 |
Cheque Transfer (Web Based Cheque Transfer) |
|
|
| |
Frequently Asked Questions
1. What
is ChequeTransfer?
2. Why should I use this
facility?
3. Do I have to be an
ICICI Bank account holder to send money through this facility?
4. Are there any charges for sending money through ChequeTransfer?
5. Is there any limit
on the amount I can remit through this facility?
6. In which currencies
can I send money?
7. How much time will
it take for the funds to reach my beneficiary in India?
The Online Process
8. What information is
needed to book a ChequeTransfer online?
9. Can I open a fixed
deposit using ChequeTransfer?
Sending the Cheque
10. What should I verify
before I send the cheque?
11. Can I send the cheque
by courier?
12. Where do I have to
send the cheques?
Tracking your Remittance Online
13. What does my transaction
status mean?
Delay in remittance
14. Why hasn’t
my account been debited even though I sent the cheque a long
time ago?
15. My beneficiary account
has been credited but the funds cannot be withdrawn. Why?
16. Should I place a
stop payment on my cheque if it is unprocessable or returned?
|
|
 |
What
is ChequeTransfer?
ChequeTransfer is ICICI Bank’s online money transfer
service through which you can send money to India by mailing
a foreign currency cheque -- drawn on any local bank -- to
a PO Box in your country. It is currently available for remitters
in the United States, the United Kingdom, Europe, Canada and
Singapore. Please donot send Cashier's cheques since they will not be processed.
|
|
| |
 |
|
| |
|
|
| |
|
|
|
Why
should I use this facility?
· Funds reach India as fast as one working day after your cheque reaches the PO Box.
· 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
|
|
| |
|
|
| |
|
|
| |
|
|
 |
Do
I have to be an ICICI Bank account holder to send money through
this facility?
No, you don’t need to have an ICICI Bank account to
avail of this facility. However, the funds can be credited
only to an ICICI Bank account. To open an ICICI Bank account,
click here.
|
|
| |
|
|
| |
|
|
| |
|
|
 |
Are there any charges for sending money through ChequeTransfer?
Nominal charges levied as below:
Remittance Service charge: A nominal charge of USD 2 payable for amounts of USD 1000 or below (or equivalent in other currencies). No Remittance service charge applicable for higher amounts.
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.
|
|
| |
|
|
| |
|
|
| |
|
|
 |
Is
there any limit on the amount I can remit through this facility?
The minimum limit per transaction for GBP is 50 currency units,
and 100 currency units for all other currencies. There is
no maximum limit on the transaction amount.
|
|
| |
|
|
| |
|
|
| |
|
|
 |
In
which currencies can I send money?
Currently, you can send money in US dollars, British pound
sterling, Canadian dollars, euros and Singapore dollars.
|
|
| |
|
|
| |
|
|
| |
|
|
 |
How
much time will it take for the funds to reach my beneficiary
in India?
The completion of your remittance request will take the
following number of days after we receive your cheque at
our lockbox:
| CURRENCY |
SLAB1 |
SLAB2 |
| USD 100-5,000 |
One working
day |
Above
5,000: 21
calendar days |
| GBP 100-3,000 |
Three-four working
days |
Above 3,000:
eight calendar days |
| CAD 100-8,000 |
One working day |
Above 8,000:
eight calendar days |
| EUR 100-5,000 |
Three-seven working days
|
Above 5,000:
15 calendar days |
| SGD Above 100 |
Two 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 policy for SLAB 1 is not applicable to credits to
accounts in select cities in India. SLAB 2 policy will be
followed in these cities. Please get in touch with customer
service for any clarifications. |
|
| |
|
|
| |
|
|
| |
|
|
 |
What
information is needed to book a ChequeTransfer online?
The following information is needed to book the ChequeTransfer
request online:
· Details of the receiver's ICICI Bank account --
name and account number
· Cheque details -- date, cheque number, bank on
which the cheque is drawn, amount and currency, country
of remittance
· Purpose of remittance and account instruction
· Nearest lockbox location |
|
| |
|
|
| |
|
|
| |
|
|
 |
Can
I open a fixed deposit using ChequeTransfer?
Yes, you can open a fixed deposit if you are an existing ICICI
Bank customer. All you have to do is provide your customer
ID and the tenure of the FD at the time of booking your transaction.
|
|
| |
|
|
| |
|
|
| |
|
|
 |
What
should I verify before I send the cheque?
