The largest private sector lender of the country, ICICI Bank has launched an instant cross-border money transfer option called I-Express, for Non-Resident Indians (NRIs).
According to bank press release NRIs can avail this service at ICICI bank’s select partners in Gulf Cooperation Council-political and economic union involving the six Arab states of the Persian Gulf.
Under I-Express facility the remitter can visit any partner outlet and get instant credit into the beneficiary account maintained with ICICI Bank in India that too at no extra. The funds will be remitted instantly and the beneficiary will be able to withdraw money immediately, under this service.
An ICICI Bank spokesperson said, "ICICI Bank not only offers funds transfer facility into the accounts of beneficiaries held in its own branches in India, but also helps in crediting funds into accounts of beneficiaries held in over 65,000 branches of other Indian banks."
The bank release added, the beneficiaries will be able to withdraw funds through the network of over 2,500 branches and 5,600 ATMs, apart from the over 55,000 Visa-enabled ATMs, thus, this facility will significantly increase the value-proposition of ICICI Bank’s cross-border remittance offerings to both the partners and NRIs in the GCC.
However, in the Indian remittance market, ICICI Bank has stood as a strong remittance player which had enabled remittances from across 40 countries worldwide.
Moreover, bank is having relationships with over 80 correspondent banks and 23 exchange houses across GCC.
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