ICICI Bank has recently launched Money2World, an easy and convenient online outward remittance service. This latest online facility can be used by the Resident Indians for sending money online from India to overseas. Money can be transferred from any Bank in India to any Bank around the globe.
ICICI’s Money2World facility claimed to be India’s first fully online service for outward remittances. Non-account holders of ICICI Bank can also use this service to transfer money online from any bank account in India to any bank account overseas in 16 major currencies.
What is Outward Remittance?
An Outward Remittance is a transfer of money in foreign exchange, by a resident in India or an NRI (Non-Resident Indian) to a beneficiary situated within or outside the country (except for Nepal and Bhutan) for a purpose as approved under FEMA (Foreign Exchange Management Act).
You may send money abroad to a beneficiary for various purposes including education, employment abroad, emigration, maintenance of close relatives, foreign travel, gifts, medical treatment, donations, etc.
ICICI Bank’s Money2World online service : Benefits
- This service is available to registered users 24/7 on all days.
- The registration procedures is simple, easy and online.
- There is no need to visit a bank branch to fill and submit documents for every money transfer to abroad.
- You can transfer money abroad for permissible purposes from any bank in India to any Bank around the globe.
- Money transfer can be done in 16 major currencies. (Currencies list : US Dollars – USD, Euro, British Sterling Pound-GBP, Singapore Dollars-SGD, Canadian Dollars-CAD, Australian Dollars-AUD, Swiss Franc-CHF, Hong Kong Dollars-HKD, Japanese Yen-JPY, Arab Emirates Dhiram-AED, Saudi Arabian Riyal-SAR, Danish Kroner-DKK, Norwegian Kroner-NOk, Swedish Kroner-SEK, Qatari Riyal-QAR & New Zealand Dollar-NZD)
- You can remit up to an equivalent of $25,000 in a financial year through this online platform.
- You can make online outward remittance at a confirmed exchange rate anytime and anywhere.
- You can track your money transfer request online based on Transaction Reference Number.
- Account holders of ICICI Bank both resident and non-resident Indians can use this facility..
How to register for ICICI Bank’s Money2World service?
- If you are an ICICI Bank account holders then there is no need to register, you may simply log in to ICICI Bank Internet Banking facility to avail this service.
- To avail this service you should hold a Savings Account with any Bank in India.
- If you have savings account with other bank, you can visit ICICI Bank’s money2world page and register (one-time procedure). Click here to visit.
- While registering you need to provide your personal details, residential status, PAN no, Aadhar number, your email-id & Mobile number, your bank account details etc., (You have to upload scanned images of PAN & Aadhar copies)
- After submitting the registration form, you have to ‘validate your registration’. Click here to validate.
- ICICI Bank will enable your registration on completion of the successful due diligence within 24 hours. You will then be informed by the Bank about the acceptance of your registration request, post which you will be allowed to initiate fund transfer. (The charge per transaction is Rs 750 plus Service Tax)
- Once your registration form is validated and accepted, you can login using your credentials. Click here to visit the login page.
- You can then add the bank accounts of self and beneficiary, initiate the money transfer request at the confirmed exchange rate of the chosen currency and 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. (There is no limit to the number of bank accounts and beneficiaries)
- For transactions made before 3 pm on a working day, the exchange rates offered by the bank would be locked in till 7 pm, and for transactions made after 3 pm, the rate would remain locked till 9:30 am the next day.
- The service charges are on the higher side. ICICI Bank is charging Rs 750 for each transaction. So, kindly compare these charges with other bankers or money changers before registering for this service.
- Since the bank is offering you an option to lock the exchange rate, there is every possibility that the exchange rate can also be on a higher side.
- This facility is best suited for an individual who wants to send outward remittances online and prefer speed & safety to cost. (Beneficiaries receive the funds in their overseas bank account within one international working day (excluding weekends and holidays in India and the country of the beneficiary) for transaction requests received and funded up to 3 p.m. on weekdays. For transaction requests received and funded beyond 3 p.m. on weekdays or on weekends, the beneficiary will receive the funds within 2 international working days)
For F.A.Qs on Money2World facility, kindly click here.
(This is NOT a sponsored post. This post is for information purposes only. ReLakhs.com is not associated with ICICI Bank) (Image courtesy of Stuart Miles at FreeDigitalPhotos.net)