Insta NetExpress FAQs

What is Insta NetExpress transfer?


Insta NetExpress offers instant fund transfer to your receiver in India at locked in exchange rates.Using this completely online facility, you can send money to India instantly 24x7,365 days,to any bank in India by debiting your local bank account in UK.

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 HDFC Bank, Andhra Bank, Canara Bank,Bank of Baroda, Union Bank of India etc.

When Money will be credited to My receiver account?


 

Beneficiary account Time taken
ICICI Bank Instantly,24x7,365 days a year,including Bank holidays
Non ICICI Bank 2 hours during Indian banking hours

Instant fund disbursement in your receiver account is subject to:


The local bank account from which you choose to send the funds should be your bank account maintained for personal banking purposes only, and should have the same account name as registered on Money2India else your transaction may get rejected.

Why I am not able to add/use my local bank account for Insta NetExpress?


Only if your bank is compatible with our third party payment gateway service provider, it can be used for making money transfers using Insta Net Express service.

You can still use Net Express service to transfer funds using your account.

Why should I use this facility?


This facility offers you the following unmatched benefits:

  • Instant fund transfer to any ICICI Bank account in India.
  • Transfer funds to any account with any bank in India. For other banks, funds shall be received by the recipient within 2 hours, during Indian banking hours.Bank processing hours in India are generally: Monday -Saturday 9.AM -5 PM (IST) Timelines excluded bank holidays in India
  • Get locked-in exchange rates – Irrespective of Exchange Rate volatility; your money will be converted at the rates confirmed to you at the time of transaction.
  • Simple & online process – Complete your transaction in a single session and completely online. No need to separately visit your bank website..

 

Are there any charges for sending money through Insta NetExpress facility?


There are no charges on transferring 50000 INR or more. However a nominal charge of GBP 2 will be charged for amounts less than 50000 INR.

 

Also, there are NO additional charges for using third party payment gateway for online fund transfer to our foreign currency account in the UK.

 

Note - 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.

How do I use Insta Net Express?


You can transfer money via Insta Net Express in 3 easy steps:

  1. Log in to your registered account with www.money2india.com and initiate a transfer request through the new 'Insta Net Express' transfers.
  2. Select any of your registered local bank account and receiver account. Fill in the amount to be transferred, purpose of transfer and submit the information. You can also add a new account/new receiver by visiting My Account section once you have logged in.
  3. Instantly you would be redirected in a safe and secure way to our third party payment gateway. Enter the User ID and password of the bank account selected by you from where you want to make the fund transfer. Authenticate the fund transfer. As soon as you complete fund transfer in our bank account in UK; we shall receive a communication from payment gateway.

 

Once we receive success confirmation from the payment gateway; we will disburse the funds to your receiver account in India immediately.

What if my online fund transfer is not successful through Payment Gateway?


In case of online fund transfer through payment Gateway is not successful; your transaction will be canceled and funds will not be debited from your local bank account. In case you are not able to complete online fund transfer then kindly use the Net Express mode.

 

Kindly do not fund Insta NetExpress request by manual fund transfer in our account using your netbanking (other than Sofort Payment Gateway) as the same will be rejected.

What if I do not receive any instant confirmation on status of my transaction?


If due to some technical issues we are unable to confirm the status of your online transfer from payment gateway then; your transaction will be put on hold and will be processed within 1 working day. In case we receive the funds from your local bank account, we shall process the transaction else your request will be canceled. You will be notified of any status change over email communication. You can also check the status of your transaction using “Track Transfer” option from your Money2India Home page.

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


 Total Transaction Volume
Daily INR 4,00,000
Weekly INR 4,00,000

 

 

Please make sure; your transaction value is equal or less than the permissible limits of online fund transfer of your local bank account in the UK.Click here to know the permissible limts for sending money to India from UK.

 

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. Most probably bank wide limits are cleared on 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.

What happens in case the money is not credited in my beneficiary's account or returned by beneficiary bank?


In case your beneficiary's account is not credited, the funds will be returned to your account without any undue delay. Money2India does not levy any fees for the return of funds. The money will be returned to your account as per then prevalent exchange rates, but not exceeding the original transfer amount.

How do Money2India ensures security of transaction and the data?


Insta Net Express transfers use the services of our third party payment services provider Sofortüberweisung to process your transfer request.

 

After you initiate a transfer, your details will be routed to the payment gateway servive provider via a 128-bit Secure Socket Layer (SSL) connection & you would be redirected to Sofortüberweisung to process the transfer request. Sensitive information like login Id and password are not stored anywhere during the process.

Do I have to use my own account to make transfers via Insta Net Express?


Yes, to avoid your transaction from getting rejected, you will have to use only an account registered in your name to transfer money.

If I transfer money on a weekend will I get an assured rate? And will the money be transferred instantly?


Yes. You will get confirmed rates and instant transfers any time of the day, any day of the week including holidays.

Can I cancel the request placed for Insta NetExpress on Money2India?


No; you can not cancel the request once initiated. Neither ICICI Bank will be able to stop the payment once transaction is initiated.

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. M2I10643453), 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.

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


This may be the case, when the receiver ICICI Bank account details are invalid or the remitter's account name is not matching with registered name on Money2India. Use the Track Transfer facility on your Money2India Home page to track the status of your remittance.

 

Alternatively, you can also Email Us from your Money2India registered email id at nri@icicibank.com, providing your Money2India unique tracking number (e.g. M2I00012345) along with details of your query, for a resolution.

I am unable to place a Fixed Rupee transfer request. While attempting to place the request, I am getting an 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, 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 are requested totry again in 2-3 hours.

 

However if you are getting this message after the closing of the India forex markets, then you will be able to 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.

Where can I check the exchange rate offered for Insta Net Express transaction?


ICICI Bank Money2India offers you very competitive exchange rates for your transfers. You can check the 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). Locked-in exchage rates will be also be displayed while initiating the transaction request on Money2India.

 

For your previous transactions; you can check details on 'Track Transfer' page in logged in section.