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NetExpress (Direct Debit) |
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Frequently Asked Questions
1. What
is NetExpress (Direct Debit)?
2. Who can use NetExpress (Direct Debit)?
3. What are the benefits
of NetExpress (Direct Debit)?
4. Is it necessary for
the beneficiary or me to have an account with ICICI Bank?
5. How soon will a beneficiary
with an ICICI Bank account receive the money?
6. How will a beneficiary
who does not have an ICICI Bank account receive the money?
7. How soon will the beneficiary
get the DD?
8. How much time will
it take to credit a non-ICICI Bank account?
9. For what purposes can
I send money to India?
10. What are the charges
for NetExpress (Direct Debit)?
11. How much money can
I send through NetExpress (Direct Debit)?
12. Do I need to enter
a new Tracking Number on my Internet banking account for every
new transfer?
13. What if my online
banking account does not have a ‘Remarks’ or ‘Message
to Recipient’ field?
14. How long does it take to credit my beneficiary's Visa card account?
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What is NetExpress (Direct Debit)?
NetExpress (Direct Debit) is a completely online money transfer facility
offered by ICICI Bank. |
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Who can use Direct
Debit?
To use NetExpress (Direct Debit), you must be a registered user of Money
Transfer and you must have an Internet banking account. Your
Internet banking account must have two features before you
can use NetExpress (Direct Debit):
- You must be able to make third-party transfers of funds
or payments through your online account.
- Your online account must provide you fields -- such as ‘Message
to Recipient’ or ‘Purpose of Payment’ or
‘Payment Reference’ or ‘Remarks’ – in which you can enter the unique tracking number provided
by Money2India.
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What are the benefits
of NetExpress (Direct Debit)?
- No paperwork
- Money transferred directly from your account
- EasyTransfers to ICICI Bank accounts and accounts at 100 other banks in India
- Easy money transfers above 1000 USD or equivalent into a VISA Card Account*
- Demand drafts issued and dispatched to over 2500 locations
- Direct transfers to over 1300 ICICI Bank branches
- Status updates through e-mail
- Online tracking of your money transfer using the tracking number
- Personal address book with details of your beneficiaries
*Please note: Visa Money Transfer cannot be used to transfer money to VISA
cards linked to NRE Account. |
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Is it necessary
for the beneficiary or me to have an account with ICICI Bank?
No. Neither the beneficiary nor the remitter needs to have
an account with ICICI Bank to send money through NetExpress (Direct Debit). |
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How soon will a
beneficiary with an ICICI Bank account receive the money?
It will typically take 5 working days to credit an ICICI Bank
account. |
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How
will a beneficiary who does not have an ICICI Bank account
receive the money?
NetExpress (Direct Debit) can be used to send money directly into accounts with over 100 other banks participating in the electronic credit facility provided by the Reserve Bank of India that allows electronic transfer of funds or through request for issuance of Demand Draft payable at over 2300 locations in India. |
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How soon will the
beneficiary get the DD?
The DD will be sent to the beneficiary by courier or registered
post. A courier dispatch will take 2-3 days, while registered
post will take 8-10 days. You can log on to the Money2India
site and track the status of your remittance. |
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How
much time will it take to credit a non-ICICI Bank account?
Non-ICICI Banks accounts will be credited typically within
2 working days after the money is sent to the beneficiary's
bank. |
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For what purposes
can I send money to India?
There are many reasons why you may want to send money to India:
- To credit your NRO/NRE savings account, NRE/NRO fixed deposits
and FCNR deposits
- To credit beneficiary's savings account
- To support your family
- To give gifts
- To make investments and payments
- To make donations |
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What are the
charges for NetExpress (Direct Debit)?
Nominal charges levied as below:
Remittance Service charge: A nominal USD 2 charge for amounts of USD 1000 or below for electronic credits into bank accounts (over 100 key banks in India), for credit to VISA card accounts and for issuing Demand drafts to over 2500 locations. Free for higher amounts.
Ready cash payouts at select ICICI Bank branches in India for a charge of USD 5.
Foreign currency conversion charge: A nominal charge of INR 25 (inclusive of service tax) will be levied on every remittance request where foreign currency conversion* is carried out on or after May 16th 2008. This charge would be deducted from the amount to be paid to the beneficiary.
*The INR 25 (inclusive of service tax) charge will be levied for disbursements in INR currency. 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.
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How much money can
I send through NetExpress (Direct Debit)?
You need to first check with your local bank on the limits
imposed on electronic third party funds transfer / payments
through Internet banking.
Money2India imposes no maximum limits on the amounts that can be remitted for electronic credit to both ICICI Bank and non-ICICI Bank accounts for UK, Europe and Australia. However there are maximum limits imposed on
Demand Drafts as follows:
The maximum limits for Singapore are:
SGD 100,000 per day for ICICI Bank Account transfers.
SGD 10,000 per day for non-ICICI Bank Account transfers.
The maximum limits for imposed on Demand Drafts are:
| Singapore |
: SGD 10,000 |
| UK |
: GBP 8,000 |
| Australia |
: AUD 5,000 |
The minimum limits are:
| Singapore |
: SGD 500 |
| UK |
: GBP 50 |
| EU-Select
countries |
: EUR 100 |
| Australia |
: AUD 100 |
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Do I need to enter
a new Tracking Number on my Internet banking account for every
new transfer?
Yes. Even if you are sending money to the same beneficiary
again, you must make a fresh request on Money
Transfer and enter the new Tracking Number in your Internet
banking account. |
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What if my online
banking account does not have a ‘Remarks’ or ‘Message
to Recipient’ field?
In that case you should send the following details by e-mail
from the e-mail ID that you used to register with Money2India:
- Overseas Bank Account Number
- Overseas Bank Sort Code
- Date when overseas account was debited
- Amount that was debited from your account
- M2N Tracking Number
- Beneficiary Name |
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How long does it take to credit my beneficiary's Visa card account?
The card-issuing bank typically processes the credit requests to a Visa card account* within 3 working days. In case there is a delay in credit to your beneficiary's Visa card beyond 3 working days, please write to us at Email Us with the subject line as "Delay in Visa card credit". Kindly mention the details of the transaction along with the Tracking Number to enable us to assist you further.
*Please note: Visa Money Transfer cannot be used to transfer money to VISA
cards linked to NRE Account. |
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