[Resolved] ICICI- Money2india — Exchange Rates Are Incorrect

[Resolved] ICICI- Money2india — Exchange Rates Are Incorrect

V Vikram

Icici Bank's money2india is one of the worst service. They never give the exchange rate mentioned on the website. The rates provided are always beefed up and when you do the transaction they say that rates depends on that hour or minute and always lower. So i request all the public to stop using it. I have a bad experience during my last few transactions. My question to them is, whatever you have mentioned on the website should be given at the time of transaction? O atleast provide on the website that hour's transaction rate. Not like say something and give something. They don't have a disclaimer on the website saying, rates will be different (always less) that mentioned on the website. ==== Check out this ========== We assure you that our exchange rates are most competitive vis-a-vis the rates offered by others banks and service providers. The exchange rate shown by the market are the exchange rates applicable to bulk transactions between banks. You would have noticed that this keeps fluctuating. At ICICI Bank, our pricing for retail transactions is governed by our card rates which is updated on a daily basis on our web site under the NRI section. Further, we must inform you that, the rates provided on our website at the time of the transaction are indicative rates for the current day. The rate that gets applied to the transaction is as prevalent on the date that funds are received by us. Even within a day, there are rate fluctuations in the market and the card rates are modified at frequent intervals. ========================================= Why cant the rate flucutate on the upper side? why has it be on the lowe side only. Isn't it fishy. Regards Vikram Was this information helpful? No (0) Yes (0)
Aug 14, 2020 Complaint marked as Resolved
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Comments

Kiran

Guys, I have been sending money thru money2india few times for the last couple of years. I did notice there was a difference in the exchange rate, but I would say they are a much better service compared to Citibank and other services. I am planning to send some money back home, can someone please suggest if there is anyother service where I can get a better service as well as good exchange rate.

Muni

I agree with comments and complaints. I had a same experience with ICICI remit2india. They mentioned exchange rate as 48.65 on their website on date of remittance to bank account in india but they offered only 48.27 is really rip off. I have used HDFC Quick Remit and SBI Money transfer to india to transfer money to india and they honor the exchange rate what has been mentioned in website. I wanted to try ICICI because exchange was good compared to SBI, HDFC. Finally due to cheating by ICICI, I have decided to use SBI which gives better exchange than HDFC. If you need referal for SBI, let me know.

Raghav

Exactly, they say something and give something. I had the same experience with ICICI money2india. It is fishy.

true boy23

Yes, they are fraud. I opened an account with ONLINESBI they atleast dont fiddle around with the exchange rates for cheap commision. It would be rather nice to see them charge something straight as a transfer FEE instead o[censored]sing this cheap desi banking tactics.
Use SBI guys help indian govt banks and they give the rates that they promise..pass it along.

prashant

I have found that if they cant commit to the rate there is really no point to give them your business.
I have used www.transfermate.com as i saw it recommended by others and have not been disappointed. They normally only handle larger amounts as their main focus is to assist businesses however at least they stick to their rate

J kotireddy

from Vadodara, Gujarat

yaa I agree with you this ICICI bank is too worst and service is very bad, they will not follow acorrding to rules of RBI, they will go according to there own rules.

A Jain

Ya I'm agree .. ICICI banks Money2India is clear ripoff. They take lot of time and give you minimum rate of the week. I transferred some money on friday and everyday I analysed their rates. Next week friday I got it transferred. And the rate was minimum of whole week. They are crap. I did 6 transfers from Money2India and never got proper rates. Even their comission is also higher. Don't use this service better go for SBI.

devi

I too had the same bad experience in the past week.
It took one week and the exchange rate was very bad. In the X rates I couldnt see that exchange rate in the past 2 months. I dont know how they decide on the rate and simply send some amount.
It went on 46.60 and the exchange rate didnt go below 47 in the past month. I am going to stop ICICI it is a junk.

Phani Kasum

I too had a very bad experience with Money2India. I started the transfer and it took more than a week to get transferred actually. The exchange rate displayed in Money2India for all these days were more than what they actually gave. There was a minimum of 40 paise less than any day's rate.

Then I switched my salary account to local ICICI bank. Through that I can transfer at good rates (actually a bit less than what Money2India displays for the day, like 30 paise. But they give what they show). And its just a 30 sec transfer.

