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1 United States Review updated:

ICICI – Bank Money2 service is horrible and pathetic

Recently I sent money to India twice with the same amount, same account etc. One transaction went through and the second one they kept on hold requesting more information. When I called they are not ready to give the information on phone and asked me send an email to nri AT but there is no response for the email. I called them back and they said I need to send an email to the same address, when I told them that I already sent and verify then she says she do not have access to it, then I requested her to get her office email to forward my previous mail then she says she can not give her email id to me.

I questioned her if you do not have access to the nri AT then why did you pick the call? She says there is another team that will work on email communication. I requested her to connect to her supervisor; she says her supervisor will say the same thing. She claims as her supervisor has same information as she is having. This is happening every time I call. You may ask me why do I call again and again?

Because the with draw my money from my US- account and not deposited on the other end, to resolve the issue daily I send an email at nri AT and wait for the response and as usual there will be no response then I call them to check my luck if some wise customer support person will answer the call. Looks like whole department was trained efficiently how to harass the customer and count how many requests they turn down per day by giving irrelevant answers.

Let us have a some calculation just for analysis: Assume that there are 1000 people sending each $1000.00 to India and these guys put at least 500 of them on hold resulting $500,000.00 equals to $500,000.00 * Rs:43.00 = Rs:2,15,00,000.00 and hold for 30 days. The calculation is around only 1000 customers when you compare it to the BIG number when you look at world wide NRIs. What ever the interest they earn on this money will be used to run this awful customer support center.

I request the readers of this complaint to forward any contact information that I can bypass these talking (intellectual – with respect to confusing customer) dolls (I mean customer support and email response) to resolve the issue. Also I wanted to know under which legal system they come under to register a legal compliant.

Thanks for your assistance.

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  • Da
      17th of Sep, 2007
    0 Votes

    Raj - You are describing our experience EXACTLY. We made two $5000 transfers from our Wells Fargo account to ICICI using Money2India. The money should have been here a week ago under their policy, but mysteriously it is being held up by their "Anti-Fraud Risk Unit" or something like that. An office in Mumbai. Our money is gone from our U.S. checking account. We could get it back by filing an action for fraud with Wells Fargo. But who knows how long that would take?

    Point is, we need our money NOW. It makes you crazy calling their NRI support line. They will tell you ANY LIE just to get you off the phone. My favorite is, "Give me your contact number and I will surely call you back at 3:30." They have told me this 15 times and NEVER has anybody called back.

    I will join any class action lawsuit anybody wants to start. I think we need to file in India, but I'm no attorney, maybe we have a case in the U.S., too.

    Count me in,

  • Aa
      28th of May, 2008
    0 Votes

    Same thing happened with one of my acquaintence.The issue is still on.

  • Sa
      17th of Jul, 2008
    0 Votes

    oh, how sad. I know it is very had since they took money from your account here in US and not deposited in India. I'm using Money2India since last two years and never had any problems. Last year, I transfered over $45, 000 USD within month and all my money were deposited into my account. so far, i don't have any complaints with ICICI or money2india so I'll continue to use it until I have problems. Once I face problems, I'll definetly take them to court and stop using their services.

  • Su
      28th of Jul, 2008
    0 Votes


    I have had a similar experience and to add the amount credited is atleast a full 1-2% less than the prevailing exchange rate. Also the password reset policy is so horrible that they want people to just keep mailing/ calling them for this.

    The NRI branch in mumbai used to be really good earlier now they have cheap crowd managing the accounts and even phone banking. All in the name of maximising profit and lowering quality of service.

  • Su
      18th of Sep, 2008
    0 Votes

    I sounds agonizing to have to deal with such issue. When we send money, it is obviously needed in India on a timely basis. I may be one of the fortunate one since this has not happened to me in 3 years of sending money on a weekly basis.

  • An
      14th of Oct, 2008
    0 Votes

    Horrible, pathetic, awful, terrible, inferior, ... these all words fall short when it comes to describing ICICI's handling of the foreign currency transfers into NRI accounts.

