Damon Mcknight
ICICI Bank is one of India's leading banks, offering international money transfer solutions to and from the country. The bank provides both online and offline money transfer options, including Wire Transfer, ICICI Receive Funds, Money2India, and Money2World. ICICI Bank's services are available to both account holders and non-account holders, with varying transfer limits and charges depending on the method chosen. The bank's website is designed for a simple, fast, and personalized banking experience, allowing users to transfer money to any bank account in India securely and cost-effectively.
| Characteristics | Values |
|---|---|
| Transfer methods | Wire transfer, online transfer, ICICI Receive Funds, ICICI Money2India, Money2World |
| Transfer time | Within 1-2 working days for wire transfers; within 24 working hours for beneficiary transfers; some transactions can take days or more if intermediary banks are involved |
| Currencies | AED, AUD, CAD, CHF, SGD, JPY, USD, NOK, NZD, QAR, DKK, EUR, GBP, HKD, ZAR, SAR, SEK, OMR, PLN, THB, BHD, KWD, BGN, BWP, CNY, CZK, GHS, HRK, HUF, ILS, KES, LKR, MAD, MXN, RUB |
| Charges | ICICI Bank does not charge for wire transfers, but there may be a Service Tax on Foreign Currency Conversion and charges from the remitting/correspondent bank. Tax Collected at Source (TCS) is levied on transfers under the Liberalised Remittance Scheme (LRS). |
| Transfer limits | Up to USD 75,000 per transaction and USD 250,000 per financial year for resident savings account holders; no limit for outward remittances from NRE accounts; USD 1,000,000 limit for NRO accounts in a financial year |
| Purpose of transfer | As per FEMA guidelines, each remittance must be accompanied by a purpose, e.g. gifts, donations, etc. RBI prohibits inward remittances for speculative or illegal activities. |
| Receiving limits | Under MTSS, beneficiaries can receive up to ₹50,000 per transaction as cash payments. Amounts beyond this limit must be paid through cheque, demand draft, or directly into the beneficiary's bank account. |
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What You'll Learn
ICICI Bank's online money transfer service
ICICI Bank offers a range of online money transfer services for its customers. These services are designed to provide a simple, fast, and personalised banking experience.
One of the key services offered by ICICI Bank is Money2India, which allows users to send money online to any bank account in India from various countries, including the USA, the UAE, Singapore, and Europe. Money2India is known for its security, reliability, efficiency, and cost-effectiveness, with zero transfer fees on transfers above USD 1,000. The service also offers instant transfers at exceptional exchange rates, providing peace of mind with every transaction.
ICICI Receive Funds is another online money transfer service offered by the bank. This service is ideal for individuals like students, salaried employees, housewives, and property owners who receive rental income. It is a person-to-person transfer service and cannot be used for commercial purposes. Once a payer is registered through ICICI Receive Funds, the recipient can request funds online at any time, and the money will be credited to their account without any additional action from the sender.
ICICI Bank also provides the Money2World service, which allows users to send money from India to other countries. This service is available to both resident and non-resident Indian ICICI Bank account holders and does not require the user to have a savings bank account with the bank. To use Money2World, users need to complete the registration process by submitting KYC documents for identification and address proof at the nearest ICICI Bank branch. With Money2World, users can send funds internationally from India in 16 currencies.
Additionally, ICICI Bank offers a Smart Wire Transfer service for online and offline money transfers. This service allows users to send money to any ICICI Bank or non-ICICI Bank account in India within 1-2 working days. To ensure a smooth and timely transaction, users should provide their name, overseas bank account number, email ID, overseas address, contact number, and purpose of remittance in the wire transfer message sent by their local bank. ICICI Bank does not charge any fees for wire transfers, except for the Service Tax on Foreign Currency Conversion.
Overall, ICICI Bank provides a range of online money transfer services that cater to the diverse needs of its customers, offering convenience, security, and cost-effectiveness when transferring money to and from India.
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Wire transfers
ICICI Bank offers a range of options for transferring money from Australia to India. One of the options is to use a wire transfer, which is an offline mode of sending money. This service is available in 40 currencies and can be used to transfer funds from your local bank account in Australia to your ICICI Bank account in India.
To initiate a wire transfer, you need to provide your local bank in Australia with the necessary instructions. This includes specifying the amount you wish to transfer and providing the following information:
- Your name
- Your overseas bank account number
- Your email address
- Your overseas address and contact number
- The purpose of the remittance
Once you have provided these instructions to your local bank, the money will typically be credited to the recipient's ICICI Bank or Non-ICICI Bank account in India within 1 to 2 working days. It is important to note that ICICI Bank does not charge any fees for incoming wire transfers. However, the remitting bank or correspondent bank may levy charges for their services.
ICICI Bank also offers online money transfer services such as Money2India, which is available to account holders of any bank. This service allows for secure and cost-effective transfers from Australia to any bank account in India. Additionally, ICICI Bank provides a Smart Wire transfer service, which offers a convenient online solution for initiating wire transfers.
