- Operated by India's largest private bank
- Offers instant transfers to ICICI bank A/C
- Requires US bank account to transfer
- e-transfer option takes up to 4 working days
- No fee for transfers above 1000$
- Transfers upto 1000$ attract 2$ fee
ICICI Bank, the largest private bank in India, launched Money2India remittance service in 2002. Money2India offers fixed exchange rate remittance with various options to transfer money to India. Customers require US Bank account to transfer money and the money can be sent to any Indian bank account or the two bank cards offered by ICICI bank.
The e-transfer & Express e-transfer are the online remittance options available for sending money less than $20,000 per day. All customers are eligible to use e-transfer facility and it takes around 4 days to transfer money. The quicker option is called Express e-transfer and it facilitates instant money transfers. Transfers to ICICI Bank are completed instantly and to other bank it takes up to 2 hours. The eligibility criteria for Express e-transfer are not published and an internal process of ICICI Bank decides who are eligible for Express e-transfer facility. The third option called PowerTransfer and it lets customers transfer more than $20,000 in a day.
The fee for transferring money is low, $2 for transferring up to $1000 and no fee above that amount. But the exchange rates offered by Money2India are not great compared to other services.
If the receiver is an ICICI Bank account holder in India, then Express e-transfer is an attractive option as it lets customers transfer money instantly 24x7, 364 days.. Otherwise with low exchange rates and up to 4 days of transfer time, ICICI Bank Money2India may not appeal to many.
To transfer money to India, ICICI Money 2 India charges the following fee
Following payment options are available for Senders to initiate money transfers