    In my best understanding, and ICICI's user account are NOT well synchronized at all.

    I have been living abroad for so many years now and everytime I have to transfer some money to India, I have to undergo lot of agony caused by ICICI's highly unfriendly and rigid customer service department folks who do not understand what customer service and satisfaction mean.

    Everytime there is a "new issue" which blocks or holds the transfer thus money+interest and risk of any falling exchange rate trend. Can you imagine this?

    For example, NRI staff will produce some of these arguments when you want to know why money is not credit in NRI account; Receiver's name and sender's name are not matching (but they matched in the past), we need to see receiver's ID proofs etc. (I know who I am sending to), your communication details are not matching (but I informed ICICI's staff and it's not my fault if your system is not showing that), we cannot reveal any details on the phone (but I have identified myself over the phone and answered all your security questions correctly), ... and the list goes on.

    In case you have forgotten your username / password, you are at the mercy of ICICI's system. You will have to produce a written request and send some documents as proof checks, it takes minimum 15 days if all goes well (but it won't I am sure).

    Just one suggestion to ICICI bank and the NRI team (incl. that please learn online banking, phone banking basics. Go abroad if needed to see how systems work and what makes it smooth-running. Wake up before you are forced to shut-down.

    I don't feel like stopping criticising ICICI's NRI service standards but I have other business to manage... so unwillingly I have to end this here.

  • Ab
      5th of Nov, 2008
    0 Votes

    I had very bad customer service experience with ICICI branch in Salt Lake City, Kolkata. However, I did not face yet any money transfer problem as I do not use Money2India often. Only a few occassions I used them.

    ICICI branch in Kolkata gave me hard time to withdraw my CD in my NRO a/c repeatedly. They just want to keep on auto-rolling. Even last Dec. 2007 I went to their branch, but they could not help me saying that system is down! They told me that they will call me when system is up. But it never happend. They do not realize that client will not stay for ever in Kolkata. My home is another city away from Kolkata. Another time, last Sept. 08, I received the approval of the letter that I should submit with CD certificate for withdrawl. I handed over that letter though one of their clients in Kolkata, letter was notorized in US. But they never allowed me to cash the certiifcate. I asked only to cash the CD and keep money in my checking account for my use. They never reply via e-mail/FAX ot cell phone why they did not allow me to cash my matured CD. It is very strange. As a result I reduced using ICICI bank. But still my money is sitting their in renewed CD. Fortunately now those CDs are receiving a recent return.

    I remember two of their agents came to my temp. residence in Kolkata on Dec. 07, and insisting me on to buy variable annuity replacing those CDs. They are promising that it would earn tax free 35% return as it did in the past. I told that it was past performance, you cannot guarantee for the furture. I did not buy those annuities. That may be one reason why those two employees were fed-up with me, and giving me trouble.

    I feel listening feedback, andcorercting the mistakes would improve their business.

  • Ra
      9th of Nov, 2008
    0 Votes

    I guys I faced similar problem.. Their customer support is pathetic. I places request on Wednesday .. express service to be worked in 1- 2 business days.. (There were no Indian holidays last week) and its Monday and money hasn't been transferred yet. They charge 5 bucks for this express service and still they don't do it in 1- 2 Indian business days.. I guess at ICICI every day is a holiday..
    1-866-ICICI-4U is worst number in terms of call backs they never do, There hold time is on a average 15 - 2omins else use a calling card to call their mumbai number to get same response times.. I would suggest readers to provide me some body senior in ICICI management who can address these issues..

    in month of July I had a transfer done in 14 days..

