Express e-Transfer Fixed Rupee FAQs

What is Money2India Express e-Transfer facility?


Express e-Transfer is an enhanced version of the regular e-Transfer product only for select set of customers of Money2India. 

It's a powerful service where your transfer requests will be processed within 24 hours compared to 5 working days in regular e-Transfer product. With Fixed Rupee transfers, transfer funds to any ICICI Bank account in India within 1 hour.This service is available 24X7, 365 days. For transactions for which beneficiary account is held with Non ICICI Bank it may take 2 hours during Indian banking hours.Bank processing hours in India are generally: Monday – Saturday: 9 AM - 5 PM (IST) . Timelines exclude bank holidays in India.

 

Please note that this service is only offered to select Money2India e-Transfer users based on an eligibility criterion that are set as per internal policies. This implies that the Money2IIndia User ID, e-Transfer enabled bank account(s), receiver(s) are selected for this service basis the eligibility criterion.

Why should I use this facility?


This facility offers you the following unmatched benefits:

  • Funds transferred to receiver account within 24 hours.
  • Completely online process - allows you to transfer funds at your convenience from anytime, anyplace.
  • Initiate money transfer using Money2India website or Mobile apps (supported on Android/iOS phones)
  • Say good-bye to exchange rate volatility with Fixed Rupee transfers - Get confirmed exchange rates at request initiation
  • Fast online transfers into ICICI Bank account in India
  • Transfers within 24 hours from your bank account in Canada
  • Compare with Regular e-Transfer
  • Benefit from lower exchange rate volatility risk with faster transfer times
  • No new registration process - use your existing e-Transfer enabled bank account
  • Set-up post dated/ recurring requests for your regular transfer needs
  • Online tracking facility on status of funds
  • Email/ SMS alerts on money transfers to your receivers
  • All this at a zero service charge

Do I have to be an ICICI Bank account holder to send money through this facility?


No, You can send money to receiver having bank account with any bank in India. Our services cover all the banks in India including but not limited to the largest banks of India like State Bank of India (SBI), HDFC Bank, Axis Bank, Bank of Baroda, Punjab National Bank, Yes Bank etc.

When Money will be credited to My receiver account?


For Fixed Rupee Transfers

Amount will be transferred within 1 hour from request initiation to receiver holding ICICI Bank account. This service is available 24X7, 365 days.For transactions for which beneficiary account is held with Non ICICI Bank it may take 2 hours during Indian banking hours. Bank processing hours in India are generally: Monday – Saturday: 9 AM - 5 PM (IST) . Timelines exclude bank holidays in India.

Are there any charges for sending money through Express e-Transfer facility?


Remittance service charge: For indicative: CAD 4 (inclusive of service tax @ 15.00%) for amounts of CAD 1500 or below.

 

For Fixed Rupee: A nominal CAD 4 (inclusive of service tax @15.00%) for amount INR 75000 or below charge compared to the hefty charges incurred on international wire transfers or while sending money through money transfer agents.

 

No CAD charge for larger amounts.

 

 

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.

When is the money debited from my local bank account in Canada?


The money would be typically transferred from your bank account in Canada within 24 hours from the request initiation date. Any holidays (Saturday, Sunday and any public holiday in India or Canada) have to be excluded while calculating the time period.

For all transactions initiated via this mode, we request you to keep your corresponding bank account in Canada sufficiently funded so that no returns/ rejects are received for the money transfer from your local bank in Canada.

In the event of a reject received from your local bank, we will be disabling your e-Transfer enabled bank account on Money2India as well as the Express e-Transfer service from your Money2India Login Id. Please note that any regular e-Transfer transaction that you have initiated from the same e-Transfer account will also be rejected.

Please click here to read the Terms and Conditions for using Express e-Transfer Service.

Are there any limits on the amounts I can remit through this facility?


 Total Transaction Volume
Daily CAD 10,000 (INR 4,75,000) per transaction and you can initiate 2 transactions per day
Weekly CAD 10,000 (INR 4,75,000)
Monthly CAD 30,000

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.

Kindly Note: ICICI Bank shall in no way be held responsible and/or liable for any rejections, queries or delays arising due to the temporary unavailability of this facility.

Why I am not able to find Express e-Transfer in my logged in section?


Express e-Transfer is only offered to select Money2India e-Transfer users based on an eligibility criterion that are set as per internal policies. This implies that the Money2IIndia User ID, e-Transfer enabled bank account(s), receiver(s) are selected for this service basis the eligibility criterion.

