ICICI Bank Money Transfer Review

Exchange rates, Payment methods, How to, Transfer fees and much more

ICICI Review

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.

How To Fund Your International Money Transfer With ICICI Bank

You have two options for sending money overseas with ICICI Bank. Either use your bank account with the bank, or go into a branch in person with the funds.

How Much I Can Transfer With ICICI Bank?

ICICI Bank does not impose a maximum transfer limit for its customers. That applies only if you hold an account with the bank. For non-account holders there is a $6,000 limit per 24 hours.

ICICI Bank Transfer Fees

Fees vary according to the type of account you hold, the method you use, the type of account you are sending to, and the destination country. As an example, to send through online banking to India from the bank’s HiVALUE chequing account, the fee is $5. For sending by phone or branch to countries other than India, the fee is $10. Non account holders pay the highest fees, with a charge of $20 for sending from a branch.

Pros And Cons Of Using 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  • Outdated online banking interface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

  • How Does ICICI Bank Money Transfer Work?

    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:

    • Start by logging into your ICICI Bank/Money2India account
    • Enter the receiver’s details, including location and name
    • Enter the amount and method of payment
    • Pay for the transfer using either a debit or credit card, or a local bank transfer
    • Your transfer will be converted and sent to the recipient through the method you choose

    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 phone

    To 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 branch

    If 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:

    • Money transfer application form
    • Two forms of ID
    • Recipient information including address and name

    Other Money Transfer Providers

    ICICI Bank Exchange Rates

    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.

    How Does ICICI Bank Make Money?

    ICICI Bank makes a profit from their money transfers both on fees charged and by adding a margin on the exchange rate.

    Platforms Where ICICI Bank Is Available

    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.

    Is ICICI Bank Secure?

    The bank is a CDIC (Canada Deposit Insurance Corporation) member. This means deposits are protected. When users log on to their account through online banking, the bank advises to look for the security padlock to make sure their connection is secure.

    What Countries Does ICICI Bank Allow You To Send Money To?

    Using the SWIFT network, senders who want to do an international money transfer with ICICI Bank can send to over 195 countries worldwide..

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    How To Contact ICICI Bank

    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:

    customercare.ca@icicibank.com

    By post:

    ICICI Bank Canada, PO Box 396, Don Mills, ON M3C 2S7

    Alternatives To ICICI Bank Money Transfer

    Other banks

    Traditional banks are seen by most as a safe and secure option for transfers. For sending money overseas, though, they are rarely the cheapest or fastest option. Like other banks, ICICI Bank makes money on fees and exchange rates. If you prefer the convenience of doing all your financial activity in one place, though, a traditional bank may be for you.

    01

    Online banks

    For those who need basic banking services and don’t want to pay high fees, the Canadian online banks are a great choice. These include Simplii Financial, EQ Bank, and Tangerine. These banks are operated completely online, which may be hard to get used to if you prefer going into a branch. However, since they operate online, they have low account fees and usually low costs for international transfers.

    02

    Traditional Money Transfer Providers

    Another alternative to ICICI Bank is a traditional money transfer company such as Western Union, MoneyGram, or Ria. Often the receiver will have a branch near them, so it’s convenient for them to pick up the transfer. They can also receive the money in minutes, so this is a good option if it is needed urgently. The drawbacks to companies like these are that they make you pay a high price for convenience. Their fees and exchange rates are far from competitive.

    03

    Online Money Transfer Companies

    In contrast to banks, online transfer companies such as Transferwise, Remitbee, TransferGo, and Remitly do not operate with high overheads from branches and management salaries. Since transferring money is their only business, they are able to operate efficiently and cheaply. Many offer a variety of payout methods. You are likely to find at least one that works for your receiver. If you are interested in sending this way, it’s easy to compare rates and fees by getting a quote on these companies’ websites.

    04

    ICICI Bank Frequently Asked Questions

    Here are some frequently asked questions about choosing BMO Money Transfer for your online money transfers:

    Money2India is a dedicated service by ICICI Bank Canada. It transfers money to Indian bank accounts in an efficient and secure way. This opens up the possibility of transfer to all banks and branches in India that have IMPS1, NEFT2 and RTGS3 enabled. Money2India is available through online banking, the app, telephone banking or going into a branch.

    Another special service to India that you can use is ICICI Bank Account Transfer. This is only applicable if your recipient has an account with ICICI Bank Limited in India.

    There is no maximum limit as long as you hold an account with the bank.

    Yes it is possible. In addition to its Money2India service, ICICI Bank offers Money to Other Countries, which includes bank accounts in Ghana, Bangladesh, China, Nepal, the Philippines and Vietnam.

    History Of ICICI Bank

    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.

    Other Services ICICI Bank Offers

    • GICs and Term Deposits
    • TFSA, RSPs, and RESPs
    • Lines of credit
    • Operating loans
    • Student GIC (Guaranteed Investment Certficate) Program
    • Commercial loans

    How To Open An Account With ICICI Bank

    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:

    • India
    • Bahrain
    • China
    • Germany
    • Hong Kong
    • Philippines
    • Singapore
    • South Africa
    • UAE
    • UK
    • US
    • Vietnam

    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.

    So What Is ICICI Bank In A Nutshell?

    For customers familiar with ICICI Bank in India, it can be comforting to use a familiar name for money transfers in Canada. For senders who want to transfer money to other countries, the bank can also be a good choice. However this has to be weighed against how easy the bank’s transfers are and how accessible their payout options are to your receivers. To read more about the pros and cons of different money transfer options, check out the Remitbee website for more reviews.

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