RISHIKANDHAN GANESAN

Regarding about ttacking no:M2N11352217.BENIFICIAR'S NAME;S.GANESAN, ACCONT NO:[protected], BANK NAME:CANARA BANK, BRANCH NAME:GRAND CETRAL.With reference your mail as dated as 16 july 09.i given all others details already.still i have no response from you.pls process for me the abive mentioned tracking no amount.thanking you.

Shaji Jacob

I fully agree, this is a big scandal by most of the banks when it come to Foreign Exchange Remittances. There is no transperency in these transactions. RBI also has not streamlined this process. I do agree banks have to make money but not to this extend. This is every day stealing without being caught.

Ashok kumar

i am also bad experience with money2india because their exchange rate was too lower value as compare to the market value. so this is one of the humiliation. i would like to inform please select the trusted transcation service.

By
Ashok kumar

mahesh shinde

I agree with all the above comments. In every sector ICICI bank is cheating to the customer. I have read on NET some customers writting about DIFFERENT TYPES OF CHEATING icici is doing in HOME LOANS.

I had same experience in SWIFT transfer. My friend working here in gulf gets good rate in SBI and I get less rate in ICICI. difference in SBI and ICICI was 60 paise/euro. If I send 3K euro, then its 1800 Rs difference. This is a big money. ICICI, please stop cheating to customer like this. Be straight forward.
Regards, Mahesh Shinde

Pranab Bhowmick

from Pune, Maharashtra

I would like to share my experience with ICICI which has been equally bad. I have been using SBI GLS for sending money to India from US for last 5 years without any issues. This time I needed to send a big amount urgently so I decided to send some money through ICICI money2india. Its been more than 10 days, and I'm still waiting for the credit to my Indian bank account. SBI completed the transfer as promised in 6 days flat.
ICICI money2transfer is a big scam. They say they take 5 business days, but the day the transfer is initiated is not counted. So no matter what day you initiate the transfer, there'll be one weekend in between. So effectively it would always take more than 8 days. And that's not all. After the money is transferred by ICICI to the beneficiary bank in India, it takes another 1-3 (read 3) business days for it to show up. So net net, it takes almost 2 weeks for you to get your money in India. In this day and age of electronic fund transfers, its a shame! I'll never use ICICI money2transfer again and would not recommend any one to use it.

Amit

I have been using ICICI money2india for some time but only for the last couple of transactions followed the exchange rate on daily basis.
I am very frustrated to say the least. From what I analyzed, they seem to be using the lowest exchange rate during the 9 working days it took for the transfer to happen.

I am looking for alternatives now and don't want to put up with how they rip of[censored]nsuspecting consumers.

Regards,
Amit

Senthil

ICICI is one of the forgery bank in india, why because, they lost the customers hope due to money transfers, I had sent 4000 dollars on jan 2010, they specified one rate in site 46.16 and but given 45.81, then i called customer care, they were not able to provide right answers then i decided to transfer through SBI and i noticed for couple of months, they did forgery, I suggested my roomates 3 of them, They also decided to go for SBI online money transfer...

mkk

I have the same story. Transfered money through money to india and their exchnage rate on the date of transfer (status date) does not match with the exchnage rate for that day. The excahneg rate they give is not even the lowest on that day. It's lower thaen that. Their exchnage rate does not make any sense. Their customer service is horrible as they have no explaination on how the exchange rate was derived. Wish we could do a law suit...

smilewithme

The Exchange rate page is is not working. It usually does not open on any browser. I am unable to see the exchage rate for 31-Aug2010. My amount has been credited through your money2india website on 31-Aug-2010 but I am unable to verify the exchange rate you have charged. On other websites it is showing much higher rates. This is really very sad and creates doubt on the mind of customer and certainly a disappointment.

logicali

Hey Guys, the Latest I have very BAD BAD(or I can say WORST)experience in my life with ICICI(Money2India), the only thing I can tell you is DO NOT SEND MONEY with MONEY2INDIA and let everyone know that they will give you hard time/rip you off/delay in processing/no proper communication/no customer service/... And all...

There are plenty and reliable service out to send money.

DO NOT TRUST ICICI Bank!

KHUSHAL8888

I WISH I COULD SEE ALL COMPLAINTS BEFORE USING ICICI SERVICE.

THEY ARE CHEATER/WHITE COLLAR THIE[censored]

BEWARE OF THESE GUYS, THEY ARE NOT A BANK BUT THIEVES!!