ICICI Bank Money2World international money transfers

ICICI Bank is an Indian banking and financial services institution with its headquarters in Mumbai, India. The bank offers various banking services to its customers including foreign exchange services. Indian residents can use Money2World to make international remittances in 16 currencies. Before you make an overseas money transfers, it is important to understand the Reserve Bank of India (RBI)regulations that govern international remittances.

ICICI Bank foreign exchange rates

ICICI Bank displays foreign exchange rates on its website and they are updated on a daily basis (Monday to Friday excluding bank holidays). As an example, we have listed below the exchange rates listed on the ICICI Bank website for the 16 currencies that you can remit overseas using ICICI Money2World. These rates are correct as on 22 May 2018.

Keep in mind that the rates displayed are indicative in nature and do not take into account the transfer charges or the beneficiary bank charges.

How much does it cost to transfer money with ICICI Bank Money2World?

There are two products available under ICICI Bank Money2World and the fees are different for each product.

• Guaranteed delivery to USA. The recipient bank account is credited with the full value of the transferred amount to the beneficiary bank in USA. The fees are INR1,000 + applicable taxes

• Regular delivery to all other countries. The recipient bank account is credited with the transferred amount, less charges levied by the intermediary/recipient bank. The fees are INR750 + applicable taxes.

Minimum transfer amount and available countries

The following minimum transfer amounts apply to remittances using ICICI Bank Money2World:

ICICI Bank claims that their Money2World service specialises in offering Indian residents fast and affordable outward remittances from India to any country around the world. Check with ICICI Bank customer service if you would like further details about any particular country you’d like to make a wire transfer to.

What types of transfers can you carry out with ICICI Bank Money2World?

• Wire Transfers. You can carry out a wire transfer (TT Transfer/Swift Transfer) to beneficiary bank accounts across the world using ICICI Bank Money2World.

The registration and transfer process

You don’t need to be an ICICI Bank account holder to use this service, however, you do need to be registered on Money2World to use this service. The steps are as follows.

• Step 1. Log on to Money2World and open an account. Provide your name, address, date of birth, contact details, email address and a password to register your account.
• Step 2. Log in to your account and add the bank account from where the remittance amount will be deducted. You also need to add your Permanent Account Number (PAN) and Aadhaar number and upload soft copies of these documents to use this service.
• Step 3. ICICI Bank will validate your registration within 1 working day.
• Step 4. After validation of your registration, login to your account and add the recipient details, including Bank SWIFT code.
• Step 5. Select the destination currency and the amount you want to transfer.
• Step 6. Select the payment method, either through National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement (RTGS) to fund the remittance.
• Step 7. Process the wire transfer request.

The remittance amount is usually credited to the beneficiary account within 1 to 2 working days.

Customer Service

If you ever have any problems with your transfer, phone and email support are offered. You can also go to your nearest ICICI Bank and speak directly to a bank representative.

What are the pros and cons of using ICICI Bank Money2World?

What other products and services does ICICI Bank offer?

From loans, credit cards, savings accounts and foreign exchange services, ICICI Bank offers a wide range of financial products and services to its customers who are Indian residents.

How does ICICI compare to other providers

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Name	Product	Minimum Transfer	Transfer Time	Transfer Fee
Skrill		INR 80	1 day	None	Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees.	Go to site		loading Fetching your data...
InstaReM		INR 4,000	1-2 days	1%	InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies.	Go to site More Info		loading Fetching your data...

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Questions about ICICI Bank Money2World

• What are the remittance limits of Money2World?

  The remittance limits of Money2World are
  – US$25,000 or its equivalent per day
  – US$50,000 or its equivalent per month and
  – US$225,000 and equivalent per financial year

• Do I need to be an ICICI Bank customer to use the service?

  No. You don’t need to be an ICICI Bank customer but you will need to sign up for a free Money2World account – this takes about five minutes and can be done online.

• Are there other eligibility criteria for using the Money2World service?

  You need to be an Indian resident, be at least 18 years of age and will be required to select a purpose for your remittance, for example, gifts to family or friends.

A final word

ICICI Bank’s Money2World service is an option well worth considering if you need to send funds overseas from India, so compare its features with those offered by other money transfer services.