Private sector lender ICICI Bank on Monday launched I-Express, an instant cross-border money transfer option for Non-Resident Indians (NRIs).
This service will be available through the ICICI Bank's select partners in Gulf Cooperation Council--political and economic union involving the six Arab states of the Persian Gulf, a press release issued.
I-Express facility offers the remitter, the option of visiting any partner outlet for instant credit into the beneficiary account maintained with ICICI Bank in India, at no extra cost. Under this service, the funds will be instantly remitted and the beneficiary can withdraw the money immediately.
An ICICI Bank spokesperson said, "ICICI Bank not only offers funds transfer facility into the accounts of beneficiaries held in its own branches in India, but also helps in crediting funds into accounts of beneficiaries held in over 65,000 branches of other Indian banks."
With funds being accessible through the network of over 2,500 branches and 5,600 ATMs, apart from the over 55,000 Visa-enabled ATMs, the facility significantly enhances the value-proposition of ICICI Bank's cross-border remittance offerings to both the partners and NRIs in the GCC, the release added.
ICICI Bank has been a leading remittance player in the Indian remittance market, enabling remittances from across 40 countries worldwide. The bank has relationships with over 80 correspondent banks and 23 exchange houses across GCC.