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Money2India / Cheating

1 Middletown, CT, United States Review updated:

Hi Team,

I have sent money using from ICICI.
They give conversion rates as per their own wish.
Does there any law which governs restrictive malpractices in trade by these cheaters.
Yesterday Market conversion rate was 52+ and they gave me 51.

Not only this time, this is happening again and again.

Could this be brought to notice to some responsible authorities?

Himanshu Gupta

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  • Gu
      24th of Mar, 2009
    0 Votes

    I had dollars sent twice in the last 2 weeks. Each time they cheated me too. They gave me about 50 paise per dollar less than the lowest shown even on their own website. I kept checking the conversion rates all the time, every single day. Earlier, the dollar's lowest value I had seen on their website was 50.07 and they gave me only 49.59. I wrote an email to them and they just gave me a garbage automated response saying that they convert the dollars after 24 hours of receiving them and that they offered the best rates. This is total crap. Then today again the same thing happened. I sent money exactly 1 week ago and I checked the forex rates on many websites including and their own all the time every day. The lowest that their own website showed was about 50.15 and they gave me 49.71. They are big cheats and there is no way for us to know what rate they'll give.

    They came up with the new Express E-Transfer service and I have put in a request at least 10 times for them to enable it on my account. Each time they say that I don't satisfy the criteria for the service but they declined to tell me what the criteria is.

    I would say ICICI Bank's Money 2 India is a rogue and cheat service. They are looting everybody. They randomly decide the rates. There is no fixed time when the currency will be converted or what the rate will be. The rates they give are inconsistent even with their own website displayed rates, and usually much lower.

  • Su
      8th of Aug, 2010
    0 Votes

    Hi i had sent money from money2india to andhra bank but bank did not sent and its been a month till now. but they are saying that they had sent to andhra bank and not giving neft transaction.

  • Ra
      21st of Mar, 2011
    0 Votes

    Yes. I am also victim from several years.
    They calculate the lowest in the 5 days period of transaction and they use the lowest amount.

    Now they introduced rupee transfer which is also fraud.

    I am stuck with this as i have setup lot of ACH and other bank details to Money2India.
    Some regulations have to happen on this service from all banks.

  • Se
      15th of Nov, 2011
    0 Votes

    I do agree that ICICI money2india cheats its customers!! Switch to remit2india or XOOM.COM. I was using money2india for a while and they take 6 to 7 days to credit the money to the bank. However they withdraw the dollars from your US bank account the very same day!!! Remit2India is much better and I have not had any issues with them. R2India's exchanges rates are also fair compared to ICICI.

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