ICICI Bank
Wire transfer delay

We are a customer of ICICI Bank since 2004. We are a small software company involved in service and product.

We have OD limit, 2 Current accounts and 1 Savings account. We call wire transfer from our clients for whom we develop software every month. Bank always delays my wire transfer and says that the delay is only in your account. I tried to know the reason but they always delay without any answer. But last time after about 15 wire transfer delays I got an email that I am using the Manual Nostro account.

I send them payment receipts from clients but still they take weeks to track my money. Now my problem is:

1. They keep money in their account for weeks and credit my account when the dollar is weak.

2. I had to pay salaries from OD sometimes and they charge me 19% interest rate.

3. As soon as I take money they start calling to put the money back into the account and harassing mentally. I have asked them so many times to contact me as they are delaying the transfers but still I get phone calls from different people.

4. They always delay but still charges me 618 Rs for every wire transfer I get. Last year I must have paid about 20, 000 Rs as service charge to them.

My relationship manager says that is my mistake that I gave the wrong Nostro to my client. I repeatedly asked many times to ICICI Bank employees and even emailed to corporate care to tell me the reason for the delay but never heard from them. Now they have tracked the problem, they say that its my fault after so many transactions and delays. The wrong Nostro was also given by them. Nobody cared for so many days and I had to face losses in business.

We are a company who has got Angel funding from a US company to promote and product and it feels so bad to see the support of a local bank with a company who is trying to do something better for the nation.

Company: ICICI Bank
Country: India

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