Visa Fast Funds FAQs

What is Visa Fast Funds?


Visa Fast Funds is a funds transfer service offered by ICICI Bank using Visa's reliable, safe and global payment system. It enables the immediate transfer of money / funds into ICICI Bank Visa Debit Cards from abroad sent through Visa's international accredited partners. ICICI Bank has partnered with Visa to bring unparalleled advantage to its Debit Card holders as they can now receive remittances into their account from abroad within a matter of minutes.

How does the service work?


  • Sender transacts with a Visa accredited bank / Financial Institution (Currently this service is available in UAE and China. More programs are being added constantly)
  • Sender provides the Beneficiary's ICICI Bank Visa Debit Card number along with other information required
  • Sender pays the fee and the amount
  • Beneficiary receives the remittances within a few minutes
  • Beneficiaries who have registered their mobile number with ICICI Bank and are not listed in NDNC/DNC/Governance list, also receive a mobile SMS alert for amounts more than Rs. 5,000

How long does it take to receive the funds?


It normally takes a few minutes from the moment the sender submits the transaction after paying the amount and fees.

Funds are made available in no later than 30 minutes on the outer limit.

Are the funds available for use immediately?


Yes. The funds are available for use as soon as they are credited to the Beneficiary's account

Is there any difference between receiving funds on a Visa Debit Card and directly into a bank account?


No, both are the same. When you use Visa Fast Funds, the money is transferred into your bank account. Your ICICI Bank Visa Debit Card number only acts as an address to your bank account.

 

Using Visa Fast Funds offer additional benefits -

 

Faster - Receive money immediately any time – 24hours a day, 7 days a week

 

Simpler - Transaction only requires beneficiary's ICICI Bank Visa Debit Card number

 

Safer - No more hassles for Beneficiary to visit a location and carry / store cash at home

 

Convenient - Immediate SMS alert for Beneficiaries registered for mobile alerts

 

Transparent - Charges paid by Sender, no fees payable by Beneficiary

 

Better - It is the convenience of a normal bank credit, only faster. Use your ICICI Bank Visa Debit Card directly at a merchant POS or withdraw the money at the nearest ATM

How does the Beneficiary know if funds have been received?


ICICI Bank sends an SMS alert to all customers who are registered for mobile alerts. Alternatively, the Beneficiary can also check the status by visiting our net-banking site online or through branch or ATM.

Beneficiary can also call us at our helpline number.

Are any charges payable by the Beneficiary?


No. Service fee, if any, is paid by the Sender. Also, as the transaction is immediate the sender gets to know the rate at which the transaction is settled. So the service is very transparent for both Sender and Beneficiary.

In what currency does the Beneficiary receive the funds?


The Beneficiary receives the funds in Indian Rupees (INR)

Are there any limits or restrictions on transactions?


This service is regulated by the RBI and the following rules apply

  • Remittance can only be received for purpose of personal maintenance. Business and investment transactions cannot be routed using this service
  • A single transaction cannot exceed the Indian Rupee equivalent of USD 2,500
  • Not more than 30 transactions can be received in a calendar year. As an added measure of safety, ICICI Bank will restrict the service to 2 transactions per month per Beneficiary

ICICI Bank additionally maintains its own risk and security profiling systems and reserves the right to decline suspicious transactions.

Can Non-Resident Accounts receive money using Visa Fast Funds?


As per the bank's policy, ICICI Bank does not allow credits into NR Accounts using this service. This service can be used to transfer money only in saving accounts of ICICI VISA Debit Card holders.

Where can the Sender use this service?


The service has already been launched with the following:

 

UAE Exchange, UAE: The sender can visit any of the 90+ UAE Exchange outlets in UAE to transact. The service is called "Visa Money Transfer" by UAE Exchange. UAE Exchange is the leading remittance house in UAE.

 

ICBC Bank, China: The Sender can visit online and transact at the ICBC net-banking site. ICBC is one of the world's largest banks and a leader in China.

More programs are being constantly added, and new programs are planned from markets in America, GCC and South East Asia.

How much does it cost my Sender to send me money?


The service fee is solely determined by the accredited Sending Bank or Financial Institution. In most markets the service is extremely competitive on fee as well as exchange rates.

Please ask the Sender to consult the Sending Bank / Financial Institution (Exchange Houses etc.) for more information

What are the advantages of using Visa Fast Funds?


CICI Bank gives you another reason to use your Visa Debit Card. As our Visa Debit Card holder, you avail the following advantages:

 

Faster - Receive money immediately any time – 24hours a day, 7 days a week

 

Simpler - Transaction only requires beneficiary's ICICI Bank Visa Debit Card number

 

Safer - No more hassles for Beneficiary to visit a location and carry / store cash at home

 

Convenient - Immediate SMS alert for Beneficiaries registered for mobile alerts

 

Transparent - Charges paid by Sender, no fees payable by Beneficiary

 

Better - It is the convenience of a normal bank credit, only faster. Use your ICICI Bank Visa Debit Card directly at a merchant POS or withdraw the money at the nearest ATM

What precautions must the Beneficiary take while sharing the ICICI Bank Visa Debit Card details?


To transact, the Beneficiary ONLY needs to share the ICICI Bank Visa Debit Card Number and his/her name as on the card.

Never share other confidential information on the card like expiry date, CVV value or passwords with the Sender or any other persons for this transaction.

How is information of my ICICI Bank Visa Debit Card Number protected?


Only the ICICI Bank Visa Debit Card number is required to transact. The Beneficiary must never share other confidential information on the card like expiry date, CVV value or passwords with the Sender or any other persons for this transaction.

 

All data is stored securely as per best-in-class data security standards (PCI-DSS). The information is stored and transmitted securely through ICICI Bank and Visa networks.

 

While ICICI Bank, Visa and other partners take steps to ensure the safety of your data, Beneficiary is also advised to take adequate care in managing and handling their own information.

What if my ICICI Bank Visa Debit card is stolen?


Loss of card must be reported immediately to the bank. ICICI Bank will take adequate steps in keeping with its policy to block the use of the card. Please refer to debit card section on www.icicibank.com for more

 

You can still access the funds through other channels like branch or by issuing a cheque.

What if my ICICI Bank Visa Debit Card expires / replaced?


Future transactions must be sent to the new Debit Card Number. Please note that the service will be available only if the replacement card is a Visa Debit Card

Does the Sender know instantly if the transaction is successful?


In most programs, the Sender receives an instant confirmation on payment status. However, this may vary by different sending programs, and it is advisable to refer to the service terms of the Visa accredited sending Bank / Financial Institution

Can this service be used for domestic money transfers as well?


Presently this service is available from international origination programs. The service can be available for domestic use in future. ICICI Bank will update its information accordingly.

Who do I contact for getting a Visa Debit Card or for more information on this service?


ICICI Visa Debit Card is linked to ICICI Bank saving account. Please contact our customer care executive or visit our website to open an account with ICICI Bank.