Fixed Rupee Canada FAQs

Are there any charges for sending money through Fixed Rupee transfer facility?


Remittance Service charge:

  • A nominal CAD 4  (inclusive of service tax @15%) 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.

Are there any limits on the amount that I can send through this facility?


For transfers into resident Visa Debit Card accounts (non-NRI) issued in India, the limit is INR 32,000 per transaction.

 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, requests 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.

I am unable to place a Fixed Rupee transfer request. While attempting to place the request, I am getting an not-error that states


We are currently unable to initiate your remittance request for sending Fixed INR amount to the receiver. Kindly try after some time. We regret any inconvenience."

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, the remittance through this channel will be temporarily unavailable till the permissible limits are cleared.

If you are getting this message when the India forex markets are open i.e. between 9:00 AM to 4:30 PM IST on a working day in India, then you can re-try in 2-3 hours to post a Fixed Rupee transfer transaction.

However if you are getting this message after the closing of the India forex markets, then you can avail the Fixed Rupee transfer feature on the next working day.

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.

Please note that even if you get this not-error, you can continue to use the regular e-Transfer facility.

Are the exchange rates as displayed on the Indicative Exchange rate calculator, applied to my Fixed Rupee transfer transaction?


The exchange rate that is applied for your current dated Fixed Rupee transfer transaction may be different from the Indicative exchange rates displayed on the exchange rate calculator.

Since we are offering you confirmed exchange rates as applicable at the time of transaction confirmation and before we receive your funds, we are bearing exchange rate volatility risk and hence the exchange rates margins applied for this product may differ from that offered for regular products.

We assure you that the exchange rates applied to your current dated Fixed Rupee transfer are competitive and linked to market movements.

How much time does it take for the money to reach the beneficiary?


The Turn Around Time (“TAT”) for a money transfer is similar to the regular e-Transfer product.

The day the transaction is confirmed (Transaction Request date) is Day 0. However, if the remittance request initiation is on a non-working day, the next working day would be considered as Day 0.

The money (CAD) is transferred from your bank account in Canada on the second or third working day from the request date. Any unpaid requests are expected during the third or fourth working day, and only after this do we make the payment to the beneficiary. We thus receive the money in four-five working days .The disbursal of the fixed rupee amount to your beneficiary in India takes the following course :

  • If your beneficiary has an account with ICICI Bank, the money is directly transferred to the account by the fifth working day.
  • For electronic credit to non-ICICI Bank accounts or credit to a resident Visa Debit Card account 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 Canada and India. Please click here to view the list of Banking holidays in India.

You can track the status of your request using the Track Transfers option after logging into Money2India site. An email will also be sent to you, confirming the status of your request.

Do I have to be an ICICI Bank account holder to avail this facility?


No, you may be banking with any bank in Canada or India to avail this facility on Money2India. You need not have an ICICI Bank account to be able to avail this facility.

Does Fixed Rupee transfer allow me to send money to India on a regular basis by providing standing instructions i.e. future dated/ recurring transaction requests?


Yes, you can send regularly or schedule transactions for future or set up recurring transfers with Fixed Rupee transfer. For transactions scheduled for future, please note that the Fixed Rupee transfer rate as applicable at the time of request confirmation 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?


You can track the status of your request using the Track Transfer tab on the Money2India home page. An email will also be sent to you, confirming the status of your request.

Can I cancel an initiated Fixed Rupee transfer request?


Yes, you can cancel a Fixed Rupee transfer request only when it is in the ‘Request Received' status. The Cancellation can be done only by you from within your Money2India logged-in section using the Track Transfers link. Simply click on the ‘Cancel transaction' link against your e-Transfer Tracking number which is in the ‘Request Received' status to cancel the transaction.

If the transaction is in any other status than ‘Request Received', the transaction cannot be cancelled.