- No stress about volatile exchange rates – Get pre-confirmed exchange rates with online end-to-end transaction fulfillment.
- Get Confirmed exchange rates as applicable at the time of transaction initiation
- Send the exact Rupee amount to your receiver in India.
- All benefits of e–Transfer such as:
- Easy money transfer to any receiver in India
- Electronic transfers into any ICICI Bank account with over 2,500 branches in India
- Electronic transfers into accounts with over 75,000 bank branches of over 100 banks in India
- Electronic transfers into any ICICI Bank Remittance card account in India
- Electronic transfers into any resident Visa Debit Card account ** issued in India
- Demand Draft payable at many locations in India
- Completely online
- No branch visits, no paperwork required
- Simply place an e-Transfer remittance request on Money2India and we will do the rest
- Automated recurring money transfer
- Customize your account for automatic periodic transfer of funds
- State-of-the-art security system
- 128-bit SSL encryption to ensure utmost privacy
- Competitive Exchange Rates
- Nominal Charges
- All this at a nominal remittance service charge of CAD 4 (Inclusive of service tax @ 12.36%)
- Service tax will be levied on the converted gross INR amount in accordance with the Service Tax (Amendment) Rules, 2012 of the Government of India w.e.f. 1st April 2012. 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) for FCNR deposits, deducted from the FCNR deposit amount.
Money2India Exchange Rates
USA = ₹ 66.00
UK = ₹ 80.56
Australia = ₹ 50.74
Canada = ₹ 49.80
Singapore = ₹ 47.45
Hong Kong = ₹ 8.50
Switzerland = ₹ 66.14
Sweden = ₹ 7.37
UAE = ₹ 18.15*Confirmed exchange rate for Money2India USA and Indicative rates for other geos for transfers of 3000 Foreign Currency Units & above as on October 24, 2016 at 06:00 pm IST. Exchange rates are volatile and are subject to change. Check the Exchange Rates before initiating the transfer.
e-Transfer - Fixed Rupee
What is Fixed Rupee transfer?
- Fixed Rupee transfer is Money2India's latest offering that takes care of exchange rate movements, meeting fixed rupee expenses/ payments in India by empowering you as follows:
- Specify exact rupee amount to send to your receiver in India.
- Get confirmed exchange rates at the time of transaction initiation, on sending the funds within the Fixed Rupee transfer Validity Date.
Remittance service charge:
- A nominal CAD 4 (inclusive of service tax @14%) charge compared to the hefty charges incurred on international wire transfers or while sending money through money transfer agents.
- Service tax will be levied on the converted gross INR amount in accordance with the Finance Act, 2015 and Service Tax (Amendment) Rules, 2015 of the Government of India w.e.f. June 1, 2015. 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) for FCNR deposits, deducted from the FCNR deposit amount.
How does it work?
Registering for e-Transfer (ACSS)
- Login with your Money2India User Id.
( New users Register here)
You can add your e-Transfer ACSS account by any of the following three ways:
- Select 'Add your Bank Accounts' under the "Quick Links".
- Select "My Accounts" tab on the Home Page under the menu bar and select 'Add My Bank Account ' link.
- Select "e-Transfer" under 'Transfer Money". It will take you to the e-Transfer (ACSS) transaction page and Click on the link 'Add New Account' to add the bank account (ACSS) details of your local bank in Canada. Select your transfer mode as e-Transfer. You will be required to provide the following details:
- Bank Name
- Account number
- Account type ( checking or consumer saving account) and
- Your bank's 9 digit Bank Id Transit Number
- On submitting the details, you would now be registered for e-Transfer (ACSS) facility. As a security measure, we need to validate your account details for which, you would have to complete the Account Validation Process.
Account Validation Process
- We would be initiating 3 small value transactions of amounts below $ 1 each to your local bank account in Canada. There would be 2 deposits (credit) and 1 withdrawal (debit) from the bank account. For example, Deposit 1 of $ 0.XX, Deposit 2 of $ 0.YY and Withdrawal 1 of $ 0.ZZ.
Please note: The Withdrawal amount would be equal to the sum of the Deposit amounts. Hence your account balance would not be affected by these transactions
- The transactions would appear in your local bank account statement. For example it might be shown as:
Deposit 1 : MONEY2INDIA PYMT TRANSFER $ 0.XX
Deposit 2 : MONEY2INDIA PYMT TRANSFER $ 0.YY
Withdrawal 1 : MONEY2INDIA SUB TRANSFER - $ 0.ZZ
You can view the transaction details in your bank account on the second or third working day from the date of registration for e-Transfer. For example if you register for e-Transfer on Monday, the transactions would appear in your local bank account on either Tuesday or Wednesday.
