ICICI Bank launches ‘Money2World’, India’s first fully online service for outward remittances
October 12, 2015
- First bank in India to enable resident Indians to transfer money online from any bank in India to any bank overseas
- Available 24x7 anytime, anywhere. Remittance can be sent in 16 currencies
- Users can avail the benefit of a confirmed exchange rate
Mumbai: ICICI Bank, India’s largest private sector bank, today announced the launch of ‘Money2World’, a fully online outward remittance service for resident Indians. With this, non-account holders of ICICI Bank can now transfer money online from any bank account in India to any bank account overseas in 16 major currencies, in a convenient and fully secure manner.
A first-of-its-kind service by any bank in India, it is available to users 24x7 on all days. To avail this service, a user has to carry out a simple, one-time online registration on www.money2world.com by uploading her/his KYC documents, thus avoiding the hassle of visiting a bank branch to fill and submit documents for every money transfer.
Once registered, a user can initiate a request anytime, anywhere to remit money abroad, at a confirmed exchange rate, thereby eliminating the worries associated with currency fluctuations. Users can remit money overseas from India using ‘Money2World’ for an array of purposes including education, maintenance of close relatives, medical treatment and visa fee to emigration authorities or embassies, among others.
Mr. Vijay Chandok, President, ICICI Bank said, "At ICICI Bank, we constantly strive towards finding new solutions that add to the convenience of customers. Now, with 'Money2World', we offer a unique service to resident Indians to transfer money across the world anytime, even beyond banking hours. With this new service, we continue to live up to our commitment to offer customer centric solutions enabling quick and hassle-free money transfers."
Users can register and start using ‘Money2World’ service in just four easy steps:
- Login to www.money2world.com and complete one-time registration by filling a simple online form and uploading of PAN and Aadhaar card. The Bank will verify the e-KYC details within 1 working day
- Add the bank accounts of self and beneficiary
- Initiate the money transfer request at the confirmed exchange rate of the chosen currency
- Transfer funds from the selected bank account to the ICICI Bank designated account, from where the funds will be remitted in the chosen currency to the beneficiary account
Remitters can track the status of their money transfer request on the Money2World website or by calling the ICICI Bank customer care in India.
The key features of the ‘Money2World’ service are:
- Fully online service: Users can register themselves, submit documents once for e-KYC, initiate a request and transfer funds online. There is no requirement to physically visit a bank branch.
- Available for non-account holders of the Bank: Resident Indians having an account with any bank in India can now register for this service. Using the ‘Money2World’ online platform, they can transfer funds abroad for permissible purposes from any bank in India to any bank globally in 16 major currencies. They can remit upto an equivalent of USD 25,000 in a financial year through this online platform.
- 24x7 anytime, anywhere: Users can initiate money transfers anytime of the day.
- Confirmed exchange rate: Users get the convenience of transferring funds at the exchange rate confirmed at the time of initiating the remittance.
- Quick transfer: Beneficiaries receive the funds in their overseas bank account within 1 international working day (excluding weekends and holidays in India and the country of the beneficiary) for transaction requests received and funded upto 1500 hours on weekdays on ‘Money2World’. For transaction requests received and funded beyond 1500 hours on weekdays or on weekends, the beneficiary will receive the funds within 2 international working days (excluding weekends and holidays in India and the country of the beneficiary).
To know more about ‘Money2World’, users can visit www.money2world.com
ICICI Bank services its large customer base through a multi-channel delivery network of 4052 branches, 12811 ATMs (at June 30, 2015), call center, internet banking (www.icicibank.com), mobile banking, banking on Facebook & Twitter and ‘Pockets’. For news and updates, visit www.icicibank.com and follow us on twitter at www.twitter.com/ICICIBank.
About ICICI Bank Ltd: ICICI Bank Ltd (NYSE:IBN) is India's largest private sector bank with consolidated total assets of US $ 132.17 billion at March 31, 2015. ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 17 countries, including India.
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