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Fixed Rupee transfer

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What is Fixed Rupee transfer?

  • Fixed Rupee transfer is Money2India's latest offering that takes care of exchange rate movements, meeting fixed rupee expenses/ payments in India by empowering you as follows:
  • Specify exact rupee amount to send to your receiver in India.
  • Get confirmed exchange rate at initiation of the remittance request.
  • What's more!
  • No additional registration required.
  • Avail of this added facility using your existing e-Transfer account on Money2India.

Benefits
  • No stress about volatile exchange rates – Get pre-confirmed exchange rates with online end-to-end transaction fulfillment.
  • Competitive exchange rates.
  • All benefits of e–Transfer such as:
    • Easy money transfer to any receiver in India
      • Electronic transfers into any ICICI Bank account with over 2,500 branches in India
      • Electronic transfers into accounts with over 75,000 bank branches of over 100 banks in India
      • Electronic transfers into any ICICI Bank Remittance card account in India
      • Electronic transfers into any resident Visa Debit Card account ** issued in India
      • Demand Draft payable at many locations in India
    • Completely online
      • No branch visits, no paperwork required
      • Simply place an e-Transfer remittance request on Money2India and we will do the rest
    • Automated recurring money transfer
      • Customize your account for automatic periodic transfer of funds
    • State-of-the-art security system
      • 128-bit SSL encryption to ensure utmost privacy
    • Competitive Exchange Rates
    • Nominal Charges
      • All this at a nominal remittance service charge of USD 2(Inclusive of service tax @ 12.36%)
      • 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.
Remittance service charge:
  • A nominal USD 2  (inclusive of service tax @12.36%) charge compared to the hefty charges incurred on international wire transfers or while sending money through money transfer agents.
  • 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
Transaction (Remittance) Process

In Enter Details step
Login with your Money2India User ID and select "Transfer Money" tab against "e-Transfer" transfer mode on your Home page or click on Transfer Money option on the top menu bar and select 'e-Transfer' as your transfer mode.

  • Select your e-Transfer enabled bank account (in case of multiple for e-Transfer (ACH) registered accounts) from where the remittance will be funded by you.
  • Select the Receiver from your list to whom you wish to transfer the money.
  • Specify transaction amount in INR for fixed Rupee rate, you will be provided a confirmed exchange rate at the time of transaction initiation, on selecting the Fixed Rupee Transfer option.
  • Select your purpose of Remittance from the given options.
  • Select the date on which you wish to initiate your transfer. You can either select 'Now' which means the request initiation date is current date and amount will be disbursed to your Receiver in 5 working days, or you can select the 'Schedule for later' option if you wish to initiate the transfer on a future date or set-up recurring transactions.

Once you have provided all the accurate details click on the Next button to proceed.

In Confirm Transaction step,


Verify all the details provided by you. If the details are accurate, then click on the Confirm button. In case you need to make any changes in the information, click on the Back button. You will be taken back to the previous step. Once there, make the necessary changes and then verify the details once again and click on the Confirm button.

  1. Once you click on the Confirm button you will be provided with your unique Tracking number which you can use to track your transaction online. Your e-Transfer transaction is complete now.
  2. You can track the status of this transaction by visiting the "Track Transfer" option.
  3. You can "Cancel" your e-Transfer transaction within 30 minutes from request raised time and till your transaction is in “Request received” status. Once the status of your transaction changes to “Transaction in Process”, you will not be able to cancel this transaction. Recurring/ scheduled transfers, can be viewed under the Scheduled Transfer and Recurring Transfer tab.
  4. You can make a request for a recurring or a non-recurring money transfer service. A non-recurring request would be a one-time request. If you want to send money on a regular basis (e.g. every month) you can make a recurring money transfer request.
  5. On submitting the details, a unique tracking number is provided to you for easy tracking of your request online. Your money transfer request details are stored on the Money2India system against this tracking number.
  6. The money transfer process is as explained below:
    • The money would be transferred from your bank account in USA within 0 - 2 working days of your making the request. Banks in USA, send any unpaid money transfer requests information between 2 - 4 working days.
    • If the beneficiary has an account with ICICI Bank, the money is directly transferred to the account on the 5th working day. For electronic credits to non-ICICI Bank accounts or credits to a VISA Card account* or DD's, the money is sent for electronic clearing or DD is issued and dispatched in 1 additional working day after we receive the money within 5 working days.

You can track the status of your remittance using the Track Transfer in home page. An e-mail would also be sent to you confirming the status of your remittance

Please Note: The above mentioned timeline excludes banking holidays and weekends in USA and India. Please click here to view the list of banking holidays in India.

*Visa Money Transfer cannot be used to transfer money to NRE Account linked VISA cards.

Are there any charges for sending money through Fixed Rupee transfer facility?
Are there any limits on the amount that I can send through this facility?
I am unable to place a Fixed Rupee transfer request. While attempting to place the request, I am getting an error that states – "We are currently unable to initiate your remittance request for sending Fixed INR amount to the receiver. Kindly try after some time. We regret any inconvenience."
Are the exchange rates as displayed on the Indicative Exchange rate calculator, applied to my Fixed Rupee transfer transaction?
How much time does it take for the money to reach the beneficiary?
Do I have to be an ICICI Bank account holder to avail this facility?
Does Fixed Rupee transfer allow me to send money to India on a regular basis by providing standing instructions i.e. future dated/ recurring transaction requests?
How can I check the status of my money transfer request?
Can I cancel an initiated Fixed Rupee transfer request?
 

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