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What is NetExpress (NetBanking Transfers)? Who can use NetExpress (NetBanking Transfers)?
NetExpress is a completely online money transfer facility for remitters in Singapore who have an account with DBS/POSB Bank Singapore.
Using this service, accountholders of DBS/POSB Bank can transfer funds directly from their bank accounts to beneficiaries in India. |
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2. |
What are the benefits of NetExpress (NetBanking Transfers)?
- 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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3. |
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 (NetBanking Transfers) |
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4. |
How soon will a beneficiary with an ICICI Bank account receive the money?
It will typically take 1 to 3 working day 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 (NetBanking Transfers) 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 using our online "Track Transfer" facility. |
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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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8. |
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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9. |
What are the charges for NetExpress (NetBanking Transfers)?
Nominal charges levied as below:
Remittance Service charge: SGD 5 (inclusive of service tax @ 10.3%) for amounts of SGD 2000 or below. No SGD charge for larger amounts.
Ready cash payouts at select ICICI Bank branches in India for a charge of SGD 8 (inclusive of service tax @10.3%).
Service tax will be levied on the converted gross INR amount in accordance with the Service Tax (Amendment) Rules, 2011 of the Government of India w.e.f. 1st April 2011. Please click here to know the slab wise service tax structure. This charge would be deducted from the amount to be paid to the beneficiary.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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10. |
How much money can I send through NetExpress (NetBanking Transfers)?
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 20,000 per day for ICICI Bank Account transfers.
SGD 20,000 per day for non-ICICI Bank Account transfers.
SGD 20,000 per day for Remittance Card transfers.
The maximum limits for imposed on Demand Drafts are:
| Singapore |
: SGD 20,000 |
| 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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11. |
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 will still need to place a fresh request on Money2India and enter the new Tracking Number on your bank's internet banking websites |
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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 Nam
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How long does it take to credit my beneficiary's resident Visa Debit Card account?
The card-issuing bank typically processes the credit requests to a resident Visa Debit 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 and Visa Credit card account. |
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