India's largest private sector lender, ICICI Bank, has launched an online remittance product called Money2World which will even allow non-bank customers to transfer money from any bank account in India to any bank account overseas in 16 major currencies. Customers will have to register on the website and submit their KYC (know your customer) documents. The bank says that customers will no longer have to submit their KYC details every time they want to make an outward remittance. Once registered, users can initiate a request to remit money abroad, at a confirmed exchange rate, to avoid currency fluctuations. The bank also says that the service can be used for payment of visa fee to emigration authorities or embassies, among others. Remitters can track the status of their money transfer request on the Money2World website or by calling the ICICI Bank customer care in India. 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 on ‘Money2World’. 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. It's worth noting that back in 2011, ICICI Bank had partnered with Sri Lanka's Sampath Bank to launch Money2SriLanka(M2SL), an online remittance tracking service, to facilitate remittances from various countries to beneficiaries in Sri Lanka. The service was initially piloted in Canada and the United Kingdom and was rolled out in…
