ICICI Bank introduces 'Money to Home'

Chennai, Feb 23 (UNI) ICICI Bank, India's second largest commercial bank, has introduced its global remittance service "Money to Home".

This worldwide service will enable transfers from one country to another, a release said here today.

With the launching of the new cheme, customers can now transfer money using multiple channels and locations.

This service will be currently available for customers in the United Kingdom and Canada through ICICI Bank subsidiaries in these countries.

Customers will be able to remit money to various international destinations in China, Bangladesh, Sri Lanka, Philippines and Nepal.

This scheme will also shortly be rolled out in other originating and receiving geographies.

Customers can opt for multiple channels, including ICICI Bank branches for remitting money. They can also avail the convenience of direct credits to beneficiary's bank accounts as well as paper based instruments delivered directly to the beneficiary's bank or to the beneficiary's home, through extensive delivery networks.

Deputy Managing Director, ICICI Bank said Chanda Kochhar said "Money to Home can also be shortly availed through on-line channels".

"We have achieved a sizeable market share in the India remittance market through introduction of innovative products and leveraging technology to offer customer friendly solutions", she said adding "in achieving this, the Bank has created strategic capabilities in remittances in the areas of product development, customer service, marketing, compliance and operations.

"The introduction of Money to Home gives us a significant opportunity to tap this ever growing market", she said.

The global remittances market stands at USD 268 billion annually with over 70 per cent of these remittances flowing into developing countries. India is the largest remittance receiving country in the world with USD 25 billion inflows annually.

ICICI Bank has recognized this huge business opportunity and has achieved over 25 per cent market share in inward remittances into India. The bank has specific remittance products which include the on-line 'Money2India' and Instant Branch transfers.

The Bank also recently launched its remittance card, the release added.

UNI