Exchange rates, Payment methods, How to, Transfer fees and much more
If you're looking to send money abroad you need to consider your options. One of these options is ICICI Bank Canada. Before deciding if ICICI is your best choice for international money transfers, there are questions that need to be answered. Does the bank offer the best fees? What about the exchange rate? And is Money2India really the best choice for sending money to India? All of these questions will make a difference to both you the sender and your recipient overseas. If you’d like to know more, keep reading to find out everything you need to know about international money transfers with ICICI Bank.
Pros
Can set up recurring transfers to India through online banking
Competitive fees and exchange rates
Do not need to bank with ICICI Bank to use their transfer services
Cons
Outdated online banking interface
Website can be hard to navigate
You can transfer money online, in branch, by telephone banking, or through the mobile banking app. The procedure will differ according to which country you are sending to.
ICICI has a special program for sending money from Canada to India. This “Money2India” service can be done in several ways including online and by phone. You can also send to other countries other than India.
To send money online, follow these steps:
Your receiver will be saved, so if you want to send money in future you don’t need to enter the details again.
Transfers by phoneTo transfer by phone you will need to access your account in the same way as online banking. It’s as easy as picking up the phone and providing the receiver’s information. The free number is 1-888-424-2422.
Transfers in branchIf you prefer more personalised service, it is possible to send a transfer in branch. You can locate a branch near you and simply walk in. The information required about the recipient is the same as for online and telephone banking.
Money transfers by non-account holders
For senders who are not account holders, it is also necessary to visit a branch. The following will be needed:
The Money2India service has two rates, the indicative rate and the locked in or fixed exchange rate. You can choose the latter by setting up a transfer which only goes through when the rate you entered is reached.
For sending to other countries, the exchange rate is varied according to the day and is set by ICICI Bank.
No matter how you prefer to bank, ICICI Bank offers an option for you. There’s telephone banking, online banking, and a mobile banking app.
The bank’s app is available for users who have an iPhone, iPad or Android. It has a low score from users on both Google Play at 3 out of 5 stars, and the iTunes store at 2 out of 5 stars.
ICICI Bank offers the following methods:
Phone:1-888-ICICI-CA (1-888-424-2422) 24 hours and 7 days a week
Collect calls: 1-416-847-7979
Email:[email protected]
By post:
ICICI Bank Canada, PO Box 396, Don Mills, ON M3C 2S7
While it is an international bank, ICICI has been operating in Canada since 2003. It had assets of over $6 billion as of December 2019. While the Canadian branch of the group is more recent, the bank was born in India and has a long history there.
What is ICICI Bank today started in 1955. It used to be known as the Industrial Credit and Investment Corporation of India Bank. It was an early adopter of technology, introducing internet banking before the turn of the millennium, in 1998.
For potential customers, especially immigrants, it’s worth knowing that there is an account specifically for newcomers to Canada. Customers from the following countries are eligible for the Hello Canada account:
Banking with ICICI has its benefits, in addition to its money transfer service. These include access to your account on mobile, through ATMs, phone, online, and in branch, free unlimited online bill payments, and an Interac debit card. With the Hello Canada account you can send funds from your bank account from your home country before you arrive in Canada as well.
Signup for the account is possible through the bank’s mobile app or online. You will need your name and email address as well as a password, which will later be used to sign in to the site or app. A copy of your passport page as well as a copy of your visa will also be required. The bank will inform you of the progress of your application through your secure message inbox.