[Resolved]  ICICI Money2india — Exchange rates not honoured

Hi,

We appreciate the time taken out to write-in with your concerns. On investigating the point raised by you for your first transaction and basis the dates provided by you, we found that from 23rd July onwards the USD/ INR exchange rates have been lower than those prevailing on 22nd July. The rates applied on your transfer would be basis the exchange rate applicable at the date and time of conversion of clear funds. On you second transaction as well, basis the details on dates provided by you, again the USD/ INR exchange rates have bee volatile during the time period and the interbank rates on 3rd September have been lower compared to those prevailing on 30th August. We urge you to refer to the Reserve Bank of India website for the trends in interbank exchange rates movements. Further every remittance service provider levy their own exchange rate margin for conversion of retail remittances as they are typically of small value compared to the high value interbank currency dealings for which near Interbank rates are available. We do understand your concern and we constantly strive to give our users competitive rates for their transfers but in these specific cases the depreciation of the USD currency against rupee, when we have converted your transaction basis availability of clear funds, has not helped us meet your expectations. Taking feedback from our valued users on exchange rate volatility, we have launched the Fixed Rupee transfer facility for online transfer modes on Money2India wherein you get a confirmed rate at transaction initiation. Thus with this, we undertake the exchange rate volatility on your behalf. We urge you to use this facility so that you can lock the exchange rate at the time of placing request. We will be glad to address any further concerns or queries from you. Please do write in to us at [protected]@icicibank.com.

Regards,
ICICI Bank Customer Care Team.

Transfer of money to India:
ICICI money 2 india cannot be trusted. I sent money from Canada to my relative in India on 24th Sept. The web site states it will take 4-5 working days. Money was taken out of my bank on 28th of Sept. I was tracking the process with the tracking #. On 29th I have noticed that ICICI need more information like date of birth, place of birth and the nationality, which was submitted on the same day. I was lucky that I have seen as I was tracking every day. There is no message from ICICI in my in box. I informed this to the rep Nilesh and also talked to Md. Quadeer Manager who assured that the money will be remitted either on 3rd or 4th of Oct. Again called up on 4th after noticing that my transfer request was rejected. Talked to another manager Kiran this time, as Mr. Quadeer was having off. Received a complaint #/reference #[protected] and was assured that receipient will get money by 5th. When contacted on 5th no manager was available (likely to hide themselves after hearing my name thru rep Tanvir). Tanvir called and informed to wait for another 24-48 hours as the case is being exclated, and back end office will respond in another 24-48 hours. I am sick and tired of calling ICICI customer service wherein I have to spend minimum of 1 hour every time.
If any one is planning to send money thru mone2india, my sincere advise is NEVER NEVER AND NEVER.

icici money2india, ID: M2N12510496 on[protected], my transaction got rejected because i send it to incorrect account number, and the main point is they dont even about these that my transaction got rejected, i have been calling everyday and m telling them to resend it to the correct account number, every day the representative will tell me to right an email. 10 days passed already, i did't get my money yet. every customer representative(CR) will say write an email they will respond back to you in 24 hrs, i guarantee they take atleast 48 hrs to reply...even the CR they dont have all the details, they cannot help you at all...it really sucks, Do you know what is the fastest way to get my money back?

Hi,

We understand that our Customer Care Executive called and attended your query.

Regards,
ICICI Bank Customer Service Team

I don't have any bad experiences as of yet, but I'm about to transfer $5000 to my account and now little worried. I thought ICICI bank offered very competitive exchange rates, but apparently not. I can get better exchange rates using Western Union and transfer is done is 30mins.

I have emails from ICICI Bank stating that I have been registered as a ICICI NRI Edge bank customer from atleast July of 2012. However, they have not been providing the 10p preferential exchange rate for NRI Edge customers. On enquiry from July 2012 to now talking to various non-responsive so called customer service representatives they now inform me that they will START applying the preferential rate for future transactions and it will not be applicable to previous transactions. How do these cheats get away with this? Is there no consumer redress forum that stands up for customers in India.

Like others on this forum I am also being tricked by ICICI in two further ways. Firstly, they have a slab system for exchange rates. Then when you try to transfer an amount (in my case for $10400) they only allow you to transfer $7500 daily so the transaction is split into two transactions. When I call the bank up and ask for the higher slab rate there is always some excuse - you called a day late, I will get back to you soon, I will file a compliant and then nothing happens.

The second way that I have been cheated is the exchange rate. ICICI will not say what they base their rates on, nor which days rates the transactions are based on so this gives them ample leeway to give you any story they want on exchange rates. Recently I initiated a transaction for $4000. From Day 0 to Day 6 of the transaction period reuters, bloomberg, x-rates all show that the exchange rate never dipped below $54. ICICI gave me a rate of $53.26. While I do not expect the interbank rate I think shaving atleast 75p off of every dollar is thievery.

Very Good Service. YES. Very Good. The Fixed Rupee Transfer is very reliable and definitely competitive if you are not in a hurry and can wait for 5 days. Wish the daily limit was higher, perhaps due to RBI regs., the amount limit is too low.

Here is the downside - ICICI interface sucks. Its a poor garb for a great service and sorry to say, some ponzi scheme sites look much better and are more convincing. Sometimes I feel that my data is not secure. Do you really have a proper system working behind or is there heavy dependance on manual interventions? The expectation from this reputed bank is to have a reasonable site that works. e.g. When I request a transfer - it says "Your Daily Limit is USD 15, 000 ACH" and it also says "Your Daily Limit is USD 7, 500 ACH" while I am requesting only USD 7, 475 under fixed rupee scheme. Oh-puhleeeeez. Can't you fix this simple thing. Its frustrating. Then you charge $2 for every transaction o[censored]p to INR 4 Lakhs. Well, with that limit of $7500 i could have avoided that - but again your system frustrates and I am ok to pay that. - sure its ICICI and you want to earn some pennies for your beautiful offices across the world. By the way - a call to the call center resulted in the consistant - "I am sorry Ma'am but if you are not able to transfer 7, 475 than try a lower amount. 'Maybe', you should try $7, 400 and see if it works." ...i though maybe i should go to the branch and wire. At least i dont have to deal with this. Friends at ICICI - I have a request - please read and act on this. You folks are the only true customer savvy bank that exists on the face of India. You can't ruin your reputation because of M2I, when all your banking and fin services are comparable to the best-in-class.