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- What is PowerTransfer?
- What are the advantages of
remitting money through PowerTransfer?
- Who can remit money through
PowerTransfer?
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- How would I inform my local
bank?
- Is it necessary for the beneficiary
or me to have an account with ICICI Bank?
- How will the money reach the
beneficiary if he / she does not have an account with ICICI
Bank?
- How fast would the DD / PO
reach the beneficiary?
- Where in India can money be
remitted?
- For what purpose can / should
I remit money to India?
- What are the charges for PowerTransfer?
- Are there any limits on the
amounts I can remit through this facility?
- How long will it take for credit to a Visa card account?
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1. What is PowerTransfer?
PowerTransfer is an easy, internet based wire transfer mechanism
that frees you from all the errors and worries associated with
normal offline wire transfers. This facility also gives you
a unique tracking number for each transaction allowing you to
track your remittance online at any point of time. |
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2.
What are the advantages of remitting money through PowerTransfer?
PowerTransfer brings along with it a host of benefits exclusively
for you:
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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. If you have requested for crediting the beneficiary's Visa card account the funds will be sent to the card-issuing bank for credit to the card account. Typically the card-issuing bank posts the credit in 3 working days.
The other benefits are as follows :
- Neither you nor your beneficiary need have an ICICI Bank
account.
- ICICI Bank's vast network of Correspondent Banks guarantees
easy remittance.
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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.
- You can send a personalized message to the beneficiary,
along with the remittance.
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3.
Who can remit money through PowerTransfer?
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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4.
What are the currencies in which I can remit money to India
and in which currencies can my beneficiary receive the payment?
Currently, as a remitter, you can remit money in 11 currencies
( AED, AUD, CAD, CHF, EURO, GBP, HKD, NOK, SEK, SGD, USD).
However, the payment to your beneficiary in India will be made
in INR only. |
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5.
How would I inform my local bank?
Once you finish your transaction on our site, you will get a
screen showing the Remittance Instruction with a Bank Copy and
a Customer Copy. You need to take a printout of the Bank Copy,
fill in the necessary details, and submit it to your local bank
with your signature along with your payment or your payment
instructions. The Customer Copy is for your reference and you
can keep the same with you. |
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7.
How will the money reach the beneficiary if he / she does not
have an account with ICICI Bank?
Power Transfer can be used to send money directly into accounts with over 30 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 1760 locations in India. Money Transfers using these modes for
amounts over $1000
or equivalent is FREE. Nominal charges are levied for lower
amounts. Through Power Transfer you may also credit the beneficiary's Visa credit/debit card issued in India. ICICI Bank does not levy any charges for credits to a Visa card account.
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8.
How fast would the DD / PO reach the beneficiary?
If your beneficiary is at an ICICI Bank branch location or any
location where courier is possible, the DD / PO will reach him
/ her in a normal period of 1 to 3 working days from the date
we receive credit in our Nostro account. In other locations,
the DD / PO would be sent by registered post and would reach
accordingly. |
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10.
For what purpose can / should I remit money to India?
You can remit money through Money2India for various practical
and emotional reasons:
* Funds can also be remitted
for opening a fresh FCNR deposit with ICICI Bank maintained
in foreign currency like USD or Euro
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11.
What are the charges for PowerTransfer?
You don't have to pay any charges if you are crediting the money
to your beneficiary's account with any of the over 500 branches
of ICICI Bank. We also issue Demand Drafts to be delivered to
the beneficiary for FREE if the money sent is more than USD
1000 or equivalent. If there are local bank charges involved,
you may have to pay it separately. |
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