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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:
    • Send exact rupee amount to send to your receiver in India
    • Get confirmed exchange rate on initiation of the remittance request
  • What's more!
    • No additional registration required
    • Avail of this added facility using your existing Express e-Transfer account on Money2India
  • Service Guarantee on Express e-Transfers*
    Assured transfers within 2 days else USD 5 Service Charge re-imbursed
    • We commit to transfer money to your receiver in India, within 2 working days from your Express e-Transfer request initiation date on Money2India
    • If we do not meet the commitment, we will re-imburse the USD 5 remittance service charge levied on your Express e-Transfer request
    *Click here for the Important Terms and Dates for the Service Guarantee, effective on January, 2013'.

Benefits
  • No stress about volatile exchange rates – Get pre-confirmed exchange rates with online end-to-end transaction fulfillment.
  • Competitive exchange rates.
  • Fast online transfers into ICICI Bank account in India
  • Transfers within 24 hours from your bank account in US
  • End-to-end transfer time of 2 working days from request initiation date on Money2India
    Compare with Regular e-Transfer
  • Service Guarantee on Transfer Time
    • Assured transfers within 2 days else USD 5 Service Charge re-imbursed
  • Enjoy the Express transfer benefits on your existing ACH account on Money2India
    • Set-up post dated/ recurring requests for your regular transfer needs
    • Online tracking facility on status of funds.
    • Email/ SMS alerts on money transfers to your receivers
  • All this at a nominal remittance service charge of USD 5#
  • Nominal charge compared to the higher charges levied by Money Transfer operators for comparable transfer times
  • #Service tax will be levied on the converted gross ` 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) deducted from the FCNR deposit amount.
  • Express e-Transfer Transfer time

    Working Day 0: Request Initiation date If the remittance request initiation is on a non-working day, the next working day would be considered as Working Day 1-2: Money credited to your receiver account in India as per your request Please note that working days exclude holidays and weekends (Saturday and Sunday) in USA and India.

    Click here to view the list of banking holidays.

Remittance service charge:
  • A nominal USD 5 (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 for the same TAT
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) deducted from the FCNR deposit amount.
  1. Log into your Money2India account and click on the Express e-Transfer link.
  2. Select the ICICI Bank Receiver and Express e-Transfer account & enter the money transfer details. Please note that based on an eligibility criterion for the Express e-Transfer service, only selected ICICI Bank Receiver's as well as e-Transfer (ACH) account(s) will be displayed.
  3. You have 2 options for placing the transaction amount request. One is where you specify in foreign currency with an indicative exchange rate displayed and other is the Fixed Rupee transfer facility where you are confirmed the exchange rate for the transfer.
    • To avail Fixed Rupee transfer facility Select the radio button for availing the Fixed Rupee transfer facility to send money to your selected receiver and 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.
    • To avail regular Express e-Transfer DO NOT select the radio button for Fixed Rupee transfer.
  4. On verifying the transaction details you will receive an M2E tracking number to track the status of your funds online.

Click on the "Track Transfers" link 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 Transfers” link and cancel the request. This can be done only till the request is in the Request received status.

You can schedule transactions for future or set up recurring transfers with Fixed Rupee transfer. For transactions scheduled for future, please note that the Fixed Rupee transfer rate as applicable at the time of request initiation i.e. the request date as specified by you, will be automatically applied and the corresponding USD amount will be posted as an ACH debit into your local bank account in US.

Important: 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 regular 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 a regular 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.

Please note:Visa Money Transfer cannot be used to transfer money to VISA cards linked to NRE Account and Visa Credit card account.

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?
How will you get your Express e-Transfer Service Guarantee benefit?
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?
Money is not credited to the receiver's ICICI Bank account even though my ACH account in USA has been debited. What should I do?
Can I add another ACH account / Receiver under the Express e-Transfer facility?
How do I disable the Express e-Transfer facility from my User Id?
How can the Express e-Transfer facility be withdrawn from my User Id?
 

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