Express e transfer FAQs

What is Money2India Express e-Transfer facility?


Express e-Transfer is an enhanced version of the regular e-Transfer product on Money2India only for select set of customers.

It's a powerful service where your transfer requests will be processed instantly compared to 5 working days in regular e-Transfer product. Your receiver holding ICICI Bank account will receive funds within 1 hour from request initiation.This service is available 24X7, 365 days. For transactions for which beneficiary account is held with Non ICICI Bank it may take 2 hours during Indian banking hours.Bank processing hours in India are generally: Monday – Saturday: 9 AM - 5 PM (IST). Timelines exclude bank holidays in India.

Please note that this service is only offered to select Money2India e-Transfer users based on an eligibility criterion that are set as per internal policies. This implies that the Money2IIndia User ID, e-Transfer enabled bank account(s), ICICI Bank receiver(s) are selected for this service basis the eligibility criterion.

Why should I use this facility?


This facility offers you the following unmatched benefits:

  • Faster Processing time – Your receiver holding ICICI Bank account will receive funds within 1 hour from request initiation.This service is available 24X7, 365 days. For transactions for which beneficiary account is held with Non ICICI Bank it may take 2- hours during Indian banking hours.Bank processing hours in India are generally: Monday – Saturday: 9 AM - 5 PM (IST). Timelines exclude bank holidays in India.
  • Completely online process - allows you to transfer funds at your convenience from anytime, anyplace.
  • Initiate money transfer using Money2India website or Mobile apps (supported on Android/iOS phones)
  • Compare with Regular e-Transfer
  • Say good-bye to exchange rate volatility with Fixed Rupee transfers - Get confirmed exchange rates at request initiation
  • Send the exact amount to meet your fixed rupee payment needs in India
  • Enjoy the Express transfer benefits on your existing ACH account on Money2India
  • Benefit from lower exchange rate volatility risk with faster transfer times
  • Set-up post dated/ recurring requests for your regular transfer needs
  • Online tracking facility on status of funds
  • Email/ SMS alerts on money transfers to your receivers
  • All this at a nominal remittance service charge of USD 2#
  • Nominal charge compared to the higher charges levied by Money Transfer operators for comparable transfer times

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 State Bank of India (SBI), HDFC Bank, Axis Bank, Bank of Baroda, Punjab National Bank, Yes Bank etc.

Are there any charges for sending money through Express e-Transfer facility?


Remittance Service charge: A nominal USD 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 for the same TAT.

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.

When Money will be credited to My receiver's account?


Amount will be transferred within 1 hour from request initiation to receiver holding ICICI Bank account.This service is available 24X7, 365 days. For transactions for which beneficiary account is held with Non ICICI Bank it may take 2 hours during Indian banking hours. Bank processing hours in India are generally: Monday – Saturday: 9 AM - 5 PM (IST). Timelines exclude bank holidays in India. Timelines exclude bank holidays in India.

When is the money transferred from my local bank account in USA?


The money would be typically transferred from your bank account in US within 24 hours from the request initiation date.

Any holidays (Saturday, Sunday and any public holiday in US) have to be excluded while calculating the working days.

For all transactions initiated via this mode, we request you to keep your corresponding bank account in US sufficiently funded so that no returns/ rejects are received for the money transfer from your local bank in US.

In the event of a reject received from your local bank, we will be disabling your e-Transfer enabled bank account on Money2India as well as the Express e-Transfer service from your Money2India Login ID. Please note that any regular e-Transfer transaction that you have initiated from the same e-Transfer account will also be rejected.

Please click here to read the Terms and Conditions for using Express e-Transfer Service.

How will you get your Express e-Transfer Service Guarantee benefit?


Where we are unable to meet the Service Guarantee, subject to the Important Terms of Service Guarantee as specified above, we will credit your receiver account (for the corresponding Express e-Transfer request) with the equivalent rupee amount arrived at by converting the USD 2 Remittance service charge, at the exchange rate (card rate) applied to the transfer.

The Service Guarantee benefit, where applicable, will be credited to your receiver account within 7 working days of the Express e-Transfer request date. We will send you a confirmation email to your registered email ID confirming the same.

* Click here for the Important Terms and Dates for the Service Guarantee, effective between February 29,2016 to April 30,2016.

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


 Total Transaction Volume
Daily *INR 300000- INR 6,50,000
Monthly *INR 450000-INR 1950000

Please note that these limits vary based on eligibility criterion that are set as per internal policies.

 

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. 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.

