|Recipient||Time to transfer money|
|ICICI Bank Account||1 hour|
|Non ICICI Bank Account||2 hours during Indian banking hours|
Money2India Exchange Rates
USA = ₹ 65.50
UK = ₹ 101.12
Australia = ₹ 47.00
Canada = ₹ 48.99
Singapore = ₹ 46.82
Hong Kong = ₹ 8.39
Switzerland = ₹ 67.27
Sweden = ₹ 7.68*Confirmed exchange rate for USA and Indicative rates for other geos for transfers of 3000 Foreign Currency Units & above as on August 28, 2015 at 06:00 pm IST. Exchange rates are volatile and are subject to change. Check the Exchange Rates before initiating the transfer.
What is Express e-Transfer?
It is an enhanced version of e-Transfers available to a select set of Money2India users.
What are the service charges?
|More than 50,000 INR||Zero service charge|
|Less than 50,000 INR||Minimal service charges of USD 2|
How do I use Express e-Transfers?
- Log into your Money2India account
- Under modes, select “Express e-Transfers”
- Only eligible Receiver bank accounts as well as Bank (ACH) account(s) will be displayed based on criterion for the Express e-Transfer service. Select the Receiver and ACH account from the dropdown & enter the money transfer details.
- 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.
- On verifying the transaction details you will receive an M2E tracking number to track the status of your funds online
Unable to see Express e-Transfers?
- Call us at 1866 42424 48 to check eligibility and activate
- Mail us at firstname.lastname@example.org mentioning your Money2India login ID and the recipient account. We shall get back to you in 48 working hours
Kindly note: If you have any existing ICICI Bank relationship, kindly mention the same when you call/mail us.
Fast online transfers into any Bank account in India
- Instant transfers
- Nominal service charges compared to other Money Transfer Services
- Competitive exchange rates
- Confirmed exchange rates with Fixed Rupee Transfers
- Online tracking facility
- Email/SMS alerts to recipients
Remittance Service charge:
- A nominal USD 2 (inclusive of service tax @14%) is charged for transfers valued upto INR 50,000. There are no charges for money transfer requests of more than INR 50,000.
Service tax will be levied on the converted gross INR amount in accordance with the Finance Act, 2015 and Service Tax (Amendment) Rules, 2015 of the Government of India w.e.f. June 1, 2015. 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) deducted from the FCNR deposit amount.
How do I become eligible for Express e-Transfers?
- Only users who are eligible, will be able to view the Express e-Transfers when you login to Money2India.
- We continuously evaluate your engagement and your e-Transfer usage behavior. Based on the evaluation, if you meet the evaluation criterion, you are enabled for the same.
- We shall pro-actively inform you once are eligible, via email.
- We would like to mention that the evaluation parameters are set as per our internal policies and would like to reiterate that in no way does this reflect your rating as an esteemed user of Money2India.
Transaction related options
Track Transaction Status:
Click on the Track Transfer on Money2India Home menu to view the status of the transaction.
In case you want to cancel a transaction that you have initiated, use the Cancel Transaction facility available through the Track Transfer on Money2India Home and cancel the request. This can be done within 30 minutes from the time you have initiated the request and till the request is in the Request received status.
For all transactions initiated via this mode, we request you to keep your corresponding bank account in US sufficiently funded so that no returns/ rejects are received for the money transfer from your local bank in US. In the event of a reject received from your local bank, we will be disabling your e-Transfer enabled bank account on Money2India as well as the Express e-Transfer service from your Money2India User ID. Please note that any e-Transfer transaction that you have initiated from the same e-Transfer account will also be rejected.
Further if you have initiated an e-Transfer request using the Express enabled e-Transfer account and if there is a reject received on your e-Transfer request, any Express e-Transfer transaction if due for processing at the same time will be processed as an e-Transfer request with the 5 days transfer time as it is possible that we may get a return even on your Express e-Transfer request.
Please click here to read the Terms and Conditions for using Express e-Transfer Service.
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.