According to the private lender not just the account holders of the bank but Non Resident Indians (NRIs) using accounts of all banks can use the application to sent funds to India.
The bank claims that it is the first Indian bank to integrate international money transfer facility with its internet banking platform.
Money2India, is expected to be a convenient way to use as money can be sent to India in three simple steps.
NRIs can also use this application to pay for services directly to over 100 entities in India. The application also comprises a host of features which enhance customer experience.
The services provided by the app also allow for the payment of telephone bills, insurance premiums, and prepaid mobile recharge among others.
It provides an option of biometric authentication for logging into the mobile app as well as view the status of the transaction.
The new responsive design also offers a coherent experience across multiple devices like desktops, mobiles and tablets. Frequent users of Money2India will be enabled for instant money transfer credit to their recipients in India
NRIs can access their bank accounts, transaction details as well as undertake payments from a single internet banking platform. This gives improved convenience to NRI customers as they are not required to separately login and authenticate themselves to access the Money2India website.
Interestingly, Non Resident Indian customers of all banks, not just ICICI, can use the application to sent funds to India. New users can initiate a money transfer instantly with the help of a simple one-time registration. The simple transaction flow makes it easy even for a first time user to transact.
On completion of the transfer, a summary is displayed with the details of the transaction including currency exchange rate, promotion discounts if any and the likely receipt date of the transfer to the beneficiary. It also has an interesting ‘track your transfer’ feature which enables customers to check the status of their transfer in real time.
“ICICI Bank has pioneered and popularised many innovative solutions in the banking industry in India. It has always been our endeavour to provide world-class services to our customers. The new Money2India platform is yet another testimony to that effort. We see a large number of our customers today transacting through our digital channels,” said Chanda Kochar ,MD & CEO of ICICI Bank Ltd, commenting on ‘Money2India’.
“The Money2India website and mobile app have been significantly enhanced to provide ease of sending money to India. It allows registered NRI customers to transfer money to India in just 3 clicks if it is frequently transferred. They also have an option to pay over 100 entities in India from the M2I website. We believe that these developments will offer a seamless user experience for NRIs looking to transfer money to India,” She also added.
In 2015, ICICI bank also launched ‘Money2World’ India’s first fully online service to transfer money from any bank in India to any bank overseas.