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KNOW MORE ABOUT CHEQUE TRANSFER
- What is the Money2India ChequeTransfer
facility?
- 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 ChequeTransfer.
- Are there any limits on the
amounts I can remit through this facility?
- Which currencies can I send
money in?
- How much time does it take
for the funds to reach your beneficiary in India?
THE ONLINE PROCESS
- How does ChequeTransfer work?
- What information is required
to book a ChequeTransfer online?
- Can I open a Fixed Deposit
using ChequeTransfer?
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 long back?
- My beneficiary account has
been credited but the funds cannot be withdrawn. Why?
- Should I place a stop payment
on my cheque if my cheque is unprocessable or returned?
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1. What is the Money2India
ChequeTransfer facility?
The Money2India Cheque Transfer facility is an online money
transfer service, which lets you send money to India by mailing
a foreign currency cheque drawn on any local bank to a PO Box in your respective country. This is currently available
for remitters in United States, United Kingdom, Europe, Canada
and Singapore. |
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2.
Why should I use this facility?
- It comes to you ABSOLUTELY FREE - No hidden charges
-
Money received in India in as less as ONE WORKING DAY
after your cheque reaches the PO Box.
Details
- Send money from ANY BANK
- Complete convenience - No need to visit your bank
- Track your remittance online
- Regular status updates via e-mail
- Direct transfers to ICICI Bank accounts in over 500 branches
across India
- Faster and more convenient than traditional method of
sending cheque to India
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4.
Are there any charges for sending money
through ChequeTransfer?
No. ICICI Bank does not charge for sending money through this
facility. It is completely FREE. |
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| CURRENCY |
SLAB1 |
SLAB2* |
| USD |
100
- 5000 : 1 working day |
Above
5000 : 21 calendar days |
| GBP |
100
- 3000 : 3-4 working days |
Above
3000 : 8 calendar days |
| CAD |
100
- 8000 : 1 working day |
Above
8000 : 8 calendar days |
| EUR |
100
- 5000 : 3-7 working days |
Above
5000 : 15 calendar days |
| SGD |
Above
100 : 2 working days |
Please note :
1. The beneficiary account is credited
as per SLAB 1,however the amount cannot be withdrawn until
the stated calendar days are completed. This 'provisional
credit' is standard practice in order to accommodate the complete
clearing cycle in your country.
2. The credit policy for SLAB 1 is not applicable for credits
to accounts in select cities in India. SLAB 2 policy would
be followed in these cities. Please get in touch with customer
service for more details on the same.
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THE ONLINE PROCESS
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8.
How does ChequeTransfer work?
The process in five simple steps:
For high amounts there might be provisional credits provided
with a debit freeze to the beneficiary account for a few days.
Actual timelines mentioned in table here.
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9.
What information is required to book
a ChequeTransfer online?
The following information is required in order to book the cheque
transfer request online:
- Receiver's ICICI Bank account details i.e. Name and Account
number
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Cheque details - Date, Cheque number, Bank on which the
cheque is drawn, Amount and currency , Country of remittance
- Purpose of remittance and A/c instruction (options are
provided online)
- Nearest lockbox location (options are provided online)
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SENDING THE CHEQUE
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11.
What should I verify before I send the
cheque?
You have to enter the following information on the cheque:
- Cheque date in locally acceptable format in your country
- United States: mm/dd/yyyy
- United Kingdom: DD/mm/yyyy
- Europe: DD/mm/yyyy
- Singapore: mm/DD/yyyy
- Canada: mm/DD/yyyy
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Cheque is payable to 'ICICI Bank A/c Beneficiary Name'.
E.g. - 'ICICI Bank A/c Rahul Bhargava' where Rahul
Bhargava is the name of your beneficiary in India. This
may be your own name in case you are opening a new term
deposit
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Cheque amount in numbers and words match the amount mentioned
on the printed request slip
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For USD and CAD cheques, please ensure to write the M2L
tracking number against the Memo field on the face of the
cheque
It is very IMPORTANT that you verify the above details
before sending the cheque, else your cheque may not be processed
properly.
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12.
Can I send the cheque by courier?
No. Cheques are to be sent only by first class mail (if
available) or normal post. Courier services do not deliver
to PO Box locations. Please note that ICICI Bank shall not be
responsible for its inability to execute / delay in execution
of customer requests due to postal delays in receipt of cheque
at the PO Box address, cheques being mailed to any address other
than that mentioned in the pay-in slip, or cheques sent through
courier |
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13.
Where do I have to send the cheques?
When you book the Cheque Transfer request you are shown the
address options where you have to send the cheque and the request
copy. Choose the nearest PO Box location in your country. When
you print the request slip, an address tag is also printed that
you should cut-out and paste on the envelope you are mailing
us.
The Cheque Transfer lockboxes are present at the following
locations:
| Currency |
Location |
| US
Dollars |
Newark
(New Jersey), Chicago (Illinois), Los Angeles(California) |
| British
Pound Sterling |
Bournemouth
(United Kingdom) |
| Canadian
Dollars |
Toronto
(Canada) |
| Euro |
Frankfurt
(Germany), Paris (France), Bournemouth (United Kingdom) |
| Singapore
Dollars |
Singapore |
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TRACKING YOUR REMITTANCE ONLINE
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14.
What does my transaction status mean?
The transaction statuses along with their implications are:
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DELAY IN REMITTANCE
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15.
Why has my account not been debited
even though I sent the cheque long back?
The main reasons this might have happened are:
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POSTAL DELAY
in the cheque reaching the lockbox location or improper
address mentioned or cheque sent by courier (couriers
do not deliver to PO Box addresses)
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UNPROCESSABLE CHEQUES
- These are cheques that are not placed for clearing by
our lockbox service provider because of specific problems
with the cheque, viz. stale-dated, amount mismatches,
payee name not in the above-specified format etc.. Please
note that all such cheques that are returned unprocessable
are cancelled and destroyed by the bank and not returned
to the remitter. Information regarding the same is
provided to you as soon as we receive it from the correspondent
bank.
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CHEQUE RETURNS
- These are cheques that have been sent for clearing
by our lockbox service provider but have then been returned
as rejects by your bank for a specific reason, viz. insufficient
funds, account closed, signature mismatch etc. Information
regarding the same is provided to you as soon as we receive
it from the correspondent bank. Please note that
all incidental expenses borne by the bank with regards
to returned cheque shall be passed on to you.
We would keep you informed via e-mail of the status of your
cheque, as we receive information on the same.
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The cheque can be sent for collection from India :
For e.g. - Cheques with a correct beneficiary name but not
endorsed to "ICICI Bank A/c beneficiary name".
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The cheque cannot be sent for collection from India
: For e.g. - If the cheque amounts do not match. Subject
to your approval, we destroy the cheque instrument in India.
Stop payments would also result in additional costs incurred
that can be avoided.
In situation (b) above, you should issue a fresh Cheque Transfer
instruction and send us a properly filled cheque for the remittance.
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