ICICI Bank on Thursday said it has launched an array of new facilities on its online outward remittances platform, ‘Money2World’ (M2W), to provide improved convenience to users including those who do not have accounts with the bank. Under the industry-first initiative, customers of other banks can also complete the KYC (Know Your Customer) process virtually to register themselves on M2W.
Another new facility enables customers, who have an account with any other bank, to remit up to USD 250,000 in a financial year under the Liberalised Remittance Scheme (LRS), 10 times of their previous limit.
“ICICI Bank has integrated its mobile banking app iMobile Pay with the M2W platform. This integration enables its customers to send money overseas, choose and set their desired exchange rate, and enter a one-time instruction to schedule recurring payments through iMobile Pay,” the lender said in a statement.
ICICI Bank said users of Money2World can remit funds to 21 currencies for a host of purposes, including education, maintenance of close relatives, gift, and travel.
Sriram H Iyer, head (international banking group) at ICICI Bank, said: “We, at ICICI Bank, believe in leveraging the latest technology to bring in new and improved digital banking solutions to users of our products and services. As part of this philosophy, we are offering convenient and digital facilities on the ‘Money2World’ platform to our customers as well as customers of other banks. In an industry-first initiative, customers of any other bank in India can register on ‘Money2World’ through a secure, AI-driven, video KYC facility and start sending money abroad.”
They can also remit up to USD 250,000 under LRS in a financial year. Further, the integration of ‘Money2World’ with ‘iMobile Pay’ app offers an enhanced convenience to our customers as it allows them to conduct transactions on the go, from their mobile phone.
“We believe that all the latest offerings will help customers to remit funds overseas 24×7 with confirmed exchange rates, in a completely contactless, digital and safe manner, even if they do not have an account with ICICI Bank,” it said.
Key Benefits of Money2World Platform:
Video KYC facility: An official of the bank helps an individual, who is eager to join the M2W platform but does not hold an account with ICICI Bank, to complete the KYC process through a video call. It brings forth the convenience of significant time-saving as it takes only a few minutes against the paper-intensive, physical KYC verification process at a branch.
Enhanced LRS limit: Customers of any other bank can now remit up to USD 250,000 under LRS through the M2W platform and fulfill their need to send large amount overseas.
Transact through ‘iMobile Pay’: The bank’s customers can remit money via ‘iMobile Pay’. They can just log into the app, choose the ‘Send Money’ option and finally send money abroad by selecting ‘Transfer Overseas’.
Rate alert: The bank is the first in the industry to provide customers with personalised forex rate alerts through SMS/e-mail so that they can automatically initiate transactions at their desired exchange rates.
Standing instructions: This feature enables customers to enter a one-time instruction to schedule recurring payments. The payment will be executed automatically on the scheduled due date, as specified by customers.
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