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NRI Banking Home >> Money Transfer >> Europe >> Cheque Lock Box (Web-based Cheque Transfer)

Cheque Lock Box (Web-based Cheque Transfer)

Post a cheque to a local PO Box in your country and have money transferred to India in reduced transfer time.

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What is Cheque Lock Box?

  • An online money transfer service through which you can send money to India by mailing a foreign currency cheque–drawn on any local bank–to a PO Box in your country.
  • Funds reach your beneficiary in India 3 to 4 working days after we receive the cheque- reducing transfer time substantially.
  • All you need to do is attach a printed form from our Web site along with the cheque. You don't even need to have an ICICI Bank account to send the cheques.
    Know more >>

  • Fast money transfers –the recipient gets the money 3 to 4 working days after we receive the cheque.
    Know more >>
  • No limit on the amount that can be remitted.
  • Easy - you can post a cheque from the comfort of your home.
  • Easy money transfers into ICICI Bank accounts with over 2500 branches.
  • Online tracking of the status of your funds.
  • Competitive exchange rates.
Remittance service charge:
  • EUR 2 charge (inclusive of service tax @ 12.36%) for amounts of EUR 800 or below for electronic credits into ICICI bank accounts.
  • No remittance service charge applicable for higher amounts.
Foreign currency conversion service tax:
  • Service tax will be levied on the converted gross INR amount in accordance with the Service Tax (Amendment) Rules, 2012 of the Government of India w.e.f. 1st April 2012. Please click here to know the slab wise service tax structure. This charge would be deducted from the amount to be paid to the beneficiary. For FCNR deposit requests involving currency conversion, there will be a nominal charge of USD 1 (or equivalent of the deposit currency) for FCNR deposits, deducted from the FCNR deposit amount.
Facility available in USA, UK, Canada, Europe and Singapore.
  1. Login with your Money2India login id.
  2. Select 'Cheque Transfer' as transfer mode.
  3. Select your receiver or add new receiver where required.
  4. Enter details such as cheque date, cheque number, cheque issuing bank and transaction amount.
  5. Select your purpose of Remittance from the given options.
  6. Select your cheque lockbox location and click on 'Next' button to proceed.
  7. Once the details are confirmed and submitted by clicking on 'Initiate Transfer' on the next page, you will be provided with a unique Tracking Number (e.g. M2L12345678) along with instructions to complete the transaction.
  8. Confirm the transaction details and print the instruction sheet along with PO Box address tag.
  9. For cheques in US and Canadian dollars, ensure that you write the M2L tracking number against the Memo field on the face of the cheque.
  10. The cheque is then placed for clearing locally in your country.
  11. The amount is credited in rupees to your beneficiary ICICI Bank account / term deposit after ICICI Bank receives the cleared funds.
  12. For large amounts, provisional credits may be provided, with a debit freeze on the beneficiary account for a few days.
Transfer Time: The recipient gets the money within 3 to 4 working days after we receive the cheque (excluding holidays and Saturday and Sunday in USA and India). Know more >>
Transfer Limits: No limit on the amount that can be remitted.

About Cheque Lock Box

What is Cheque Transfer?
Why should I use this facility?
Do I have to be an ICICI Bank account holder to send money through this facility?
Are there any charges for sending money through Cheque Transfer?
Is there any limit on the amount I can remit through this facility?
In which currencies can I send money?
How much time will it take for the funds to reach my beneficiary in India?

The Online Process

What information is needed to book a Cheque Transfer online?
Can I open a fixed deposit using Cheque Transfer?

Sending the cheque

What should I verify before I send the cheque?
Can I send the cheque by courier?
Where do I have to send the cheques?

Tracking your remittance online

What does my transaction status mean?

Delay in remittance

Why has my account not been debited even though I sent the cheque a long time ago?
My beneficiary account has been credited but the funds cannot be withdrawn. Why?
Should I place a stop payment on my cheque if it is considered unprocessable?

Ready to Transfer Money?

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