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Click on the below mentioned questions to get answers
to your queries.
| 1. |
What
are the advantages of remitting money through PowerTransfer? |
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PowerTransfer
brings along with it a host of benefits exclusively
for you :
- Guaranteed payment of funds
to the beneficiary
Within 1 banking day (i.e.
excluding Saturday, Sunday and other Public Holidays)
of receipt of funds in our Nostro Account, if the
beneficiary has an account with any branch of ICICI
Bank. This typically amounts to 2 banking days from
the date of your giving wire transfer instructions
to your local bank. We would like to remind you
that ICICI Bank will not be responsible for any
delay in processing your request due to non credit
of funds by your local bank to our Nostro Account
or due to incomplete details provided by them. Hence,
we request you to take the necessary steps to avoid
such situations.
Within 3 banking
days of receipt of funds, if the beneficiary
does not have an account with ICICI Bank. In this
case, ICICI Bank will dispatch a demand draft
/ pay order net of charges to his / her address
as submitted by you
The other benefits are listed
below:
- To transfer funds through
PowerTransfer, it is not mandatory that
you have an ICICI Bank account.
- ICICI Bank’s
vast network of Correspondent Banks guarantees easy
remittance.
- You can send a personalized
message to the beneficiary, along with the remittance.
- You can track the remittance
through the Web, including demand draft details
and status of the consignment.
- You can communicate with
ICICI Bank anytime through a user-friendly online
web - interface.
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| 2. |
Who
can remit money through PowerTransfer? |
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There are no restrictions
whatsoever. PowerTransfer is open to all. If you wish
to remit money to your relatives or your friends in
India, you can avail of ICICI Bank's Money2India facility.
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| 3. |
Currency
of remittance and payment (to beneficiary)? |
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Currently, as a remitter,
you can remit money in 13 currencies (AU$, CHF, DKK, HK$,
JPY, NOK, SAR, SG$, US$, EURO, CA$, GBP & AED). However, the payment to your beneficiary in India will be
made in INR only. |
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| 4. |
How
would the remitter inform his/her local bank? |
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The remitter will
do so with the hard copy of the prescribed format (Remittance
Instruction), which the remitter gets after making the
remittance request in the Money2India system. A copy
of this remittance request has to be printed and submitted
by the remitter at the time of making the payment. |
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| 5. |
Is
it necessary for a remitter or the beneficiary to have
an account with ICICI Bank? |
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No! It is not necessary
for either you, incase you are the remitter or your
beneficiary to have an account with ICICI Bank for remitting
money through Money2India. However, if the beneficiary
has an account with ICICI Bank then you can transfer
funds free to your beneficiary’s account. Plus
your beneficiary doesn’t need to go to a bank to
deposit the demand draft. |
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| 6. |
No,
Beneficiary does not have an ICICI Bank Account! How
would the money reach him / her? |
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If the beneficiary
does not have an account with ICICI Bank, then ICICI
Bank would dispatch an Indian Rupees demand draft /
pay order to either the beneficiary's address or the
beneficiary’s bank address as submitted by you
while making the remittance request. |
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| 7. |
How
fast would the DD / PO reach the beneficiary? |
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Normally it would take
one to three days, however this depends on the beneficiary's
location. |
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| 8. |
Where
in India can money be remitted through Money2India?
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ICICI Bank's Money2India
can remit money to more than 670 locations across India.
However, the remittance tracking facility over the Web
is available for some specified locations only. |
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| 9. |
For
what purpose can / should I remit money through Money2India? |
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- You can remit money through Money2India for various
practical and emotional reasons.
- For crediting your (the remitter) own NRO/NRE
savings account, NRE and NRO fixed deposits
- For crediting beneficiary's savings account
- For supporting your family
- For investments as well as for paymentsFor investments
as well as for payments
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* Funds can also be
remitted for crediting your FCNR account with ICICI
Bank maintained in foreign currency like USD or Euro |
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| 10. |
Charges
for PowerTransfer? |
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You don't have to pay any charges if
you are crediting the money to your beneficiary's account
with any branch of ICICI Bank. |
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In other cases, the charges are as
low as USD 2 or equivalent for issue of a Draft to be
delivered to the beneficiary.
If there are local bank charges involved, you may have
to pay it separately. |
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