[Resolved] ICICI Bank — I am complaining about icici money2world wire transfer extra fee collection

CHINNASAMY M

May 17, 2017

Address: Bangalore, Karnataka, 560017

Website: money2india.icicibank.com

I made a wire transfer in the following date,

Transaction initiation date and time : 14-may-2017 | 07:45 ist
Transfer/debited inr amount : inr 481897.00 @ 48.0599
Account debit date and time : 14-may-2017 | 07:45 ist

Requested cad : $10, 000 (Exclusive of all the applicable charges)
Received in cad : $9, 967.50

Debited inr : 481897.00
Equivalent cad @ 48.0599 : 10, 027.00

So, as per the debited amount the receiver supposed to get $10k, because the debited amount includes $10k equivalent amount + all charges

Total $59.5 is less, $27 may be the charges as mentioned in the website.
But how about the other $32.5? Which is missing without any explanation? Anyone from icici can explain about this?

Why are they deducting double charges? I confirmed from the receiver side, they do not collect any fees. So whatever the amount icici transfers is supposed to be received by foreign receiver.

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Jun 17, 2017

Complaint marked as Resolved

ICICI Bank customer support has been notified about the posted complaint.

Verified Support

May 17, 2017

ICICI Bank Customer Care's response Dear Customer,

We regret the inconvenience caused. Please write to [protected]@icicibank.com with your contact details. Our official will address your concerns. Please mention UID (a45e03) in the subject line.

Regards,
ICICI Bank Customer Service Team

Jun 01, 2017

Updated by CHINNASAMY M I received the silly response for my mail (to [protected]@icicibank.com) as follows...
"The amount debited by the correspondent bank is not forwarded to ICICI Bank."

So do they wanted me to involve in their business and see how it can be rectified?

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Comments

CHINNASAMY M

Jun 1, 2017

They are not addressing the concerns, Instead I got the irresponsible response as follows...

Dear Customer,

Thank you for writing to us.
Based on your e-mail, we request you to check the below link for the information related to Money2world charges.
https://www.icicibank.com/Personal-Banking/faq/account-and-deposit/outward-remit...⇄
Further, we also inform you that the correspondent bank, as per the instructions received from your local bank, deducts the amount. You would notice a column called 71A in the SWIFT message. It may either read 'OUR' or 'BENE' or 'SHA'. When it reads 'OUR', it means that your local bank has already debited the fees. If so, no further amount is deducted from your remittance. If the SWIFT message mentions 'SHA' or 'BENE', the charges are deducted.

The amount debited by the correspondent bank is not forwarded to ICICI Bank.

We have enclosed the SWIFT copy for your reference..

Sincerely,
Rakesh
Customer Service Officer
ICICI Bank Limited.

CHINNASAMY M's [Complaint's author] reply, Jun 1, 2017

"The amount debited by the correspondent bank is not forwarded to ICICI Bank." Is it a valid answer to my concern?

ICICI debited the amount from my account with charges + extra charges and then they initiated the transaction and now they are saying correspondent bank hasn't paid them!!! what business they are doing?

As per the transaction tyep 'BEN', the charges should be deducted and send it to the receiver. If that is the case why do they debit actual amount + charges from my account? Do they have any answers?

atulit p rao

Sep 12, 2019

I faced same issue, ICICI money2world sucks.