The Money2India service by ICICI Bank is a top choice for sending money abroad, like from the US to India. This Money2India review will look at usability, fees, how fast it is, and customer support. It will also compare it to other services like Wise to see if it’s the best value.
ICICI Bank lets you send money from many places, like the UK, Canada, and Australia. The fees for getting money in India vary, making it a solid option for sending money abroad. With fast transit times, like just four hours for Money2India, it’s a strong competitor in the global money transfer market.
Overview of Money2India and ICICI Bank
Money2India is an online service for sending money to India, offered by ICICI Bank for NRIs. It makes sending money to India easy. It has new features that make using the service on mobile easier.
An ICICI Bank overview shows they focus on making things easy for customers. The app lets you log in with biometrics or PIN. This makes sending money again and again quick and easy.
Users get good exchange rates and fast transactions, taking 24-48 hours. Money2India helps send money to over 200 countries and 21 currencies. It also has low fees, between 0.25% and 0.80%.
ICICI Bank’s Receive Funds service helps many people, like students and employees. It shows ICICI Bank’s effort to make sending money abroad better for everyone.
Review of Money2India ICICI Bank for Transferring Money Internationally
The Money2India review shows both good and bad points of using ICICI Bank for sending money abroad. It can send money to over 200 countries and handle 21 different currencies. But, it takes 24 to 48 hours, which is slower than some rivals like Wise.
How much you pay depends on a few things. ICICI Bank charges 0.25% to 0.80% for sending money abroad. For wire transfers, it costs ₹750 for locals and ₹500 for NRIs online. But, going to a bank branch raises the fee to ₹1000 for locals and keeps it at ₹500 for NRIs.
Money2India’s fee is just 4 USD for sending less than 1000 USD from the US to India. This keeps it competitive in the market.
But, the user experience is mixed. Many find logging in hard and report bugs in the app. This makes using it less smooth. Also, slow transfers can make it hard to send money abroad efficiently. Some users look for other options, like HOPRemit, which might offer better deals.
The table below compares ICICI Bank’s Money2India with HOPRemit:
| Feature | Money2India | HOPRemit |
|---|---|---|
| Transfer Time | 24-48 hours | Instant |
| Transfer Fees | 4 USD for under 1000 USD | 0 to 1250 INR depending on amount |
| Countries Covered | 200+ countries | 60+ countries |
| Maximum Transfer Amount | 1 million USD/year for NRIs | 30,000 CAD per transaction |
In short, Money2India tries to make sending money abroad easy but faces issues. Slow transfers and user experience problems might not meet today’s standards. Looking into other services like competitive money transfer services might be a better choice for those who value speed and low costs.
Comparative Analysis with Other Transfer Services
The international money transfer comparison shows big differences. Money2India is good for sending money to India. But, it falls short when compared to top competitors.
Wise is the best for 42.3% of searches for sending money to India. It has lower fees and fast transfers. Currencies Direct is also popular for its easy use and good rates, making it a great choice.
Money2India’s fees can be high. For example, ICICI Bank’s wire transfer fees can be up to INR 1000. Banks like HDFC, Axis, and IDFC FIRST Bank might be cheaper, making them a better choice for saving money.
| Service | Lowest Cost (%) | Key Features |
|---|---|---|
| Wise | 42.3 | Fast transfers, transparent fees |
| Currencies Direct | 16.9 | User-friendly interface, reliable service |
| Remitly | 22.2 | Economical rates, various delivery options |
| XE Money Transfer | 16.8 | Highly competitive rates, robust customer service | Panda Remit | 16.8 | Cost-efficient solution, fast delivery |
| Skrill | 12.0 | Flexible payment options |
It’s important to know how different services compare. By looking at Money2India and its rivals, you can make smarter choices. This can lead to saving money and getting your transfers done faster.
Customer Feedback and Support Services
Customers have shared a wide range of feelings about Money2India. Some love its easy-to-use interface and strong transfer options. But, many have complained about slow transfers and hard login processes. These problems can make sending money abroad less enjoyable.
Many users say they struggle to get help from ICICI Bank. They often find it hard to get answers about things like transfer limits. This can cause frustration, which is worse when you’re in a hurry.
But, some branches in Kolkata have gotten praise for their quick service. This includes times like the COVID-19 pandemic and when India went through demonetization. This shows that ICICI Bank can do better.
The mixed feelings about Money2India highlight the need for better support from ICICI Bank. Companies like Wise and Currencies Direct are known for being fast and clear. ICICI needs to work on being quicker and easier to use. This could help keep more customers happy and improve its reputation in the money transfer market.
