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 Australia, USA, South East Asia and the Euro Zone in the second phase.
Other outward remittance services
– In September, UAE Exchange launched its XPay Wallet which would offer foreign exchange services through the mobile wallet. The company says that XPay has been structured to optimize the services and help in minimizing the time consumed in the currency exchange processes. The digital route also enables online foreign exchange booking and home delivery facilities. In addition, the app will allow users to buy currency or cards, send money abroad and check live rates of currencies.
– In August last year, British banking and financial services company Barclays launched a mobile payment service between the UK and India, called Barclays Pingit. Ther service allowed non-Barclays customers to transfer money between the two countries. Users in the UK could send payments to India simply using a mobile number. Neither the sender nor the recipient need to have a Barclays account. The minimum transaction limit was set at £25, with a maximum transaction limit £1500.
– In 2013, Yes Bank tied up with Times of Money to launch its own online remittance solution called Yes Remit, which allowed non-resident Indians (NRIs) to send money to any Yes Bank account or other bank accounts in India.
– In 2013, online payment solution provider Avenues India had tied up withIndusInd Bank to launch an online remittance service called Remit Guru, allowing non-resident Indians (NRIs) to send money to their friends and family. While the service was initially limited to United Kingdom, Avenues India had stated that it plans to extend the service to Canada, United States, Australia, Germany, Singapore and others.