Power Fixed Rupee UK FAQs

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 within 2 working days. 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 much time does it take for the money to reach the beneficiary?


Please note that for a Fixed Rupee transfer request, the confirmed rate is applicable only if the exact foreign currency amount is available to ICICI Bank Limited, India for processing on or before the Validity Date with complete and correct details. In case we do not receive the funds within the Validity Date, your request will be processed as a regular request and the rate as 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 received after the Validity Date

 

Once you initiate the fund transfer and the funds are available to ICICI Bank in India within the validity date with complete and correct details, further processing is carried out and disbursed within 2 working days.

 

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.

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


Remittance Service charge: A nominal GBP 2 (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.

 

Please note that your local bank may charge you for the wire transfer. You will have to pay your local bank charges, if any.

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


You can send upto INR 4,00,000 000 per day and upto INR 10,000,000 per week using this facility. For Demand Draft delivery mode, limit is INR 120,000 per day and INR 600,000 per week.

For transfers into resident Visa Debit Card account s (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.

 

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.

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.

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 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.

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 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.