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NetExpress (Direct Debit) |
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Frequently Asked Questions
1. What
is NetExpress (Direct Debit)? Who can use NetExpress (Direct Debit)?
2. What are the benefits
of NetExpress (Direct Debit)?
3. Is it necessary for
the beneficiary or me to have an account with ICICI Bank?
4. How soon will a beneficiary
with an ICICI Bank account receive the money?
5. How will a beneficiary
who does not have an ICICI Bank account receive the money?
6. How soon will the beneficiary
get the DD?
7. How much time will
it take to credit a non-ICICI Bank account?
8. For what purposes can
I send money to India?
9. What are the charges
for NetExpress (Direct Debit)?
10. How much money can
I send through NetExpress (Direct Debit)?
11. Do I need to enter
a new Tracking Number on my Internet banking account for every
new transfer?
12. What if my online
banking account does not have a ‘Remarks’ or ‘Message
to Recipient’ field?
13. How
long does it take to credit my beneficiary's Visa card account?
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What is NetExpress (Direct Debit)?
NetExpress is a completely online money transfer facility
for remitters in Australia.
Remitters having internet banking facility for their checking
accounts with banks in Australia can use NetExpress. Additionally,
only customers of banks offering the following will be able
to use this facility:
- Online third-party funds transfers/payments on their Internet
banking website and,
- A "Remarks" or "Message to Recipient"
field while making the online third-party transfer, to enter
the Tracking Number generated on Money2India.
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What are the benefits of NetExpress (Direct Debit)?
· Funds reach India as fast as one working day after your cheque reaches the PO Box.
· Money can be sent from any bank
· You don't need to visit the bank
· You can track your remittances online
· Regular status updates through email
· The money can be transferred directly to ICICI Bank accounts in over 1300 branches across India
· Faster and more convenient than the traditional method of sending a cheque to India
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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 3 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 2500 locations in India. Funds transferred can also be collected in cash from any of the select ICICI Bank branches 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 charge of EUR 2 is payable for amounts of EUR 800 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. No Remittance service charge applicable for higher amounts.
Ready cash payouts at select ICICI Bank branches in India for a charge of EUR 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)?
Minimum amount:
The minimum amount you can send is AUD 100.
Maximum amount:
There is no upper limit for electronic credit to both ICICI
Bank and non-ICICI Bank accounts. However, for Demand Drafts,
the maximum amount that can be sent is AUD 5000 and for Ready cash, the maximum limit is AUD 1000.
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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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