| The bank's market share improved because of the service quality, including instant online remittance transfer facility, ICICI Bank's senior general manager & head - international banking group, Bhargava Dasgupta, claimed. |
| He, however, did not disclose the amount of inward remittances handled by ICICI Bank during the period. In 2004-05, a total of $3 billion (over Rs 13,100 crore) of inward remittances were transferred through the bank, with $1.7 billion of it in the six months ended March 31, 2005. |
| ICICI Bank's online remittance is real time, unlike other banks and the traditional wire transfer, where the money gets transferred only the next day. |
| The cost of online remittance is also one-tenth of the cost of wire transfer. ICICI Bank charges $3 per remittance against a levy of $30-35 for a wire transfer.Dasgupta said apart from the transfer fee, the bank earns fee for conversion of foreign currency into Indian rupees. |
| The NRI remittance business increases ICICI Bank's customer base in India, with the NRIs themselves opening non-resident external accounts and their relatives opening savings accounts to get instant credit to their accounts. |
| The bank's remittance business is expected to get a further boost with its branch opening in the UK over the next few months and the proposed entry into Hong Kong and the US soon. |
| Bulk of inward remittances to India take place through banking channels. The other two channels available for remittances are money transfer service scheme (MTSS) and rupee drawing arrangements (RDAs). |
| Only personal remittances are allowed through MTSS, for which overseas money transfer companies tie up with agents in India. |
| RDAs are entered into by banks in India with private exchange houses in the Gulf region, Singapore and Hong Kong for channelising inward remittances. |
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