  • Ki
      22nd of Apr, 2009
    0 Votes

    I sent $5000 to my mom through money2India. when money was taken out from my account the rate was 51 rupees. deposit im my moms account rated 49 rupees. very sad fraud. I will never use this srevice again

  • Sa
      16th of Aug, 2009
    0 Votes

    Hi Everybody,

    I would like to update you the truth is every Monday the "money 2 India not working, and last few day's some times the Internet banking also not working. It's really horrible situation that such big bank in India, there on-line services site's not working. Even there is notification's from the Bank Support and if we call from overseas they say there is Expected up time for these services.

    I am facing same problem with there website from last two month's, I would be thing to switchover to SBI...

    I would suggest RBI should monitor such incidents for such interruption's on the Online Services for the bank. In othercountires it's taking care by country monitoring autheriries.

    It's time to take action by RBI...


  • Mi
      2nd of Aug, 2010
    0 Votes

    I am one of the victims like many as listed above. Pathetic service, there is no proper Tele-service representative, who can address customer problems. I not only have had problems on timely money transfer but Passowrd recovery is another biggest hassle. Its never easy to get help in this regard.

    Millionth VICTIM!

  • Gv
      4th of Oct, 2010
    0 Votes


    I wish I had read these complaints before foolishly using the Money2India transfer protocol.
    At the very least it looks like a badly written protocol (the ICICI person I spoke to said that it is automated and there is no manual intervention), at the worst a case of intentional fraud on the part of ICICI.

    The first time 2 times I tried Money2India (transferred to my own ICICI account) it worked okay. The next two times the protocol told me there was an error but transferred the money from my account anyway!!! I made the 2nd transfer only assuming that the 1st one wouldn't have attempted to tranfer due to the error -- my stupidity.
    It looks like a third attempt (looks like they tried to take out twice for my 2nd attempt) was made to take out more money from my account!! The ICICI person I contacted first said she would get back to me by Oct 5, today she says Oct 12.

    One warning --- make sure the account you are transferring from doesn't have overdraft protection, or you could have money from the other account wiped out too.

    I'm all for taking the complaint further. ICICI should realize that this is not a trivial matter.

  • Mo
      22nd of Dec, 2010
    0 Votes

    Hi, I newly registered account with They validated my account. When I want to send money to india...i filled up all information on the screens...and when I 'confirm' the says...'we are unable to provide service at this point of time, please visit again'. That's fine...server might have been down for the time being. If it happens for 10 times over 3 days...then it is not at all acceptable. If they don't know how to deal with their technical work...close your websites. Don't waste our time...we will go for other services.

    How frustrating it is, everytime it accepts all the information including how much amount I need to t/f...and on the last says...simply sorry. [censored] your service. I don't understand...if people have brains in ICICI...

    I once again request, ICICI guys...please close your websites/services...if you don't know what is the meaning of service. Don't waste people's time.

  • Ic
      30th of Dec, 2010
    0 Votes

    Hi Mohan1,

    We were facing some technical difficulties due to system upgrade that we implemented over the weekend. We understand some of the difficulties faced by users were slowness in speed due to which some of the pages were getting timed out, which leads to error message being displayed on the screen. We have managed to bring the system upto speed. For any further queries, please write to us at with subject "IBGUID: 979495" and we shall be glad to assist you.

    ICICI Bank Customer Service Team.

  • Ja
      12th of Jan, 2011
    0 Votes

    I initiated a wire transfer through ICICI Money2India more than 3 weeks back. The money is not credited to my benifitiary yet. On their website it says that Power Transfer should take 1-2 days. I waited for 2 weeks and have contacted ICICI multiple times in last 10 days. The customer service is pathetic and all they tell you is what you can see online in your Money2India account. Twice they told me that someone will get back to me in 2 hours but the two hours have not arrived yet. The worst thing is that nobody even tells me that where the money is a how long will it take from here or if it will ever go through or not. After reading various reviews I suspect that they are doing this on purpose because the exchange rates have gone higher since i started the transaction and ICICI bank is waiting for the rates to come down again. In any case, this is the last time I am dealing with ICICI bank and I suggest that you should look for other options also before choosing ICICI M2I service.

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