Any bank user can transfer up to $250,000; Find out here

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ICICI Bank on Thursday announced that it has launched a series of new features on its online funds transfer platform, “Money2World” (M2W), to provide greater convenience to users, including those without account with the bank. As part of this industry-first initiative, customers of other banks can also go through the KYC (Know Your Customer) process virtually to sign up for M2W.

Another new facility allows customers, who have an account with any other bank, to remit up to USD 250,000 in a financial year under the Liberalized Remittance Scheme (LRS), i.e. 10 times their previous limit.

“ICICI Bank has integrated its iMobile Pay mobile banking application into the M2W platform. This integration allows its customers to send money abroad, choose and set the desired exchange rate, and enter a one-time instruction to schedule recurring payments through iMobile Pay,” the lender said in a statement. communicated.

ICICI Bank said Money2World users can transfer funds in 21 currencies for various purposes, including education, maintenance of close relatives, gifts and travel.

Sriram H Iyer, Head (International Banking Group) at ICICI Bank, said, “At ICICI Bank, we believe in leveraging the latest technologies to bring new and improved digital banking solutions to users of our products and services. As part of this philosophy, we offer our customers as well as customers of other banks convenient and digital facilities on the “Money2World” platform. In an industry-first initiative, customers of any other bank in India can sign up for “Money2World” through a secure, AI-driven video KYC facility and start sending money. money abroad.

They can also contribute up to USD 250,000 under LRS in one fiscal year. Additionally, the integration of “Money2World” with the “iMobile Pay” application provides added convenience to our customers as it allows them to transact on the go, from their mobile phone.

“We believe all the latest offerings will help customers transfer funds overseas 24/7 with confirmed exchange rates in a completely contactless, digital and secure way, even if they don’t know. don’t have an account with ICICI Bank,” he said.
Main advantages of the Money2World platform:

Video KYC setup: A bank official helps a person who wants to join the M2W platform but does not have an account with ICICI Bank to complete the KYC process through a video call. It offers the convenience of significant time savings as it only takes a few minutes compared to the physical and paper-intensive KYC verification process at a branch.

Improved LRS limit: Customers of any other bank can now deposit up to USD 250,000 under LRS through the M2W platform and meet their need to send a large amount abroad.

Make transactions via ‘iMobile Pay’: Bank customers can send money via ‘iMobile Pay’. They can simply log into the app, choose the “Send Money” option, and finally send money overseas by selecting “Transfer Abroad”.

Rate alert: The bank is the first in the industry to provide its customers with personalized exchange rate alerts via SMS/email so that they can automatically initiate transactions at the desired exchange rates.

Permanent instructions: This feature allows customers to enter a single instruction to schedule recurring payments. The payment will be executed automatically on the scheduled due date as specified by the customers.

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