[Resolved]  ICICI Money To India Transfer — Mishandling of funds

The complaint describes how ICIC bank is abusing its dominant position & exploiting its customer.


I have been using ICICI bank’s Money to India transfer since 2 years. It is linked from my bank in Wells Fargo USA to my Andhra Bank beneficiary bank in India. None of the bank’s account information has changed ever since. Recently I scheduled 3 transfers in January involving the same 2 bank accounts using ICICI ‘s Money to India transfer. On these 3 transfers, I received a confirmation email saying that the funds have been transferred successfully to my beneficiary account in India. After a few days I received another email saying that 1 of the transfers was unsuccessful due to "Account Type Not Found" for my beneficiary account. After following up with Branch Manager of Andhra Bank, Mulund, Mumbai, I was told that no such query was received by Andhra Bank from ICICI bank. I have no clue how all of a sudden my account in Andhra Bank, India could not be verified after a series of successful transactions.

2 months later, I received cash from ICICI bank worth $4872.40 (I had originally scheduled a transfer of $5000) saying that one of the 2 transactions that they initially claimed to have been "successfully" completed was not actually successful and hence they had to return my money. Upon talking to the customer representative, I was told that the transaction was canceled due to same "Account type not found" of my beneficiary account. Also I was told that ICICI bank had to hold this amount before sending it back to me and hence they had to deposit the money at current conversion rate, thus making me incur a loss though no fault of mine. Not only that, it also caused me unnecessary stress and resulted in my funds not reaching India at all, thus ruining my plans.
So ICICI is effectively telling me that I have to pay the price & bear the loss of interest which I would have received had I invested my money elsewhere for 2-3 months. All this because of some screw up from their side and they also claim that they cannot not guarantee a transfer through M2I if the beneficiary is a non-ICICI bank.
I would just like to voice my grievance as a dissatisfied customer and point the inefficiency on part of such a so-called renowned bank and their total loss of decency and courtesy for not being responsible for their actions and showing no empathy towards their harried customer. I just wish to inform all of you out there to be wary of such traps from ICICI bank.