- 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, on sending the funds within the Fixed Rupee transfer Validity Date.
- Send the exact Rupee amount to your receiver in India.
- All benefits of Power Transfer (Wire-based) such as:
- Fast money transfers – it takes 1- 3 working days
- Error–free – manual intervention is minimal
- Flexible – you can remit in 8 currencies
- No need for either you or your beneficiary to have an account with ICICI Bank
- Range of easy money transfer options
- 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
- Demand Draft payable at many locations in India
- Online tracking of the status of your funds
- Competitive exchange rates
Money2India Exchange Rates
USA = ₹ 66.11
UK = ₹ 82.77
Australia = ₹ 51.11
Canada = ₹ 50.39
Singapore = ₹ 47.00
Hong Kong = ₹ 8.50
Switzerland = ₹ 64.72
Sweden = ₹ 7.33
UAE = ₹ 18.16*Confirmed exchange rate for Money2India USA and Indicative rates for other geos for transfers of 3000 Foreign Currency Units & above as on February 24, 2017 at 06:00 pm IST. Exchange rates are volatile and are subject to change. Check the Exchange Rates before initiating the transfer.
Power Transfer - Fixed Rupee Money Transfer
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 charge of CAD 4 (Inclusive of service tax @ 15%) 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?
- Login with your Money2India login id. (New users register here).
- Select Power Transfer (web-based wire transfer as mode of transfer).
- Select your bank account or choose 'Add New Account' to enter new bank account details.
- Select your existing receiver or choose 'Add New Receiver' to enter receiver details in the case of a new receiver -- i.e., name, address, bank account number.
- 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 the purpose of remittance and select 'Next'.
- On verification, you will get a form on your screen that has a tracking number and details of the remittance instructions to your bank.
- Take a printout of the Remittance Instruction form by clicking on "Print Wire Form" and give it to your local bank for execution, along with the required funds. Keep the customer copy for your reference
- Please ensure that the below details are necessarily mentioned in the funds transfer instructions initiated by your local bank:
- Beneficiary Name and Address details, in Beneficiary Information field
- Reference number for this transaction - Money2India 11 digit tracking ID in the “Sender to Receiver Information/Payment Detail for Beneficiary bank” field
The above is essential for the funds transfer to get processed and disbursed to your Beneficiary. Your funds transfer may get rejected or delayed in the absence of above information. Kindly ensure that the funds transfer is initiated as a CUSTOMER PAYMENT and NOT as Bank to Bank Payment.
- The local bank will then wire-Transfer the money to ICICI Bank through its correspondent bank (List of Correspondent Banks for Web Based Wire transfer).
- If the beneficiary has an ICICI Bank account or with a network bank or resident Visa debit card account, the money is directly credited. Else the money is sent as a demand draft to the beneficiary.
- You get automatic e-mail updates on the status of your remittance. You can also track the same online through your unique tracking number.
- The remittance amount has to be transferred to ICICI Bank's account (with its correspondent banks). You can remit the amount to ICICI Bank's account through any bank of your choice.
Transfer Time: The amount will be disbursed to your receiver in 2 to 3 working days (excluding holidays and Saturday and Sunday in Canada and India).
Fixed Rupee Transfers limits: The minimum limits: The minimum amount you can send is INR 1000. The maximum limits: You can send upto INR 1,000,000 per day and upto INR 10,000,000 per week using this facility
Important: Please note that Fixed Rupee Transfer request and the confirmed rate is applicable only if your funds are available to ICICI bank Limited, India, for processing, on or before the validity date of 1 working day (as displayed to you while initiating the Fixed Rupee Transfer request on Money2India ) with complete and correct details. In case the funds are not available within the validity date, your request will be processed as a regular request and the rate as applicable at the date and time of conversion of your funds will be applied to your transaction. The confirmed rate will not be valid for Fixed Rupee Transfer requests where funds are available to ICICI Bank after the Validity Date.
Once the clear CAD funds are available to ICICI Bank Limited, India for processing, on or before the validity date provided, with complete and correct details, ICICI Bank will convert the funds into INR at the exchange rate specified for the Fixed Rupee Transfer transaction initiated and disburse the specified rupee amount (as requested by you at transaction request initiation) to your receiver in India.