ICICI Bank announces the launch 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.
One of the new services empowers customers of other banks to complete the KYC (Know Your Customer) process via video conferencing to register themselves on M2W, an industry-first initiative.
Another new facility enables customers, having accounts with any other bank, to remit up to USD 250,000 in a financial year under the Liberalised Remittance Scheme (LRS), 10 times their previous limit. Further, ICICI Bank has integrated its mobile banking app ‘iMobile Pay’ with the M2W platform, the bank said.
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’.
Users of ‘Money2World’ can remit funds in 21 currencies for a host of purposes including education, maintenance of close relatives, gifts and travel.
“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,” said Sriram H. Iyer, Head – International Banking Group, ICICI Bank.
He further explained that the customers 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 phones.
The bank believes that all the latest offerings will help customers 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.
Benefits of ‘Money2World’ platform
The benefits of ‘Money2World’ includes a video KYC facility in which 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 with the help of which customers of any other bank can now remit up to USD 250,000 under LRS through M2W platform and fulfill their need to send large amounts overseas.
Transact through ‘iMobile Pay’ wherein 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’ lastly rate alert where customers will be provided with personalised forex rate alerts through SMS/e-mail so that they can automatically initiate transactions at their desired exchange rates.