Please note: There is a possibility that your local (ACSS) bank in CANADA might club the two Deposit transactions and show only a single deposit in your bank account. In such a case, please contact your bank for the correct details of the Deposits and Withdrawals.
- We will send you an email after 2 working days (On Wednesday for the above example) requesting you to confirm the amount of the small value transactions on the Money2India website. The instructions for confirming the values are explained in detail in the email. Login with your Money2India User Id and select "My Accounts" tab on your Home page. On the following page in the overview section, you will see the 1st tab as "e-Transfer (ACSS) Accounts" under 'My Bank Accounts in United States of America'. The account added by you will be shown here with the account status as "Validate Your Account". Click on this 'Validate your account' link under Account Status.
- You will get a screen for e-Transfer Account Validation, wherein you would have to enter details of the 2 Deposits (credits) only as appearing in your local (ACSS) bank account. For example, you would have to enter 0.XX and 0.YY against the Deposit 1 and 2 fields. Please note that you can enter the Deposit values in any sequence.
Please note: As a security measure we allow a maximum of 2 attempts to enter Account Validation details. If you enter the details incorrectly twice, your e-Transfer (ACSS) account would be disabled on Money2India. In case your e-Transfer (ACSS) account gets disabled, please Email Us to re-activate your for e-Transfer (ACSS) account on Money2India.
- On correct entry of the Deposit amounts, you can start using your for e-Transfer (ACSS) account to directly send money to your beneficiary in India using e-Transfer (ACSS) facility on Money2India
Transaction (Remittance) Process
In Enter Details step
- Login with your Money2India User ID and select "Transfer Money" tab against "e-Transfer" transfer mode on your Home page or click on Transfer Money option on the top menu bar and select 'e-Transfer' as your transfer mode.
- Select your e-Transfer enabled bank account (in case of multiple for e-Transfer (ACSS) registered accounts) from where the remittance will be funded by you
- Select the Receiver from your list to whom you wish to transfer the money.
- You have 2 options for placing the transaction amount request. One is where you specify in foreign currency with an indicative exchange rate displayed and other is the Fixed Rupee transfer facility where you are confirmed the exchange rate for the transfer.
- To avail regular e-Transfer
Specify transaction amount in CAD for indicative exchange rates, kindly note that the rates mentioned are indicative. Actual exchange rate applied will be as prevailing on the date and time of conversion of your money.
- To avail Fixed Rupee transfer facility
Specify transaction amount in INR for fixed Rupee rate, you will be provided a confirmed exchange rate at the time of transaction initiation, on selecting the Fixed Rupee Transfer option.
- Select your purpose of Remittance from the given options.
- To avail regular e-Transfer
- Once you have provided all the accurate details click on the Next button to proceed.
- In Confirm Transaction step,
- Verify all the details provided by you. If the details are accurate, then click on the Confirm button. In case you need to make any changes in the information, click on the Back button. You will be taken back to the previous step. Once there, make the necessary changes and then verify the details once again and click on the Confirm button.
- Once you click on the Confirm button you will be provided with your unique Tracking number which you can use to track your transaction online. Your e-Transfer transaction is complete now.
- You can track the status of this transaction by visiting the "Track Transfer" option .
- You can "Cancel" your e-Transfer transaction till your transaction is in "Request received" status. Once the status of your transaction changes to "Transaction in Process", you will not be able to cancel this transaction. Recurring/ scheduled transfers, can be viewed under the Scheduled Transfer and Recurring Transfer tab
- The money would be transferred from your bank account in CANADA after 1 - 2 working days of your making the request. Banks in USA, send any unpaid money transfer requests information between 2 - 4 working days
- If the beneficiary has an account with ICICI Bank, the money is directly transferred to the account on the 5th working day. For electronic credits to non-ICICI Bank accounts or credits to a VISA Card account* or DD's, the money is sent for electronic clearing or DD is issued and dispatched in 1 additional working day after we receive the money within 5 working days
- You can track the status of your remittance using the 'Track Transfers' tab under home page. An e-mail would also be sent to you confirming the status of your remittance
Please Note: The above mentioned timeline excludes banking holidays and weekends in CANADA and India. Please click here to view the list of banking holidays in India.
*Visa Money Transfer cannot be used to transfer money to NRE Account linked VISA cards and Visa Credit Card account.