You should ensure the following:
· The date on the cheque is entered in the locally
acceptable format in your country. For example:
- United States: mm/DD/yyyy
- United Kingdom: DD/mm/yyyy
- Europe: DD/mm/yyyy
- Singapore: mm/DD/yyyy
- Canada: mm/DD/yyyy
· The cheque is payable to 'ICICI Bank A/c Beneficiary
Name'. For example, 'ICICI Bank A/c Rahul Bhargava', where
Rahul Bhargava is the name of your beneficiary. This should
be your own name if you are opening a new term deposit
· The cheque amount in numbers and words match the
amount mentioned on the printed request slip
· For cheques in US and Canadian dollars, write the
M2L tracking number against the Memo field on the face of
the cheque
It is important that you verify the above details before
sending the cheque, else it may not be processed properly
|
|
| |
|
|
| |
|
|
| |
|
|
 |
Can
I send the cheque by courier?
No. Cheques have 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 will not be responsible
for:
· Delay or inability to execute customer requests
due to delays in the receipt of the cheque at the PO Box address
· Cheques being mailed to any address other than that
mentioned in the pay-in slip
· Cheques sent through
courier
|
|
| |
|
|
| |
|
|
| |
|
|
 |
Where
do I have to send the cheques?
When you book the ChequeTransfer request, you are shown address
options where you can 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 along
with it. You should cut the address tag and paste it on the
envelope you will mail us
You’ll find ChequeTransfer lockboxes 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 |
|
|
| |
|
|
| |
|
|
| |
|
|
 |
What
does my transaction status mean?
The various transaction statuses along with their implications
are given below:
· 'Money not received': This
means that ICICI Bank hasn’t received the funds. Undue
delays in receipt may be due to postal delays, or if the cheque
has been sent through courier (which is not accepted at the
PO Box). In rare cases, the cheque may be 'unprocessable or
returned'. You will be duly informed in such a case.
· 'Money received': We have received the cheque
at our lockbox location and have placed it for local clearing.
· 'Money has been sent to bank account':
The money has been successfully sent to the beneficiary bank
account. For the credit schedule, click here.
|
|
| |
|
|
| |
|
|
| |
|
|
 |
Why
has my account not been debited even though I sent the cheque
a long time ago?
Delays may be due to:
· Delay in delivery:
This may be because of cheques taking a long time to reach
the lockbox location through the post, wrong address mentioned
or because they have been sent through courier (couriers
do not deliver to PO Box addresses).
· Unprocessable cheques:
These cheques may not have been sent for clearing by our
lockbox service provider because of specific problems with
them - viz, stale-dated, amount mismatches, payee
name not in the specified format, cashier's cheque etc. Please note that cheques
deemed unprocessable are cancelled and destroyed by the
bank, and not returned to the remitter. Information about
it is provided to you as soon as we receive it from the
correspondent bank.
· Cheque returns:
These are cheques that have been sent for clearing by our
lockbox service provider but have been returned as rejects
by your bank for a specific reason - viz, insufficient
funds, account closed, signature mismatch etc. Information
about it is provided to you as soon as we receive it from
the correspondent bank. Please note that all incidental
expenses borne by the bank on returned cheques will be passed
on to you.
|
|
| |
|
|
| |
|
|
| |
|
|
 |
My
beneficiary account has been credited but the funds cannot
be withdrawn. Why?
The funds are credited provisionally and can be withdrawn
only after a specific time frame as per the table provided
above. (comment: Please provide the link to the specific table)
There is a `cooling period’ for larger currency amounts,
during which your beneficiary may not withdraw the credited
amount. This is the time taken for the completion of the clearing
cycle in your country. These are as per international standards.
|
|
| |
|
|
| |
|
|
| |
|
|
 |
Should
I place a stop payment on my cheque if it is considered unprocessable?
No. We will receive such cheques in India after some time
and inform you of the same. Subsequently, the following situations
may occur:
· The cheque may be sent for collection from India.
For example, a cheque with a correct beneficiary name but
not endorsed to `ICICI Bank A/c beneficiary name’.
· The cheque cannot be sent for collection from India.
For example, if the cheque amounts do not match.
Subject to your approval, we will destroy the cheque instrument
in India. In this situation, you should issue a fresh ChequeTransfer
instruction and send us a properly filled cheque for the
remittance. You’ll incur additional costs on stop
payments, which can be avoided.
|
|
| |
|
|
| |
|
|
| |
*Above USD 1000 (or equivalent)
**Please note: Visa Money Transfer cannot be used to transfer money to VISA cards linked to NRE Account.
|
|
