Home   »   Banking Current Affairs 2023   »   ICICI Bank Canada Launches 'Money2India (Canada)'...

ICICI Bank Canada Launches ‘Money2India (Canada)’ Mobile Banking App

ICICI Bank Canada, a wholly-owned subsidiary of ICICI Bank Limited, has introduced its latest mobile banking app, ‘Money2India (Canada),’ providing Canadian customers with a seamless platform for 24/7 fund transfers to any Indian bank without the necessity of opening an account with ICICI Bank Canada.

Benefits of Money2India (Canada) App

  1. User-Friendly Platform: The app offers a user-friendly interface for customers across Canadian banks, enabling instant and round-the-clock money transfers to any bank in India.
  2. High Transaction Limit: Users can send amounts of up to CAD 30,000 in a single transaction, enhancing flexibility and catering to various transaction needs.
  3. Cross-Border Convenience: The innovation streamlines cross-border transactions, offering convenience without the need for account opening, specifically with ICICI Bank Canada.
  4. Accessibility: Customers of any bank in Canada can utilize the app, using their Visa or Mastercard debit cards for instant money transfers to India.
  5. Future-Dated and Recurring Transfers: ICICI Bank customers can execute future-dated and recurring transfers to beneficiaries in India at a defined frequency, providing additional options for managing fund transfers.

Security Features of Money2India App

The app ensures safety and security by implementing the latest standards prescribed for digital channels, including two-factor authentication with a dynamic One-Time-Password (OTP).

Add-Ons to the Pre-existing Features

  1. Instant Beneficiary Addition: Users can promptly add beneficiaries and make instant money transfers to them through the app.
  2. Future-Dated/Recurring Transfers: The platform allows for future-dated or recurring transfers, catering to diverse needs and preferences of ICICI Bank Canada customers.

Steps to Send Money From ‘Money2India (Canada)’ App

  1. Step 1: Download ‘Money2India (Canada)’ app through Play Store or App Store.
  2. Step 2: Sign up (new customers) or Login (existing customers of ICICI Bank Canada).
  3. Step 3: Add a beneficiary instantly and enter a request to send money to India.
  4. Step 4: Review the request and confirm OTP. The amount will be sent to the beneficiary’s account.

Important Takeaways For All Competitive Exams

  1. ICICI Bank Canada’s ‘Money2India (Canada)’ App: Enables Canadian customers to transfer funds to any Indian bank 24/7 without opening an account with ICICI Bank Canada, with a transaction limit of CAD 30,000.
  2. Security Features: ‘Money2India’ app implements the latest digital security standards, including two-factor authentication with a dynamic OTP.
  3. Accessibility: Customers from any Canadian bank can use the app with Visa or Mastercard debit cards for instant money transfers to India.
  4. Future-Dated/Recurring Transfers: ICICI Bank customers can schedule future-dated or recurring transfers to beneficiaries in India at predefined intervals.
  5. User-Friendly Interface: The app offers a seamless and user-friendly platform for cross-border transactions, emphasizing convenience.
  6. Download and Usage: To send money, download the ‘Money2India (Canada)’ app from Play Store or App Store, sign up or log in, add a beneficiary, and confirm the transaction with an OTP.

Important Questions Related to Exams

  1. What is the transaction limit for a single transfer using the ‘Money2India (Canada)’ app?
  2. What security feature in the app includes a dynamic One-Time-Password (OTP)?
  3. Which banks’ customers can use the ‘Money2India (Canada)’ app for instant transfers to Indian banks?
  4. What type of transfers can ICICI Bank customers execute using the app?

Kindly share your responses in the comment section!!

 

ICICI Bank Canada Launches 'Money2India (Canada)' Mobile Banking App_40.1

 

 

ICICI Bank Canada Launches 'Money2India (Canada)' Mobile Banking App_50.1

TOPICS: