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2 mins Read | 2 Years Ago

Overseas Investments Made Easier with ICICI Bank's Money2World

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Overseas Investments Made Easier with ICICI Bank's Money2World

Since the beginning of the pandemic, the stock market has observed a drastic increase in the number of investors. NSE reported an increase in monthly registration of new investors to an all-time high of 1.5 million in July 2021. The report also stated that more than 50 lakh new investors registered in the first quarter of the current fiscal. With the Indian stock market being heavily populated by novice investors, many began to invest in foreign markets. While experienced investors find their way to invest in foreign markets, plenty of novice investors find it challenging to transfer their money to a foreign stock.

In an alternate scenario, if you have a bank account in a foreign country or reside in a foreign country, you may have the need to transfer funds from your bank account in India to the bank account in a foreign country. In this article, we will gain insights into how you can invest abroad as well as transfer your money abroad in the most convenient and efficient manner.

Investing In Foreign Markets

In current times, investors have easy access to global news at all times. With this comes the increased urge to expand investment portfolios and investing horizons. Many investors plan to invest in foreign markets as they can be more lucrative. As per the RBI, money sent abroad from India for any investment related purpose is classified under capital account transactions. It is mandatory to maintain an account with the bank through which you are transferring funds for at least 1 year prior to the transaction date, if you are sending money abroad for investment purpose. However, you can only remit funds overseas to invest in permitted stock markets, fixed income products and deposits. You are not allowed to invest in options, futures, and margin-based forex trades. If you would like to invest abroad in real estate, you would have to carry out the process through offline method by visiting any of our ICICI Bank branches.

All About Transferring Money Abroad

For an international money transfer from India, you can go ahead with outward remittance. Outward remittance is the process in which you can send money from your Indian bank account to foreign accounts. The Liberalized Remittance Scheme of the Reserve Bank of India lets resident individuals remit a certain amount of money during a financial year to a different country for expenditure as well as investment. The limit for outward remittance from India under the Liberalized Remittance Scheme (LRS) is $250,000 a financial year for Indian residents. While there is no limit for an ICICI Bank NRE Account holder to send money abroad via ICICI Bank branches, up to USD 250,000 per transaction can be transferred online via ICICI Bank Money2world during market hours. While you transfer money abroad, it is important to be cognizant of parameters such as transfer charges, service fees, exchange rates, GST, TCS and other taxes. Make sure that you also have a savings bank account so that you can accelerate this process.

How Does ICICI Bank’s Money2World Service Work for Non-ICICI Bank Account Holders?

To avail of the outward remittance service provided by ICICI Bank’s Money2World, you will have to follow a few simple steps such as the following:

Step 1: You will have to register online with ICICI bank on their Money2World page.

Step 2: You will then be required to fill in your details such as your name, address, age, contact information, and email address.

Step 3: Once you fill in these details, upload your PAN copy as well as your Aadhaar card copy in PDF or TIFF format.

Once you complete these 3 steps, your profile will be verified by the bank. After verification, your transfer happens in a particular order.

  • Within one working day, you will receive approval to remit money.
  • Once approved, you can send money after filling in your bank details of remittance such as the account number, IFSC, bank name, and branch name.
  • Then, you will have to fill in the bank details of the beneficiary including information about the currency of remittance and the transfer amount.
  • You can add as many beneficiaries as you like.
  • You can transfer funds either through NEFT or RTGS.

How To Register for ICICI Bank Money2World ?

The process of registration varies for existing ICICI bank holders and first-time users.

For Existing ICICI Bank Account holders

If you are an existing account holder at ICICI bank, then you don’t have to register. You can login to your ICICI internet banking account and send money abroad online through ICICI Bank Money2World. However, you should hold a savings account to use this service.

For users who do not have an ICICI Bank Savings Account

If you are already registered with ICICI Bank Money2World, login here. If you have not registered with ICICI Bank Money2World, then you can register here. To complete your registration process, you need to have an Aadhaar ID and mobile number registered with Aadhaar, email ID, PAN number, mobile number, bank account details and some more personal details. You can then validate your registration on Money2World by clicking here.

Benefits of ICICI Banks’s Money2World Service

By using ICICI bank’s Money2World service, you can enjoy the following benefits:

  • The registration process is simple and easy.
  • You can avail of this service 24*7 on all days.
  • You can transfer money abroad anywhere across the globe.
  • Money transfer service is provided in 21 major currencies.
  • You can go ahead with outward remittance at a confirmed exchange rate.
  • Tracking your money transfer request can be done online by using your transaction reference number.
  • Both residents and non-residents of India can use this service.

In a Nutshell

Investing in international markets and remitting to your own account abroad has never been easier. You can transfer money abroad 24*7 on all days with ICICI bank’s Money2World service. You can also enjoy multiple benefits such as online tracking of transactions, a user-friendly platform, faster remittances, and confirmed exchange rates.

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