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.

 

Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.

 

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