Frequently Asked Questions (FAQ's)

What is NetExpress(Internet transfers)?
What are the benefits of NetExpress(Internet transfers)?
Is it necessary for the beneficiary or me to have an account with ICICI Bank?
How soon will a beneficiary with an ICICI Bank account receive the money?
How will a beneficiary who does not have an ICICI Bank account receive the money?
How soon will the beneficiary get the DD?
How much time will it take to credit a non-ICICI Bank account?
For what purposes can I send money to India?
What are the charges for NetExpress(Internet transfers)?
How much money can I send through NetExpress(Internet transfers)?
Do I need to enter a new Tracking Number on my Internet banking account for every new transfer?
What if my online banking account does not have a ‘Remarks’ or ‘Message to Recipient’ field?
How long does it take to credit my beneficiary's Visa card account?








What is NetExpress(Internet transfers)?
NetExpress is a completely online money transfer facility for remitters in Australia.

Remitters having Internet Banking facility for their checking accounts with banks in Australia can use NetExpress. Please note that only customers of banks offering the following will be able to use this facility:
• Online third-party funds transfers/payments on their Internet Banking website and,
• A "Remarks" or "Message to Recipient" field while making the online third-party transfer, to enter the Tracking Number generated on Money2India.
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What are the benefits of NetExpress(Internet transfers)?

• Funds reach India as fast as one working day after your cheque reaches the PO Box.
• Money can be sent from any bank
• You don't need to visit the bank
• You can track your remittances online
• Regular status updates through e-mail
• The money can be transferred directly to ICICI Bank accounts in over 1300 branches across India
• Faster and more convenient than the traditional method of sending a cheque to India
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Is it necessary for the beneficiary or me to have an account with ICICI Bank?

No.
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How soon will a beneficiary with an ICICI Bank account receive the money?

It will typically take 3 working days to credit an ICICI Bank account.
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How will a beneficiary who does not have an ICICI Bank account receive the money?

NetExpress(Internet transfers) 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 over 2500 locations in India. Funds transferred can also be collected in cash from any of the select ICICI Bank branches in India.
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How soon will the beneficiary get the DD?

The DD will be sent to the beneficiary by courier or registered post. A courier dispatch will take 2-3 days, while registered post will take 8-10 days. You can log on to the Money2India site and track the status of your remittance.
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How much time will it take to credit a non-ICICI Bank account?

Non-ICICI Banks accounts will be credited typically within 2 working days after the money is sent to the beneficiary's bank.
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For what purposes can I send money to India?

There are many reasons why you may want to send money to India:

• To credit your NRO/NRE savings account, NRE/NRO fixed deposits and FCNR deposits
• To credit beneficiary's savings account
• To support your family
• To give gifts
• To make investments and payments
• To make donations
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What are the charges for NetExpress(Internet transfers)?

Nominal charges levied as below:

Remittance Service charge: A nominal AUD 5 (inclusive of service tax @10.3%charge for amounts of AUD 1500 or below for electronic credits into bank accounts (over 100 key banks in India), for credit to VISA card accounts and for issuing Demand drafts to over 2500 locations. No Remittance service charge applicable for higher amounts.

Ready cash payouts at select ICICI Bank branches in India for a charge of AUD 8 (inclusive of service tax @ 10.3%)

Foreign currency conversion charge: A nominal charge of INR 25 (inclusive of service tax) will be levied on every remittance request where foreign currency conversion* is carried out on or after May 16, 2008. This charge would be deducted from the amount to be paid to the beneficiary.

*The INR 25 (inclusive of service tax) charge will be levied for disbursements in INR. 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.
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How much money can I send through NetExpress(Internet transfers)?

• Minimum amount:
The minimum amount you can send is AUD 100.
• Maximum amount:
There is no upper limit for electronic credit to both ICICI Bank and non-ICICI Bank accounts. However, for Demand Drafts, the maximum amount that can be sent is AUD 5000 and for Ready Cash, the maximum limit is AUD 1000.
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Do I need to enter a new Tracking Number on my Internet banking account for every new transfer?

Yes. Even if you are sending money to the same beneficiary again, you must make a fresh request on <Error! Hyperlink reference not valid>.and enter the new Tracking Number in your Internet Banking account.
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What if my online banking account does not have a ‘Remarks’ or ‘Message to Recipient’ field?

In that case you should send the following details by e-mail from the e-mail ID that you used to register with Money2India:

• Overseas Bank Account Number
• Overseas Bank Sort Code
• Date when Overseas Account was debited
• Amount that was debited
• M2N Tracking Number
• Beneficiary Name
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How long does it take to credit my beneficiary's Visa card account?

The card-issuing bank typically processes the credit requests to a Visa card account* within 3 working days. In case there is a delay in credit to your beneficiary's Visa card beyond 3 working days, please write to us through Email Us at www.icicibank.com with the subject line as "Delay in Visa card credit". Mention the details of the transaction along with the Tracking Number to enable us assist you further.

*Please note: Visa Money Transfer cannot be used to transfer money to VISA cards linked to NRE Account.