 

*For users registered with Money2India services after March 01,2016 , the daily/weekly transaction limit shall be INR 3,00,000 and monthly 4,50,000 INR. ICICI Bank may increase these limits as per internal confidential guidelines and the user will be informed of the revision by email.

Why I am not able to find Express e-Transfer in my logged in section?


Express e-Transfer is only offered to select Money2India e-Transfer users based on an eligibility criterion that are set as per internal policies. This implies that the Money2IIndia User ID, e-Transfer enabled bank account(s), receiver(s) are selected for this service basis the eligibility criterion.

Does Express e-Transfer allow me to send money to India on a regular monthly basis?


You can use Express e-Transfer to set-up a recurring money transfer request to take care of your regular money transfers. You have the convenience of sending money at a regular frequency as desired by you.

For example, if you want to send money to your family on 1st of every month, you can setup this feature on Express e-Transfer as a one-time activity. On the 1st of every month, the remittance request will automatically be initiated and the funds would be credited to the receiver's ICICI Bank account within 1 working day. Your ACH Bank account in USA will be debited accordingly. We request you to keep your ACH account sufficiently funded so that no rejects are received for the remittance from your local bank.

You also have the facility of deleting the regular money transfer request setup by you, in case you want to cancel a transaction that you have initiated, use the Cancel Transaction facility available through the Track Transfer tab and cancel the request. This can be done only till the request is in the 'Request received' status.

Please note that to set a scheduled transfer, please ensure that your scheduled transaction start date is at least 5 calendar days after you set the scheduled transfer request on Money2India.

For transactions scheduled for future, please note that the Fixed Rupee transfer rate as applicable at the time of scheduled request initiation date i.e. the request date as specified by you, will be automatically applied and the corresponding USD amount will be posted as an ACH debit into your local bank account in US.

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. M2E10643453), 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.

Can I cancel an Express e-Transfer request once initiated?


In case you want to cancel a transaction that you have initiated, use the Cancel Transaction facility available through the Track Transfer tab and cancel the request. You can cancel your Express e-Transfer request within 30 minutes from request raised time and till your transaction is in “Request received” status. Once the status of your transaction changes to “Transaction in Process”, you will not be able to cancel this transaction.

Money is not transferred within mentioned transfer time to my receiver’s A/c. What should I do?


This may be the case, wherein your transaction is held due to invalid receiver details or internal due diligence which is conducted before processing your Money2India transaction. Use the Track Transfer facility under your 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. M2E00012345) and Money2India Login ID along with details of your query, for a resolution

Can I add another ACH account / Receiver under the Express e-Transfer facility?


Based on an eligibility criterion for usage of this service, only selected ACH account(s) as well as receiver bank account(s) will be displayed for transaction using the Express e-Transfer service.

You will not be able to enable any receiver or ACH account at your end. In case you have been regularly sending money using e-Transfer to a particular ICICI Bank receiver or using an alternate ACH account and would like to enable the receiver / ACH account for the Express e-Transfer service, please E mail us from your Money2india registered email Id providing your Money2India Login ID along with ACH Account details i.e. last four digits of the ACH Account Number, ACH Bank Name, ACH Account Type and / or Receiver details i.e. Receiver name and Receiver Account No. at nri@icicibank.com and we will revert to you on whether we can enable the ACH Account and / or receiver for the Express e-Transfer facility.

How do I disable the Express e-Transfer facility from my User Id?


If you wish to disable the Express e-Transfer facility or if you wish to disable any particular ACH account or receiver from the Express e-Transfer facility, please E mail us at nri@icicibank.com from your registered Money2India email Id with the subject line as "Request for disabling Express e-Transfer" providing the necessary details. 

How can the Express e-Transfer facility be withdrawn from my User Id?


In case the ACH Account or receiver account enabled for the Express e-Transfer service go into disabled or deleted status and there are no other ACH account(s) or receiver(s) account in enabled status for the Express facility.
Or
If we receive any rejects on your Express e-Transfer transactions. In such cases, the Express e-Transfer facility will be withdrawn from your User Id. Please note that at any time, ICICI Bank can at its discretion disable your User ID from the Express e-Transfer service.

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.

Where can I check the exchange rate used in Express e-Transfer?


ICICI Bank Money2India offers you very competitive rate for transfers. You can check the currently 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).

Are there any charges for sending money through Express e-Transfer facility?


Remittance Service charge: A nominal USD 2 charge compared to the hefty charges incurred on international wire transfers or while sending money through money transfer agents for the same TAT

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.