ICICI Bank launches online 'fixed rupee' remittance facility

Exchange rates are not available in traditional money transfer

PTI | November 24, 2010



Private lender ICICI Bank today announced the launch of a new 'fixed rupee' facility for Non- Resident Indians to remit exact rupee amounts to India through an online portal confirming the applicable exchange rate at the time of the transaction.

This is a significant improvement over traditional money transfer mechanisms, where the rates are not available at the time of initiating the transaction, ICICI Bank said in a statement.

The facility is available on Money2India.com, which is ICICI Bank's online money transfer tracking service for NRIs, it said.

As of now, this facility, will only be available in key geographies like the US, UK, Singapore, Australia, Hong Kong, Canada, France and Germany, it said.

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