in more than 30 currencies to 100+ countries. You can hold 30 different currencies for free in your Reovlut account. This makes it ideal for traveling abroad and sending international payments.Revolut charges a fixed percentage fee and claims to offer the exchange rates you see on Google for international money transfers. To send money to India, download the Revolut app and sign up. Then simply add money into your account using your card or make a bank transfer. Choose your transfer amount, your currency, and the destination country. Send money to your recipient bank account in India by adding it as a beneficiary in the Revolut app.ConclusionThe best website to transfer money to India from Europe or apps will depend on how much money you are sending, how are you paying for it, how the money is received, how fast you want the money to reach your desired destination, and how expensive is the transfer cost including conversion cost of Euro to INR. Different money transfer service providers have unique advantages that may be best suited for your transfer situations. So, it is best to compare, decide and send.

Download the CompareRemit App
Download the CompareRemit App
Personalize your CompareRemit experience with your preferred corridor and receive target exchange rate notifications, seamless transitions to partner apps, and real-time comparisons of top remittance providers at your fingertips.
Personalize your CompareRemit experience with your preferred corridor and receive target exchange rate notifications, seamless transitions to partner apps, and real-time comparisons of top remittance providers at your fingertips.

Get Listed or Advertise

Download Our Free App

Try our faster, enhanced mobile app for a better experience

CompareRemit App