Australia - NetExpress FAQs
What is NetExpress (NetBanking Transfers)?
NetExpress is a completely online money transfer facility for remitters in Australia.
Remitters having internet banking facility for their checking accounts with banks in Australia can use NetExpress. Additionally, only customers of banks offering the following will be able to use this facility:
- Online third-party funds transfers/payments on their Internet banking website and,
- A "Remarks" or "Message to Recipient" field while making the online third-party transfer, to enter the Tracking Number generated on Money2India.
What are the benefits of NetExpress (NetBanking Transfers)?
Easy Money Transfers:
- Electronic transfers into any ICICI Bank account with over 4,000 branches in India
- Electronic transfers into accounts with over 100 other banks in India.
- Electronic transfers into any resident Visa Debit Card* account in India
- Demand Drafts issued and payable at over 700 locations in India
How soon will a beneficiary with an ICICI Bank account receive the money?
For a regular NetExpress transaction, it will typically take 1 working days to credit an ICICI Bank account.
For Fixed Rupee Transfers, once you initiate the fund transfer and the funds are available to ICICI Bank in India for processing, within the validity date with complete and correct details, further processing is carried out and disbursed within 1 working day.
If your beneficiary has an account with ICICI Bank, the money is directly transferred to the account within 1 working day of ICICI Bank receiving the money.
For electronic credit to non-ICICI Bank accounts or DDs, the money is sent for electronic clearing or a DD issued and dispatched in upto one additional working day.
Please note that the timeline excludes banking holidays and weekends in your country and India. Please click here to view the list of Banking holidays in India.
What is a Validity Date for a Fixed Rupee Transfer transaction?
Validity Date is the date when the funds are available to ICICI Bank Limited, India for processing and disbursal to receiver. While initiating the Fixed Rupee Transfer request, you will be informed about the validity date of your transaction and you need to ensure that the funds are available to ICICI Bank for processing on or before this validity date.
IMPORTANT: Please note that only if the funds are received in our overseas correspondent bank account on working Day 0 before the cut-off time of clearing overseas, the same is typically available to ICICI Bank Limited, India, for processing on the next working day i.e. Day 1 The Validity date refers to the date of availability of funds to ICICI Bank Limited India for processing.
In case the funds are not available to ICICI Bank India for processing within the validity date, your request will be processed as a regular request and the rate 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.
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 700 locations in India. Funds transferred can also be collected in cash from any of the select ICICI Bank branches in India.
How soon will the beneficiary get the DD?
The DD is sent to the beneficiary either by courier or registered post depending upon the beneficiary's address. A courier dispatch would take about 2-3 days to reach the beneficiary, while registered post would take about 8-10 days. You can check the complete details using our online "Track Transfer" facility after logging in to Money2India site.
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
What are the charges for NetExpress (NetBanking Transfers)?
Nominal charges levied as below:
Remittance Service charge: No AUD service charges
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.
How much money can I send through NetExpress (NetBanking Transfers)?
The minimum limits:
The minimum amount you can send is AUD 100.
The maximum limits:
There is high transaction limit of upto AUD 100000 per day for direct credit to both ICICI Bank and non-ICICI Bank accounts. However, for Demand Drafts, the maximum amount that can be sent is AUD 5,000.
Click here to know the Visa Money Transfer limits for all currencies
Fixed Rupee Transfers:
The minimum limits:
The minimum amount you can send is INR 1000.
The maximum limits:
You can send upto INR 4,00,000 per transaction using this facility.
For transfers into resident Visa Debit Card accounts (non-NRI) issued in India, limit is INR 32,000 per transaction.
Besides the above limits, the use of this channel is subject to overall daily limits on the value and volume of transactions permitted as per internal operational guidelines. ICICI Bank may change these limits at its own discretion. In the event that any of these operational limits are breached or held up, remittance through this channel will be temporarily unavailable till the permissible limits are cleared.
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 Name