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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. I am not a registered
user of TelPay Online (Direct) in Canada. How can I use the
NetExpress service?
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. How long does it take
to credit my beneficiary's Visa card account?
10. For what purposes
can I send money to India?
11. What are the charges
for NetExpress (Direct Debit)?
12. How much money can
I send through NetExpress (Direct Debit)?
13. Do I need to enter
a new Tracking Number on my Internet banking account for every
new transfer?
14. What
if my online banking account does not have a ‘Remarks’
or ‘Message to Recipient’ field?
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What is NetExpress
(Direct Debit)?
NetExpress is a completely online money transfer facility for remitters in Canada who are registered users of TelPay
Online (Direct) in Canada or customers of financial institutions using TelPay bill payment service.
Using this completely online service, remitters in Canada can transfer money directly for credits into accounts with over 1300 ICICI Bank branches, over 30,000 branches of more than 100 key banks in India, any Visa credit/debit card issued in India or request for issuance and dispatch of DDs to their beneficiaries at over 2500 locations in India.
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I am not a
registered user of TelPay Online (Direct) in Canada. How
can I use the NetExpress service?
If your financial institution in Canada is using the TelPay Bill payment service and if Money2India is displayed in the biller list, you need not register with TelPay. In this case you can use your financial institutions Internet banking bill payment facility to directly transfer funds to Money2India.
If your financial Institution is not using the TelPay biller
list, you will need to complete a one-time registration
with TelPay Online (Direct) to start using their services
directly. New users, apply
now for TelPay Online service.
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What are the
benefits of NetExpress (Direct Debit)?
- Completely online - no need of any paperwork
- Money transferred directly from your bank account
- 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
Ready cash from any of the select ICICI Bank branches in India for a nominal charge of CAD 7
(Inclusive of service tax @ 12.36%)
- Status updates through e-mail
- Online tracking facility for your money transfer using your unique 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.
Please note that the above timeline is applicable after
you have initiated the money transfer from your local bank's
internet banking facility or TelPay Online (Direct) account.
Timeline excludes banking holidays, saturday and sunday
in Canada and India.
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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. This facility can also be used to directly
transfer money into Visa credit or debit card accounts 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 Demand Draft (DD) will be dispatched within 1-2 working
days of ICICI Bank receiving the money. The DD is sent to
the beneficiary either by courier or registered post depending
upon the beneficiary's address. A courier dispatch would
take about 2-3 days to reach the beneficiary, while registered
post would take about 8-10 days. You can check the complete
details using our online "Track your Remittance" facility
after logging in to Money2India site.
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How
much time will it take to credit a non-ICICI Bank account?
ICICI Bank will process and send the money into electronic
clearing for credit into the beneficiary's bank account
within 2 working days of receiving the money. Electronic
credits are typically posted by the beneficiary's bank within
1-3 working days.
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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, pleaseEmail 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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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 CAD 4 (inclusive of service tax @ 12.36%) charge for amounts of CAD 1500 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 CAD 7 (inclusive of service tax @ 12.36%).
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.
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How much money
can I send through NetExpress (Direct Debit)?
Minimum amount:
The minimum amount you can send is CAD 100.
Maximum amount:
CAD 4000 per day
CAD 15000 per week
CAD 950 per transaction for Ready cash
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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 I
have entered an incorrect Tracking number on my local bank's
internet banking facility or TelPay Online (Direct) account
while initiating the money transfer?
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 Name from which funds were debited
- Overseas Bank Account Number
- Overseas Bank Clearing Code (Transit number)
- Amount that was debited from your account
- Date when overseas bank account was debited
- Date when money transfer was initiated from local bank's
internet banking facility or TelPay Online (Direct) account
- Incorrect M2N Tracking Number as entered while initiating
the request
- Correct M2N Tracking Number against this request
- Beneficiary Name
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*Above USD 1000 (or equivalent)
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