- Avail Fixed Rupee transfer: (Available in SEK and CHF currencies only)
- Confirmed exchange rates as applicable at the time of transaction, on sending the funds within the Rupee Transfer Validity Date.
- Exact rupee amount transfer to your receiver in India.
- Fast money transfers – it takes just about 48–72 hours.
- Error–free – manual intervention is minimal.
- No limit on the amount that can be remitted.
- Flexible – you can remit in 9 currencies.
- No need for either you or your beneficiary to have an account with ICICI Bank.
- Range of easy money transfer options.
- Electronic transfers into any ICICI Bank account with over 2,500 branches in India
- Electronic transfers into accounts with over 75,000 bank branches of over 100 banks in India
- Electronic transfers into any ICICI Bank Remittance card account in India
- Electronic transfers into any resident Visa Debit Card account** issued in India
- Demand Draft payable at many locations in India
- Online tracking of the status of your funds.
- Competitive exchange rates.
Power Transfer (Wire–based)
What is Power Transfer (Wire-based)?
- This is ICICI Bank's online wire transfer channel–you can transfer money to India in as less as 48 hours.
- Errors associated with a normal wire transfer are minimized with Power Transfer's unique tracking number that enables you to keep track of your remittance.
- You can also send fixed rupee amounts for your fixed expenses in India. (Fixed Rupee transfer facility is available in SEK and CHF currencies only.)
Remittance service charge:
- For Regular Power transfers: SEK 20 / CHF 4 (Inclusive of service tax @ 14%) for amounts of SEK 8000 / CHF 1500 or below. No charge for larger 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.
- 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 does it work?
- Login with your Money2India login id. (New users register here).
- Select Power Transfer (Web Based Wire Transfer) as transfer mode under Home page or under 'Transfer Money' tab on the home Page
- Select your bank account or choose 'Add New Account' to enter new bank account details.
- Select your existing receiver or choose 'Add New Receiver' to enter receiver details in the case of a new receiver -- i.e., name, address, bank account number.
- You have 2 options for placing the transaction amount request. One is where you specify in foreign currency with an indicative exchange rate displayed and other is the Fixed Rupee transfer facility where you are confirmed the exchange rate for the transfer.
To avail regular Power Transfer, specify transaction amount in USD for indicative exchange rates, kindly note that the rates mentioned are indicative. Actual exchange rate applied will be as prevailing on the date and time of conversion of your money.
To avail Fixed Rupee transfer facility Specify transaction amount in INR for fixed Rupee rate, you will be provided a confirmed exchange rate at the time of transaction initiation, on selecting the Fixed Rupee Transfer option.
- Select the purpose of remittance and select 'Next'.
- Once the details are verified, you will get a form on your screen that has a tracking number and details of the remittance instructions to your bank
- Take a printout of the "Wire Transfer" form and give it to your local bank for execution, along with the required funds. Keep the customer copy for your reference
- The local bank will then wire-transfer the money to ICICI Bank through its correspondent bank (List of Correspondent Banks for Web Based Wire transfer). You can remit the amount to ICICI Bank's account through any bank of your choice.
- If the beneficiary has an ICICI Bank Account or a bank account with any of the ban ks that are networked or has a resident Visa Debit card account, the money is directly credited to his/her account. Else the money is sent as a Demand Draft to the beneficiary.
- You get automatic e-mail updates on the status of your remittance. You can also track the same online through your unique tracking number through “Track transfer” facility.
- The remittance amount has to be transferred to ICICI Bank's account (with its correspondent banks). You can remit the amount to ICICI Bank’s account through any bank of your choice
Important: Please note that Fixed Rupee Transfer request and the confirmed rate is applicable only if your funds are available to ICICI bank Limited, India, for processing, on or before the validity date with complete and correct details. In case the funds are not available 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 available to ICICI Bank after the Validity Date.
Once the clear USD funds are available to ICICI Bank Limited, India for processing, on or before the validity date provided, with complete and correct details, ICICI Bank will convert the funds into INR at the exchange rate specified for the Fixed Rupee Transfer transaction initiated and disburse the specified rupee amount (as requested by you at transaction request initiation) to your receiver in India.