The largest private sector lender of the country, ICICI Bank has introduced a new remittance facility for non residents. The facility named 'Fixed Rupee' is unique from older remittance facilities in that the exchange rate is confirmed at the beginning of the remittance facility only. NRIs can thus send exact remittances to India.
The facility has been hosted on Money2India.com- the online fund transfer tracking device of ICICI Bank.
According to a spokesperson of the bank, "We at ICICI Bank have always believed in offering customer-centric solutions and we are delighted to present Fixed Rupee facility on Money2India.com. This facility, will, as of now, be available from key geographies like US, UK, Singapore, Australia, Hong Kong, Canada, France and Germany. With this offering, Money2India.com offers yet another innovative solution, since the customer would now know the exact exchange rate applicable on the proposed remittance at the time of sending the money."
Money2India is quite popular amongst services used by NRIs for remittance purposes. In order to make use of this facility, the customer has to make a one time online registration at Money2India.com. The service can be used for fund transfer from any bank across 15 countries to any account of ICICI Bank.