Send affordable and instant money transfers between the United States and India with ICICI Bank’s Money2India service.
Money2India is an easy-to-use online money transfer platform provided by India’s ICICI Bank. As the name suggests, it specialises in offering transfers to India from the US, the UK, Canada and selected other countries around the world. Money2India offers competitive exchange rates and if you transfer more than around $1,000, you will not have to pay any service fee for your transaction.
Who is ICICI Bank?
ICICI Bank operates the online Money2India transfer service for customers in the US, the UK, Canada, Australia, Singapore, Hong Kong, the UAE, Switzerland, and Sweden. The largest private sector bank in India, ICICI has total assets of USD $103 billion and more than 4,000 branches across India.
The bank has won a host of awards over the years, most recently in 2015 for ‘Best Foreign Exchange Bank’ at Finance Asia’s 2015 Country Banking Achievement Awards. It was also named Best Retail Bank in India by The Asian Banker in 2015, and in 2013 won the Best Remittance Business Award at the Asian Banker Awards.
How can you send money overseas with Money2India?
Sending funds overseas with Money2India is designed is simple, allowing you to send funds to accounts with more than 100 Indian banks. The first step is to register for a Money2India account, which can be done online by filling out a registration form and providing:
- Your country of residence
- Your name and date of birth
- Your contact details
You can send your money in the following ways:
- Express e-transfer. Available to select Money2India users, this electronic funds transfer service service allows one-hour transfers to ICICI Bank accounts and two-hour transfers to accounts with other Indian banks. No service charge applies if you send more than 50,000 INR, while transfers of less than 50,000 INR attract a $2 fee. To send this type of transfer, log in to your Money2India account and select ‘Express e-transfers’. Select the receiver and account from the drop-down menu and enter the details of the amount and currency you wish to send. You can then review the details of your transfer and send your funds, and you will receive a tracking number to allow you to monitor the progress of your transaction online.
- e-transfer. This online ACH (Automated Clearing House) transfer option provides guaranteed transfers within four working days. The same fee structure applies as for an Express e-transfer, and you’ll need to log in to your account and provide the sender and receiver bank account details. Next, Money2India will initiate three small transactions from your sender account in order to verify your details. Once this process has been completed, select ‘e-transfers’ from your account menu and provide the details of your transaction.
What are the pros and cons of using Money2India?
- Fast transfers. The funds you send with Money2India can arrive in your recipient’s bank account in as little as one hour.
- Customer support. If you need help with a transaction, you can take advantage of 24/7 expert advice. .
- Convenient. Transfers can be placed online or using the Money2India mobile app at a time and place that is convenient for you.
- Confirmed rate. You can take advantage of a guaranteed exchange rate with Money2India’s Fixed Rupee transfer facility.
- India only. This service does not offer transfers to countries other than India.
What other products does Money2India offer?
As Money2India is ICICI Bank’s dedicated money transfer service, it does not offer any other products to customers.
Frequently asked questions
I want to send 25,000 INR to India from the United States – will I have to pay a fee?
Yes, a $2 fee applies to transfers of less than 50,000 INR.
Is there an app available to help me send transfers?
Yes, you can use the Money2India mobile app to send transfers from your smartphone anywhere, any time.
Can I track the status of a transfer?
Yes, once a transfer has been lodged you will receive a tracking number. You can this this number to check the progress of your transaction by logging into your Money2India account online.
How can I check if my account can send Express e-transfers?
Your account is eligible to send these types of transfers if you can see the ‘Express e-transfers’ option under ‘Modes’, when you log into your account. If you can’t see this option, phone or email Money2India with your login ID and recipient account details to check your eligibility.
Can I cancel a transaction after lodging it?
Yes, you can cancel a transaction through the ‘Track a Transaction’ facility in your Money2India online account. This can only be done within 30 minutes of lodging your transfer request.
What is the Express e-transfer Service Guarantee?
Under this guarantee, if your money does not arrive in your recipient’s bank account within 24 hours your transaction fee will be refunded.
Can I set up recurring transfers?
Yes, you can set up a recurring Express e-transfer to take care of your regular payment needs.