Icici Money2india Contact Number – Byron, a writer from , is very interested in the intersection of personal finance and technology. As a former journalist, he strives to bring complex information to life in an understandable and informative way.
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Icici Money2india Contact Number
ICICI Bank’s own money transfer service, Money2India, offers bank transfers from the US, UK, Canada, UAE or Singapore to India at some of the best exchange rates available in the market. However, the platform is usually not the cheapest, and its service can be restrictive for some.
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Check out our in-depth Money2India review to see if it makes sense for you.
Money2India is an online money transfer service operated by ICICI Bank, India’s largest private sector bank, serving over one and a half million Indian customers worldwide. It offers Indian Rupee transfers from US, Canadian and Singapore Dollars as well as UAE Dirham and British Pounds and the transfer can be done as a bank deposit to any bank account in India.
Overall, this service is the cheapest and fastest option for the bank itself, especially for larger transfers or transfers from the UAE. However, for small transfers or transfers from the US, UK, Singapore or Canada; ICICI is not the fastest and cheapest option and our recommendation is to compare the market before making a transfer.
Money2India is only available for transfers from USA, UK, Singapore, Canada and UAE. You can still use ICICI Bank to transfer money to India from other countries, but it will have to be a bank transfer, which tends to be more expensive. For more information, see our ICICI bank review in the UK and Canada.
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One of the cheapest remittance services in India, ICICI Money2India differs in its competitive fees and exchange rates depending on the amount being sent and the destination. But overall, Money2India is a very cheap service compared to a regular bank account transfer from one bank account to another.
The fees you pay for sending money abroad with ICICI Money2India may vary. For small money transfers (ie the equivalent of around ₹45,000 or less), there is usually a fixed fee or commission (both called “service charges”) associated with the transfer. In addition, there is also a lower exchange rate margin for each unit of currency you convert to Indian Rupees. For exchange rates, you will be asked to choose one of the following options:
Money2India Fixed Exchange Rate: This exchange rate is locked or confirmed when you initiate the transfer and enter the amount in Indian Rupees you want the recipient to receive.
Money2India Indicative Exchange Rate: For indicative exchange rates, the applicable exchange rate used for your conversion will be Money2India at the time and hour your currency is converted.
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All things considered, these costs and exchange rates leave Money2India as one of the cheapest services for NRIs looking to send money home. Specifically, for transferring money from the UAE to India, ICICI Money2India often outperforms even the cheapest money transfer services for this channel, such as Skrill.
However, for remittances from the US, UK, Singapore and Canada to India, Money2India lags behind even cheaper services like Remitly, Wise and Ria, which were the cheapest remittance services from these countries to India by 57%. 2020 to March 2021.
To get a better idea of how Money2India rates work, see how these fees and exchange rates translate to real transfer examples (based on exchange rates as of 03/29/2021 at 12:45 GMT + 02:00):
Although ICICI Money2India is an attractive service in terms of price, it offers a limited range of services which may not be suitable for everyone. For example, international money transfers are only possible using EFT (that is, moving money from one bank account to another), while other payment methods such as debit or credit card transfers and payment methods such as cash on delivery are not available.
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Furthermore, as we have touched upon above, Money2India is only available for international money transfers from the United States, the United Kingdom, Singapore, Canada, and the United Arab Emirates to India. Some countries such as Australia and European Union countries have stopped their services.
Having said all that, however, Money2India really excels in the (albeit small) range of transfers it offers. Transfers are made quickly, usually within four working days and often up to two working days, and customers enjoy a high level of service confidence and security that their money is in good hands.
Another important point for Money2India is that customers do not need to have an ICICI bank account to register. Money2India is widely available to NRIs living abroad and can transfer money to almost any registered and authorized bank in India and corporate bank accounts.
Another feature we love about ICICI Money2India is about money transfers from the US, where you can send money from your current bank or savings account to India using Money2India’s Express e-Transfer and e-Transfer features. With e-transfer, for example, your recipient will receive their money within an hour for ICICI Bank customers or within two hours for all other banks in India.
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Money2India has generally received mixed reviews from its customers, even after updating its web and mobile apps recently. Customers often report the following:
Besides being backed by India’s largest bank, Money2India can be called a reputable and secure service for the following reasons:
ICICI Money2India, the most trusted option for transfers in India, we recommend if you are already a satisfied customer with their services or if you are sending money to India especially from the United Arab Emirates. This is because the payments and exchange rates between the UAE Dirham and the Indian Rupee are very good and often the best in the market.
However, when it comes to money transfers from the US, UK, Singapore or Canada, ICICI is overtaken by a large group of highly competitive money transfer services, and you can make a few savings by switching (especially for small transfer amounts, where Money2India’s service costs have a significant impact to the last value received.)
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To weigh your options and find the best deal in real time, be sure to do a search with the comparison tool below:
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Cotonbro on Pexels Security when shipping abroad September 15, 2022 – Byron Mühlberg What do early adopters think about CurrencyFair? April 16, 2018 Sylwia Bartyzel on Unsplash Best Money Transfer to India Best GBP to INR Exchange Rates Compared to the author of LiveA on , Byron has a strong interest in the intersection of personal finance and technology. As a former journalist, he strives to bring complex information to life in an understandable and informative way.
Monika is an expert in foreign transfers, fintechs and neobanks. He leads the life of a digital nomad and shares his experiences and knowledge about living abroad with users.
Icici Bank Money2india
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Money2India Europe is a good money transfer service (7.5/10) that is often ranked number one for money transfers to India from Germany. Backed by ICICI Bank, Money2India Europe offers a reliable and trustworthy service (8.3/10) with fast and easy-to-use web and mobile apps (7.7/10) and the service often offers the best exchange rates in the EUR/INR market (9/10) . Money2India lags behind in customer satisfaction (4.8/10), where their old platform received a lukewarm response. (However, they recently revamped their product offering and came up with a new mobile app and website.)
ICICI Bank’s Money2India Europe money transfer service is a great option for sending money to India from Germany, which we recommend for a hassle-free 1-2 business day delivery. If you want to transfer a small amount or make sure you get the best deal on all transfers to India, regardless of the amount, we recommend starting your search at ‘
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