The British subsidiary of ICICI Bank -- ICICI Bank UK Plc -- today announced the launch of online money transfer services to facilitate transaction from any bank accounts in Sweden, Norway and Denmark to any recipent account based in India.
The service called 'Money2India Europe' verifies the credentials of the customers over video call from Money2India Europe website. The website is owned by ICICI Bank UK Plc.
"Using this service, anyone residing in these countries can initiate money transfer round-the-clock for 365 days from their local bank account to any bank account in India in a quick and convenient manner," ICICI Bank said in a release.
With this, Money2India Europe service is now available in 20 countries in Europe, it added.
The service is completely online and can be completed within 15 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.
"With NRIs being away from the country, digital channel becomes a very powerful tool for them to connect with India. With the expansion of Money2India Europe, we intend to comprehensively fulfill the money transfer needs of the NRI diaspora in Sweden, Norway and Denmark," Vijay Chandok, Executive Director, ICICI Bank said.
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."
Euro (EUR), Swedish Krona (SEK), Norwegian Krone (NOK) and Danish Krone (DKK) are the currencies allowed for money transfer service of the Bank.
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, it said further.
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