Does Express e-Transfer allow me to send money to India on a regular monthly basis?


You can use Express e-Transfer to set-up a recurring money transfer request to take care of your regular money transfers. You have the convenience of sending money at a regular frequency as desired by you.

 

For example, if you want to send money to your family on 1st of every month, you can setup this feature on Express e-Transfer as a one-time activity. On the 1st of every month, the remittance request will automatically be initiated and the funds would be credited to the receiver's Bank account. Your ACSS Bank account in Canada will be debited accordingly. We request you to keep your ACSS account sufficiently funded so that no rejects are received for the remittance from your local bank.

 

For transactions scheduled for future, please note that the Fixed Rupee transfer rate as applicable at the time of scheduled request initiation date i.e. the request date as specified by you, will be automatically applied and the corresponding CAD amount will be posted as an ACSS debit into your local bank account in Canada.

 

How can I check the status of my money transfer request?


Money2India from ICICI Bank provides you an online tracking facility to find the status of the money transfer request. For each money transfer request you will be provided with a unique tracking number (e.g. M2E10643453), using which you can track the status of the request online through Track Transfer tab on Money2India Home page.

 

In addition, email updates will also be sent to you on the status of the money transfer request

Can I cancel an Express e-Transfer request once initiated?


In case you want to cancel a transaction that you have initiated, use the Cancel Transaction facility available through the Track Transfer tab and cancel the request. You can cancel your Express e-Transfer only 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.

Money is not credited to the receiver's Bank account even though my ACSS account in Canada has been debited. What should I do?


This may be the case, when the receiver ICICI Bank account details are invalid or due to security reasons we are unable to process your request. Use the Track Transfer facility under on your Home page to track the status of your remittance.

Alternatively, you can also E-mail us from your Money2India registered email id at nri@icicibank.com, providing your Money2India unique tracking number (e.g. M2E00012345) and Money2India Login ID along with details of your query, for a resolution.

Can I add another ACSS account / Receiver under the Express e-Transfer facility?


Based on an eligibility criterion for usage of this service, only selected ACSS account(s) as well as receiver accounts will be displayed for transaction using the Express e-Transfer service.

 

You will not be able to enable any receiver or ACSS account at your end. In case you have been regularly sending money using e-Transfer to a particular receiver or using an alternate ACSS account and would like to enable the receiver / ACSS account for the Express e-Transfer service, please E mail us from your Money2india registered email ID providing your Money2India Login ID along with ACSS Account details i.e. last four digits of the ACSS Account Number, ACSS Bank Name, ACSS Account Type and / or Receiver details i.e. Receiver name and Receiver Account No. at nri@icicibank.com and we will revert to you on whether we can enable the ACSS Account and / or receiver for the Express e-Transfer facility.

How do I disable the Express e-Transfer facility from my User Id?


If you wish to disable the Express e-Transfer facility or if you wish to disable any particular ACSS account or receiver from the Express e-Transfer facility, please E mail us at nri@icicibank.com from your registered Money2India email Id with the subject line as "Request for disabling Express e-Transfer" providing the necessary details.

How can the Express e-Transfer facility be withdrawn from my User ID?


In case the ACSS Account or receiver account enabled for the Express e-Transfer service go into disabled or deleted status and there are no other ACSS account(s) or receiver(s) account in enabled status for the Express facility.

Or

If we receive any rejects on your Express e-Transfer transactions. In such cases, the Express e-Transfer facility will be withdrawn from your User Id. Please note that at any time, ICICI Bank can at its discretion disable your User ID from the Express e-Transfer service.

Where can I check the exchange rate used in Express e-Transfer?


ICICI Bank Money2India offers you very competitive rate for transfers. You can check the currently prevailing confirmed exchange rates by using the Exchange Rates Calculator link on Money2India (available on Money2India website, login page as well as your logged in section).

Are there any charges for sending money through Express e-Transfer facility?


Remittance service charge:

For indicative: CAD 4 (inclusive of service tax @ 15.00%) for amounts of CAD 1500 or below. For Fixed Rupee: A nominal CAD 4 (inclusive of service tax @15.00%) for amount INR 75000 or below charge compared to the hefty charges incurred on international wire transfers or while sending money through money transfer agents.


No CAD charge for larger amounts.

 

 

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) deducted from the FCNR deposit amount.