ICICI Bank leads in offering remittance services online

India in recent times receives over 12% of global remittances which has made it the single largest recipient country for remittances, followed by Mexico and Philippines.

The World Bank alone has estimated the remittance inflows at USD 337 billion for 2007 from migrants which in recent times have brought considerable attention towards this.

In the recent time remittances to India have skyrocketed to USD 42 billion in FY2007-08 as compared to USD 2.1 billion in FY1990-1991 in the past.

ICICI Bank, India’s largest private sector bank and second largest bank in the country, has come forward in recognizing the remittance opportunity and has started offering a host of remittance services made to meet the needs of various customer segments. It has acquired a market share of over a fifth of the migrant remittances into India.

For this in 2001, ICICI Bank set up an online remittance tracking portal, www.money2india.com which has become the fastest and largest online remittance tracking service for disbursements to India.

Through www.money2india.com bank offers tracing money transfers from any bank in over 10 countries to any bank in India through ICICI Bank’s correspondent banking network along with centralized transaction processing and 24X7 customer support.

Money2india is leveraging the payment infrastructure in India to the fullest, offering credits to accounts in ICICI Bank, electronic payments using the National Electronic Funds Transfer (NEFT) system to over 100 banks, payments to debit and credit cards (through VISA) and bank drafts.

The website is a convenient and a user friendly for money transfer tracking service. There is only one-time simple registration process after which the user can, at his convenience track the sent money as and when s/he wants from the comfort of home or office.