- Send money from 19 banks from Singapore, click here for the list of banks
- Transfer time: 24 hours (Transfer in 24 hours of receipt of funds to ICICI Bank Account. Timelines exclude Saturdays, Sundays and Public Holidays in either of the country.)
- Competitive exchange rates
- Transfer to ICICI Bank/ Non ICICI Bank account across India
- Demand Draft payable at various locations in India.
NetExpress Online Money Transfer Service
What is NetExpress?
- NetExpress (NetBanking Transfers) is a completely online money transfer service to India that enables you to transfer money using your local internet banking account in Singapore.
- Neither you nor your beneficiary needs to have an account with ICICI Bank.
- All you require is a simple one-time registration process to set you off.
- You can also send fixed rupee amounts for your fixed expenses in India.
Remittance service charge:
- No SGD charge irrespective of the amount of transaction
- 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?
- You need to do a one-time registration on Money2India to send money to India from Singapore
- Post registration or if you are an existing user, follow the steps below
Money2India request initiation:
- Login with your Money2India User ID and click on NetExpress (NetBanking Transfers).
- Select your existing bank account from your list or select 'Add new account' to add a new bank account.
- Select an existing receiver (beneficiary) from your list or select 'Add New Receiver' to add a new beneficiary.
- You have 2 options for placing the transaction amount request:
- Get indicative rate: Specify transaction amount in SGD 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.
- Get confirmed rate: Know more Specify transaction amount in INR for confirmed exchange rates where you get a confirmed exchange rate
- Select your purpose of remittance from the given options
- Review the details you have entered. Click confirm to proceed.
- Click on 'Initiate Transfer' link that will provide you with a unique Tracking Number (e.g. M2N12345678)
Your transfer request has been submitted and you will now need to fund your money transfer.
Funding the money transfer request:
- Login to the Internet Banking application of the sender bank
- Initiate a money transfer to our bank account with the following details:
Transfer mode ‘FAST’ Sender account number <Your local bank account number> Transfer amount <As per mentioned in the funding PDF> Recipient Name <Receiver’s name> Recipient Bank OCBC Recipient Bank Clearing/ Sort Code OCBCSGSG Recipient Account Number 501468664001 Purpose of Payment Money2India Tracking no. M2NXXXXXXXX
Tracking the money transfer request
After completing the transfer request, you can use the Track Transfer facility to check the status of your transaction.