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Power Transfer (Web Based Wire Transfer) |
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What is Power Transfer (Web Based Wire Transfer)?
Power Transfer (Web Based Wire Transfer) is an easy, Internet-based wire
transfer mechanism that’s much more efficient than offline
wire transfers. Errors are minimised with a unique tracking
number -given to you each time you use Power Transfer (Web Based Wire Transfer)
– that allows you to check the status of your remittance
online at any time. |
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What are the advantages
of sending money through Power Transfer (Web Based Wire Transfer)?
The advantages of Power Transfer (Web Based Wire Transfer) are:
- Beneficiaries who have an ICICI Bank account will receive
funds within one banking day (excluding Saturdays, Sundays
and public holidays) of the receipt of funds into our Nostro
account. In case of ready cash, the beneficiary can collect the cash from any of the select ICICI Bank branches in India within 1 working day of receiving the funds. This typically amounts to two banking days from the
date you give wire transfer instructions to your local bank.
However, ICICI Bank will not be responsible for any delay
in processing your request if your local bank does not credit
the funds into our Nostro account or if it provides incomplete
details
- Beneficiaries who do not have an ICICI Bank account will
receive funds within three banking days of the receipt of
funds. ICICI Bank will dispatch a demand draft or pay order,
net of charges, to the beneficiary’s address provided
by you
- Neither you nor your beneficiary needs to have an ICICI
Bank account
· ICICI Bank's vast network of correspondent banks
guarantees easy remittance
-You can track your remittance, including demand draft details
and consignment status, through the Web (comment: please clarify
whether it is the Money2India account and provide link)
- You can communicate with ICICI Bank through a user-friendly
Web-interface |
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Who can remit money
through Power Transfer (Web Based Wire Transfer)?
Power Transfer (Web Based Wire Transfer) is
open to all. However, you must be a registered user of Money2India
to use Power Transfer (Web Based Wire Transfer). |
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How long does it
take to transfer funds through Power Transfer (Web Based Wire Transfer)?
The actual amount of time it takes to remit money through
Power Transfer (Web Based Wire Transfer) depends on whether the beneficiary
has an account with ICICI Bank or not.
If
the beneficiary has an account with any branch of ICICI Bank
The remitted money reaches the beneficiary within one banking
day (that is, excluding Saturdays, Sundays and other public
holidays) of the receipt of funds in our Nostro account. This
typically amounts to two banking days from the date of your
giving wire transfer instructions to your local bank. However,
ICICI Bank is not responsible for any delay in processing
your request due to non-credit of funds by your local bank
to our Nostro account or due to incomplete details provided
by them. If the beneficiary
does not have an account with ICICI Bank
The remitted amount reaches the beneficiary within one-three working days from the date we receive
credit in our Nostro account. In this case, ICICI
Bank will send a demand draft / pay order, net of charges
to his / her address, as specified by you. | |
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In which currencies
can I remit money to India and in which currencies can my
beneficiary receive the payment?
Currently, you can remit money in 10 currencies (AED, AUD,
CAD, CHF, EURO, GBP, HKD, SEK, SGD, USD). However, payments
to your beneficiary in India will be made only in Indian rupees.
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How
do I inform my local bank?
Once you complete your transaction on our site, you will get
a screen showing the remittance instruction with a bank copy
and a customer copy. You need to take a printout of the bank
copy, fill in the necessary details, and submit it to your
local bank with your signature, along with your payment and
payment instructions. The customer copy is for your reference
and you can keep it with you. |
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Is it necessary
for me or my beneficiary to have an account with ICICI Bank?
Neither you nor your beneficiary needs to have an account
with ICICI Bank to remit money through Power Transfer (Web Based Wire Transfer).
However, if the beneficiary has an account with ICICI Bank,
you can transfer funds directly to his/her account.
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How
will the money reach the beneficiary if he / she does not
have an ICICI Bank account?
Power Transfer can be used to send money directly into accounts with over 100 other banks participating in the electronic credit facility provided by the Reserve Bank of India that allows electronic transfer of funds or through request for issuance of Demand Draft payable at over 2500 locations in India |
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How quickly will
the DD / PO reach the beneficiary?
If your beneficiary is at an ICICI Bank branch location or
any place where courier is possible, the DD / PO will reach
him / her in one-three working days from the date we receive
credit in our Nostro account. In other locations, the DD/
PO will be sent by registered post. |
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Where in India can
money be remitted?
You can remit money to more than 2500 locations across India through ICICI Bank's Money2India facility. However, the Web remittance tracking facility is available only for some specified locations. |
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For what purposes
can I remit money to India?
You can remit money to India for the following purposes:
- To credit your (the remitter) own NRO / NRE savings account,
NRE and NRO fixed deposits
- To credit your beneficiary's savings account
- To support your family
- To make investments as well as payments
- Funds can also be remitted to open a fresh FCNR deposit
with ICICI Bank, which is maintained in foreign currencies
like the US dollar or the euro. |
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What are the charges for Power Transfer (Web Based Wire Transfer)?
Nominal charges levied as below:
Remittance Service charge: A nominal charge of USD 2 (inclusive of service tax @ 12.36%) for amounts of USD 1000 or below for electronic credits into bank accounts (over 100 key banks in India), for credit to VISA cards and for issuing Demand drafts to over 2500 locations. No Remittance service charge applicable for higher amounts.
Ready cash payouts at select ICICI Bank branches in India for a charge of USD 5 (inclusive of service tax @ 12.36%)
Please note that your local bank may charge you for the wire transfer.
Foreign currency conversion charge: A nominal charge of INR 25 (inclusive of service tax)will be levied on every remittance request where foreign currency conversion* is carried out on or after May 16th 2008. This charge would be deducted from the amount to be paid to the beneficiary.
*The INR 25 (inclusive of service tax)charge will be levied for disbursements in INR currency. For FCNR deposit requests involving currency conversion, there will be a nominal charge of USD 1 (or equivalent of the deposit currency) deducted from the FCNR deposit amount.
Important - you will have to pay your local bank charges, if any. |
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Is there any limit
on the amount I can remit through this facility?
For AED, AUD, CAD, CHF, EURO, GBP, HKD, SEK, USD
Minimum amount: 100 USD or equivalent
Maximum amount: No limit. For Ready Cash the limit is USD 850 or equivalent
Click here to know the Visa Money Transfer limits for all currencies
For SGD
Minimum amount: 500 SGD
Maximum amount: SGD 100,000 per day for ICICI Bank Account transfers.
SGD 10,000 per day for non-ICICI Bank Account transfers.
SGD 1,300 per transaction for Ready Cash
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How long will it take for credit to a Visa card account?
For credit to a Visa card account it takes 1 additional working day for us to send the funds for credit. The card-issuing bank typically processes these fund transfer requests in 3 working days.
*Above USD 1000 (or equivalent)
**Please note: Visa Money Transfer cannot be used to transfer money to VISA
cards linked to NRE Account. |
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