Power Transfer Hong Kong FAQs
What is Power Transfer (Web Based Wire Transfer)?
Power Transfer (Web Based Wire Transfer) is an easy, Internet-based wire transfer mechanism that's much more efficient than offline wire transfers. Errors are minimised with a unique tracking number -given to you each time you use Power Transfer (Web Based Wire Transfer) – that allows you to check the status of your remittance online at any time.
What are the advantages of sending money through Power Transfer (Web Based Wire Transfer)?
The advantages of Power Transfer (Web Based Wire Transfer) are:
- Beneficiaries who have an ICICI Bank account will receive funds within one banking day (excluding Saturdays, Sundays and public holidays) of the receipt of funds into our Nostro account. This typically amounts to two banking days from the date you give wire transfer instructions to your local bank. However, ICICI Bank will not be responsible for any delay in processing your request if your local bank does not credit the funds into our Nostro account or if it provides incomplete details
- Beneficiaries who do not have an ICICI Bank account will receive funds within three banking days of the receipt of funds. ICICI Bank will dispatch a demand draft or pay order, net of charges, to the beneficiary's address provided by you
- Neither you nor your beneficiary needs to have an ICICI Bank account
- ICICI Bank's vast network of correspondent banks guarantees easy remittance
- You can track your remittance, including demand draft details and consignment status, through the Web
- You can communicate with ICICI Bank through a user-friendly Web-interface
How long does it take to transfer funds through Power Transfer (Web Based Wire Transfer)?
The actual amount of time it takes to remit money through Power Transfer (Web Based Wire Transfer) depends on whether the beneficiary has an account with ICICI Bank or not.
If the beneficiary has an account with any branch of ICICI Bank:
The remitted money reaches the beneficiary within one banking day (that is, excluding Saturdays, Sundays and other public holidays) of the receipt of funds in our Nostro account. This typically amounts to two banking days from the date of your giving wire transfer instructions to your local bank. However, ICICI Bank is not responsible for any delay in processing your request due to non-credit of funds by your local bank to our Nostro account or due to incomplete details provided by them.
If the beneficiary does not have an account with ICICI Bank
The remitted amount reaches the beneficiary within one-three working days from the date we receive credit in our Nostro account. In this case, ICICI Bank will send a demand draft / pay order, net of charges to his / her address, as specified by you.
How do I inform my local bank?
Once you complete your transaction on our site, you will get a screen showing the remittance instruction with a bank copy and a customer copy. You need to take a printout of the bank copy, fill in the necessary details, and submit it to your local bank with your signature, along with your payment and payment instructions. The customer copy is for your reference and you can keep it with you.
Is it necessary for me or my beneficiary to have an account with ICICI Bank?
Neither you nor your beneficiary needs to have an account with ICICI Bank to remit money through Power Transfer (Web Based Wire Transfer). However, if the beneficiary has an account with ICICI Bank, you can transfer funds directly to his/her account.
How will the money reach the beneficiary if he / she does not have an ICICI Bank account?
Power Transfer 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 many locations in India
How quickly will the DD / PO reach the beneficiary?
If your beneficiary is at an ICICI Bank branch location or any place where courier is possible, the DD / PO will reach him / her in one-three working days from the date we receive credit in our Nostro account. In other locations, the DD/ PO will be sent by registered post.
For what purposes can I remit money to India?
You can remit money to India for the following purposes:
- To credit your (the remitter) own NRO / NRE savings account, NRE and NRO fixed deposits
- To credit your beneficiary's savings account
- To support your family
- To make investments as well as payments
- Funds can also be remitted to open a fresh FCNR deposit with ICICI Bank, which is maintained in foreign currencies like the US dollar or the euro
What are the charges for Power Transfer (Web Based Wire Transfer)?
Nominal charges levied as below:
Remittance Service charge: A nominal charge of HKD 20 (inclusive of service tax @ 15%) for amounts of HKD 8000 or below for electronic credits into bank accounts (over 100 key banks in India), and for issuing Demand drafts to over 700 locations. No Remittance service charge applicable for higher amounts.
Please note that your local bank may charge you for the wire transfer.
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.
Important - you will have to pay your local bank charges, if any.
How long will it take for credit to a resident Visa Debit Card account?
For credit to a resident Visa Debit Card account it takes 1 additional working day for us to send the funds for credit. The card-issuing bank typically processes these fund transfer requests in 3 working days
**Please note: Visa Money Transfer cannot be used to transfer money to VISA cards linked to NRE Account and Visa Credit card account.