This happened to me as well. I have transferred $24, 396 via MoneyToIndia transfer on Nov 25th .Amt got credited to my a/c on Nov 26th. at conversion rate of Rs. 45.87, instead of the advertised rate of Rs. 46.17130 on the website. I lost Rs: 7325.515 (after deducting other charges), due to this discrepancy. I have been trying to get a solution for these.. Horrible ICICI customer service people gives me "standard cut and paste reply, without even reading the details of my problems.
This has happned previously too. I am trying to open my NRI a/c with another bank and also asking all my frineds to consider other banks for their banking needs