It is recommended to explore the various options provided by ICICI Bank and compare their fees, charges, and transfer times to find the most suitable method for your specific needs when transferring money from Australia to India.
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ICICI Receive Funds
ICICI bank provides fund transfer services for its resident individual customers. ICICI Receive Funds is a person-to-person transfer service and cannot be used for commercial purposes. This feature is ideal for students away from home, salaried employees with non-ICICI bank accounts, housewives, and property owners who receive rental income from tenants.
To use ICICI Receive Funds, the payer must first register online or offline and submit a 'Debit Mandate' form. After the payer's bank has accepted the application, the money will be automatically debited from the sender's account and credited to the recipient on the requested date. As the transfer of money has been pre-approved, the transfer happens at the click of a button.
ICICI also offers the Money2India platform, which is a cost-effective and secure online money transfer service. It allows users to transfer money from the UK, Canada, Australia, Singapore, the UAE, and other countries to any bank account in India. ICICI Bank does not charge anything for wire transfers except for the Service Tax on Foreign Currency Conversion.
ICICI Bank customers can also use Immediate Payment Services (IMPS) to send and receive money at any time of the day, on every day of the year. IMPS is a quick, easy, and convenient instant money transfer system.
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ICICI Money2India
To use ICICI Money2India, you can follow these steps:
- Visit the ICICI Bank website or mobile application and register for the Money2India service.
- Provide your personal and bank account details, including your name, overseas bank account number, email address, overseas address, contact number, and purpose of remittance.
- Initiate the transfer by entering the amount you wish to send and the recipient's bank account details in India.
- Authorise the transaction and make the payment using your preferred payment method.
It's important to note that while ICICI Bank does not charge fees for wire transfers, there may be charges levied by the remitting bank or correspondent bank involved in the transfer process. Additionally, applicable taxes, such as the Goods and Service Tax (GST), will be applied to the transferred amount as per Indian government regulations.
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ICICI Money2World
ICICI Bank offers a simple, fast, and personalised banking experience with its Money2World service. This service allows ICICI Bank account holders to transfer money online from India to any bank account around the world. Money2World is available 24/7 and can be accessed via ICICI Bank Internet Banking or the iMobile Pay app.
To initiate an online money transfer using Money2World, simply follow these steps:
- Log in to your ICICI Bank Internet Banking or iMobile app account.
- Select 'Make international transfers' > 'Overseas Transfer' > 'Send Money Now'. This will open a new page for Money2World.
- Enter the relevant details, including the country, currency, and amount to be transferred. Also, specify the purpose of the remittance, such as 'Studies Abroad', and the reason, such as 'Payment to School/College/University'.
- Enter the student's name (mandatory) and student ID (optional).
- Click on 'Add New Receiver' and select the receiver category as 'Educational Institutions'.
- Choose the specific educational institution from the drop-down list, and the account number will be auto-populated.
- Verify the details provided by the receiver and authenticate with the One-Time Password (OTP) sent to your registered mobile number.
If the intended receiver is not listed, you can manually add their details. Additionally, NRIs can remit up to USD 1 million per financial year from their ICICI Bank NRO Account. Transfers from ICICI Bank NRE Accounts have no upper transaction limit.
ICICI Bank also offers the option of sending money through a Wire Transfer. This service is available in 40 currencies and allows you to transfer funds from your local bank account to your ICICI Bank Account. The money can then be credited to any ICICI Bank or non-ICICI Bank account in India within 1-2 working days. ICICI Bank does not charge any fees for Wire Transfers, except for the Service Tax on Foreign Currency Conversion.
With its Money2World and Wire Transfer services, ICICI Bank provides convenient and efficient ways to transfer money from Australia to India.
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Frequently asked questions
ICICI Bank provides a few options for transferring money from Australia to India. You can use their online money transfer service, Money2India, which is available to account holders of all banks. You can also use their Smart Wire transfer service, which allows you to initiate the request online and submit relevant documentation, lock in exchange rates, and track the transaction status. Additionally, you can visit any overseas bank branch to initiate a wire transfer.
ICICI Bank does not charge any fees for wire transfers, except for the Service Tax on Foreign Currency Conversion. However, the remitting bank or correspondent bank may levy charges for the wire transfer, and there may be additional taxes or charges depending on the purpose of the remittance.
According to ICICI Bank, the amount transferred will be credited to the beneficiary account within 24 working hours of ICICI Bank receiving the funds in its account with the correspondent bank. However, in some cases, transfers can take up to a few days or more if intermediary banks are involved.
There doesn't seem to be any information on ICICI's website regarding transfer limits for Australia specifically. However, for NRIs, the limit for fund transfer abroad for ICICI Bank's resident savings account holders is up to USD 75,000 per transaction and USD 250,000 per financial year.
When initiating a wire transfer, you will need to provide your name, overseas bank account number, email ID, overseas address/contact number, and the purpose of the remittance. Additionally, you may need to provide documentation for identification and address proof, such as a valid Indian mobile number, PAN number, and address proof.
