Power Transfer 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
  • 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 24 working hours.
  • 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

What is a Validity Date?


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.

Who can remit money through Power Transfer (Web Based Wire Transfer)?


Power Transfer (Web Based Wire Transfer) is open to all. However, you must be a registered user of Money2India to use Power Transfer (Web Based Wire Transfer).

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.

For a regular Power Transfer:
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.

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 24 working hours.
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.

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.

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

In which currencies can I remit money to India and in which currencies can my beneficiary receive the payment?


Currently, you can remit money in 9 currencies (AED, AUD, CAD, CHF, GBP, HKD, SEK, SGD, USD). However, payments to your beneficiary in India will be made only in Indian rupees

For Fixed rupee transfers:
You can avail Fixed Rupee transfer facility on Power Transfer in 2 currencies (SEK and CHF)

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.

Where in India can money be remitted?


You can remit money to more than 2500 locations across India through ICICI Bank's Money2India facility. However, the Web remittance tracking facility is available only for some specified locations

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:

For Regular Power Transfer:
Remittance Service charge:
A nominal charge of USD 2 (inclusive of service tax @14%) for amounts of USD 1000 or below for electronic credits into bank accounts (over 100 key banks in India), for credit to VISA cards and for issuing Demand drafts to over 700 locations. No Remittance service charge applicable for higher amounts.

For Fixed Rupee transfers:
Remittance Service charge: A nominal charge of SEK 20 / CHF 4 (Inclusive of service tax @ 14%) compared to the hefty charges incurred on international wire transfers or while sending money through money transfer agents.

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.

Is there any limit on the amount I can remit through this facility?


For CHF, EURO, HKD, SEK
Minimum amount: 100 USD or equivalent
Maximum amount: No limit.

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

How long will it take for credit to a resident Visa Debit Card account?


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

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 som


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.
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 Power 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 rates at transaction initiation 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.

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?


No, currently standing instructions/future dated/recurring transaction requests cannot be put for a Fixed Rupee Power Transfer transaction. Every time you need to send a fixed Rupee amount to your receiver in India, you need to initiate a new transaction on Money2India 

 

Can I cancel an initiated Fixed Rupee transfer request?


In case you do not wish to send funds for the Fixed Rupee transfer request initiated by you, simply do not initiate an internet banking funds transfer from your remitting bank. You can also send an email to nri@icicibank.com informing the same and mentioning your Fixed Rupee transfer unique tracking ID starting with M2X followed by 8 digits. You need to write a mail from your money2India registered email ID only.