Express e-Transfer Terms and Conditions
Subject to the relevant regulatory approvals, terms and conditions imposed while granting the necessary approvals and other terms of this Facility, this Facility ("Express e-Transfer Facility on Money2India"), on it being made available, enables the Registered User to remit or send foreign currency (i.e. currency other than Indian Rupees) from USA to an ICICI Bank account in India. ICICI Bank Limited shall be responsible for acting on the remittance requests, collecting money in foreign currency deposited on the remitters instructions in its nostro account maintained with the correspondent bank, converting it into INR or any other foreign currency and remitting it to the beneficiary in India as instructed by the remitter of funds i.e. the Registered User. The foreign exchange conversion rate shown for the calculation on the Website is only indicative to help the Registered User to arrive at an approximate INR amount that the beneficiary will receive. It in no way guarantees or represents the foreign exchange conversion rate that will actually be applied to the foreign exchange sent by the Registered User (the remitter). ICICI Bank will apply the foreign exchange conversion rates, wherever applicable, as prevailing on the day of conversion or other rates as per its discretion.
The Registered User should pay the foreign currency by maintaining adequate funds in the selected ACH enabled bank account in USA (Remitter account) as per the instructions stated on the Website. ICICI Bank through its correspondent bank for this facility will initiate debit to this ACH bank account through ACH clearing in USA, once the instruction has been submitted by the Registered User on Money2India (Request Received) through this facility. ICICI Bank will remit the funds into India only after its correspondent bank for the facility has made available such foreign currency in ICICI Bank’s account (Nostro account) with the correspondent bank. Thereafter, after deducting the appropriate charges/fees, the money will be remitted by ICICI Bank to the ICICI Bank account in India as designated by the Registered User. ICICI Bank may disable the ACH account as well as cancel the requested remittance transaction and the Registered User shall bear full liability and responsibility for the same in case of non-availability of funds from the account from which the Registered User has requested the remittance of money. In the event the above is learnt by ICICI Bank after the recipient of the remittance (beneficiary/ receiver) has received the remittance, the Registered User will be liable to reimburse ICICI Bank of the amount remitted and any other charges and costs incurred by ICICI Bank. The Registered User agrees to pay to ICICI Bank such amount immediately upon ICICI Bank's demand along with interest @ 2% per month from the date of the remittance by ICICI Bank till the receipt of funds by ICICI Bank from the Registered User. The Registered User also agrees to pay for all costs associated with the recovery of amounts owed to ICICI Bank, including reasonable attorney's fees and court fees. ICICI Bank shall also be entitled to inform any credit bureau or any other person or entity if the Registered User fails to pay/reimburse such amount or any part thereof to ICICI Bank.
While it shall be ICICI Bank's endeavor to adhere to the time schedule indicated by it on the Website, ICICI Bank will not be responsible or liable for any changes in the time schedule for execution of the Registered User's instructions or remittance / credit of funds for any reason. Nothing provided on the Website should be construed as advice of any nature and the Registered User is advised to consult professionals in this regard prior to taking any decision. Further, this Facility does not, in any way, solicit or encourage the Registered User to enter into any such transaction. ICICI Bank shall not, under any circumstances, be responsible for any loss suffered due to any fraud or other actions of the Registered User. ICICI Bank may withdraw the Express e-Transfer facility for the Registered User at any time as per its discretion.
This Facility is offered subject to the applicable laws of any other country, including the country from which the funds are to be remitted, and it shall be the Registered User's responsibility to ensure that these laws are adhered to. ICICI Bank accepts no liability whatsoever, direct or indirect for non-compliance with the laws of any country other than that of India. The mere fact that the Website can be accessed or used or any facility can be availed of in a country other than India would not mean that the laws of such country would be applicable. In the event the person to whom the funds are remitted requires a Foreign Inward Remittance Certificate, or the funds are for any reason required to be redirected to another account / location, or any other additional service is required, ICICI Bank shall levy additional charges and remit the amount after deducting such additional charges.
ICICI Bank shall in no way be held responsible and/or be liable for any queries, not-errors, disputes or delays in messaging, money transmission, currency conversion, conversion rates offered, payment to the beneficiaries of the remittances or any other query, claim or dispute. However, ICICI Bank will, to the best of it’s ability assist the Registered User in facilitating resolution of such queries, claims and disputes.
The above terms and conditions are in addition to the terms and conditions as agreed upon by the registered user while registering for the Money2India facility and any additional terms and conditions relating to the Money2India Facility appearing elsewhere on this Website or otherwise now or hereafter agreed or deemed to be agreed by the Registered User.