Make international money transfers using ICICI Bank Money2World.
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.
| Currency code | Currency | Send money at |
|---|---|---|
| AED | UAE dirham | 19.50 |
| AUD | Australian dollar | 52.75 |
| CAD | Canadian dollar | 54.46 |
| CHF | Swiss franc | 69.85 |
| DKK | Danish krone | 11.33 |
| EUR | Euro | 82.01 |
| GBP | British pound | 93.40 |
| HKD | Hong Kong dollar | 9.13 |
| JPY | Japanese yen | 0.62 |
| NOK | Norwegian krone | 8.90 |
| NZD | New Zealand dollar | 48.35 |
| QAR | Qatari riyal | 19.70 |
| SAR | Saudi riyal | 19.10 |
| SEK | Swedish kronor | 8.25 |
| SGD | Singapore dollar | 51.95 |
| USD | US dollar | 69.46 |
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.
Back to topHow 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:
| Currencies | Minimum transfer amount |
|---|---|
| AUD/CAD/CHF/EUR/GBP/USD | 500 |
| AED/DKK/HKD/JPY/NOK/NZD/QAR/SAR/SEK/SGD | An equivalent of US$500 |
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.
Back to topWhat 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.
Back to topCustomer 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.
Back to topWhat are the pros and cons of using ICICI Bank Money2World?
Pros
- You don’t need to have an ICICI bank account to use this service. As long as you are a resident Indian, having a savings bank account in India, you can use this service.
- Remittance requests can be made 24×7, even on weekends and holidays.
- Completely online service. You can make this transfer from the comfort of your home, without having to physically go to a bank or foreign exchange vendor to process the wire transfer request.
Cons
- Exchange rates are updated on the ICICI Bank website once every working day.
- All currencies are not supported. So, if you are looking to transfer money in an exotic currency, you may need to consider another remittance service.
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
Questions about ICICI Bank Money2World
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.