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Icici Bank launches Indian remittance service in Nordics

27 October 2016  |  7397 views  |  0 Source: Icici Bank

ICICI Bank UK PLC, a wholly owned subsidiary of ICICI Bank Ltd, announced the launch of its online money transfer service, ‘Money2India Europe’ in Sweden, Norway and Denmark.

Using this service, anyone residing in these countries can initiate money transfer round-the-clock on 365 days from their local bank account to any bank account in India in a quick and convenient manner. With this, ‘Money2India Europe’ service is now available in 20 countries in Europe.
ICICI Bank UK PLC offers a unique proposition of video-call based identification procedure to verify registered users from the Money2India Europe website. It is completely online and can be completed within 5 minutes. It eliminates the need to courier the Know Your Customer (KYC) documents. ICICI Bank UK PLC has partnered with Inpay A/S, a global payments service provider, to bring this service to consumers in Sweden, Norway and Denmark.

Mr. Vijay Chandok, Executive Director, ICICI Bank said, “ICICI Bank has been a leader in the field of remittances. It has brought path breaking solutions to make remittances simple and convenient. Our focus is to offer state-of-the-art digital products to our valued customers. With NRIs being away from the country, digital channel becomes a very powerful tool for them to connect with India. The video identification process is a unique feature of the Money2India Europe service to enhance customer convenience. With the expansion of Money2India Europe, we intend to comprehensively fulfill the money transfer needs of the NRI diaspora in Sweden, Norway and Denmark.”

Mr. Jacob Tackmann Thomsen, CEO & Founder of Inpay A/S said, “Sweden, Denmark, and Norway are three of the most innovative markets in Europe, where digital payment innovation is ahead of the global developments. At Inpay we are very pleased to support one of the leading global banking brands and its proprietary remittance platform by providing bank account collections. We see this as an excellent example of how Inpay as a FinTech company enables clients such as ICICI Bank UK PLC to provide their customers with even better services and do it at a go-to-market speed that was previously impossible.”

Currencies allowed for money transfer are Euro (EUR), Swedish Krona (SEK), Norwegian Krone (NOK) and Danish Krone (DKK). Registered users can also track the status of their transfer online. Consumers can transfer money to India within one working day for the accounts at ICICI Bank and two working days for accounts with other banks in India.

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