Review: ICICI Money2India

Money2India is an online money transfer facility from ICICI Bank. Money2India can be used by anyone across the world to send money to India. The easiness in operation and promptness in delivery has made Money2India the most popular money transfer option to India from anywhere.

How ICICI Money2India Work

ICICI Money2India works on an ICICI operated network. Money2India owns the management of intermediate links and hence the transfer is hassle free and fast.

ICICI Money2India service requires you to register an account at: www.money2india.com. You can initiate the money transfer by providing the recipient details and paying the amount using your credit card or online banking. The money2india.com website acts as an interface to accept the foreign currency online.

The money transfer request, that has a unique tracking number, is then forwarded to the local bank account owned by the Money2india service. Say, for example, if you are a German resident, ICICI Money2India has an account in JP Morgen Chase bank.

Once the funds for transfer reach this Money2India Bank account, it is directly deposited to the recipient’s account in India (if that is the payment mode you have chosen). The exchange rate is calculated at the time of depositing in Indian account.

The process is simple, direct, and fast, as it not very much influenced by delays at the local banks.

ICICI Money2India Money Transfer Options

Money2India services are wide and very region specific. For example, a transfer option available to a US resident may not be available to a Sri Lankan resident.

ICICI Money2 India sending options:

Broadly, the transfer options are named as Cheque Transfer, E-Transfer, Power Transfer, and NetExpress.

1) E-Transfer:

ICICI Money2India E-Transfer is a direct debit method to transfer money to India. The direct debit uses ACH facility. You should link your Money2India account to a local bank account to avail this service. The money reception options in India can be an ICICI bank account or demand draft.

2) Cheque Transfer:

ICICI Money2India Cheque Transfer is suited for everyone who is comfortable in writing a cheque. You write the cheque with the mentioned format and enter its details online to get a tracking number. Write down the tracking number on the back of the cheque and post it to get transfer started. This can be used to send money electronically to any Indian bank account, without entering much of your financial details online. This is extremely beneficial if you do not have a credit card or a net banking facility.

3) Power Transfer:

ICICI Money2India Power Transfer is a web based wire transfer. To transfer money you need to send the money including the transfer charges to an ICICI bank (or any correspondent bank) nearby. Unlike traditional wire transfer, you get a printed wire transfer form and a tracking number. It is error-free and provides easy tracking.

4) NetExpress:

ICICI Money2India NetExpress (Net Banking) is suited for all who is comfortable with net baking. You have to log into the Money2India account and fill-up the details of the recipient and the purpose code. Now you need to log into your internet banking account and make the payment to the ‘Money2India’, mentioning the same purpose code. This is the easiest of all the Money2India transfer methods. It will take five days to complete the transfer.

You can choose your country at the Money2India website to know what all are the money transfer options available to you.

ICICI Money2India Money Disbursal options (Payment Modes) in India

ICICI Money2India offers a wide choice for receiving the money in India. The beneficiary can receive the sent money either in his bank account (ICICI or non-ICICI) or in his VISA card. The Money2India service also provides the choice of receiving money in the form of Demand Drafts.

There is also the option of getting ready cash from the nearest ICICI bank branch. If you are accepting money from the same remitter regularly you can also use ICICI Money2India Remittance card to cut off the recurring costs.

Features of ICICI Money2India

ICICI Money2India is chosen as the best way to send money to India by many because of its unique features.

Cost Involved:

The charges required to transfer money using Money2India is dependent on the money transfer method, the amount of money and the money collection options. For example, if you are in US and sending money to an ICICI Bank account in India, the total cost could be zero or as low as USD 2. You can calculate the exact cost involved by entering the details at Money2India website.

Time Taken:

The time taken for the transfer is dependent on the source country and the transfer method chosen. Usually the transfer can take anywhere between 48 hours to five working days for completion.

Tracking the Transfer:

Money2India offers the easiness of tracking the status of the money transfer online. To track the transfer you just need to keep the Tracking Number handy. In addition, they provide email updates on the status of the transfer.

Make Donations and pay bills:

You can donate to charity organizations in India through the ICICI Money2India window. In addition, you can pay to registered billers in India using Money2India, say your ICICI Home Loan payment or ICICI Prudential Insurance payment.

Benefits of ICICI Money2India

We have experienced that ICICI Money2India is the best method to send money India. Some of the reasons are:

Hassle Free Transfer: As there are no intermediate players, the transfer is completely hassle-free. As the manual intervention is minimal, the errors are less.

Fast Transfer: The money to India is always delivered to the recipient within the committed time. It compared to other methods Money2India is faster in operation.

Best Exchange Rate: The exchange rate provided by ICICI Money2India is better than other money transfer options. Thus if you want to send large amounts of money Money2India is the option that gives more value for the money.

Cost Factor: Money2India transfers are relatively cheap. Some transfers are free or cost as low as USD 2.

No Limit: You can send unlimited money using ICICI Money2India making it the best for sending large amounts.

Credibility: ICICI is a well-established private bank in India. So your money is insured if you are using ICICI Money2India. This is an advantage compared to other online money transfer providers like Remit2India.

Wide Choice of reception: Most of the international money transfer methods are limited to few withdrawal options. ICICI Money2India allows transferring money to ICICI bank account, non-ICICI bank accounts, ICICI Remittance cards, VISA cards, ready cash, and Demand Draft.

Convenience: Doing a money transfer online is convenient for everyone who is leading a busy life. With Money2India, you do not need to visit the bank, nor stand in the queue and fill up forms to get your transfer done. In addition, you can use existing bank account to start using Money2India services.

Easy: The money2india.com interface is very user friendly and the entire process of sending money using Money2India is easy.

Flexibility: Money2India is a common platform to NRIs around the world to send money to India. Moreover, neither you nor the recipient should have an ICICI account to do a money transfer. This makes the service very flexible.

The array of easy to use features makes ICICI Money2India money transfer the best option even for a beginner.

Limitations of ICICI Money2India

Errors can occur with ICICI Money2India occasionally. Your money gets on hold for a maximum of 30 days in some rare cases. It is quite annoying to keep following up the transfer for almost a month. In extreme rare cases, funds have gone to wrong accounts.

You have to be the least lucky if you get into such a trouble. On a whole ICICI Money2India have fewer drawbacks and more benefits.

ICICI Money2India is a good initiative from ICICI to cover the money transfer needs of Indians living abroad. This online remittance method is convenient for both the sender and the receiver.

If you have used Money2India for sending money to India, share the experience with us.