ICICI Money2India :: Australia

NetExpress (Internet transfers)

FAQ's

How it works

Frequently Asked Questions

	What is NetExpress (NetBanking Transfers)? Who can use NetExpress (NetBanking Transfers)?
	What are the benefits of NetExpress (NetBanking 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?
	What is a Validity Date for a Rupee Transfer transaction?
	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 (NetBanking Transfers)?
	How much money can I send through NetExpress (NetBanking 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)? Who can use 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. Additionally, 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.

What are the benefits of NetExpress (Internet transfers)?

•	Electronic transfers into any ICICI Bank account with over 2000 branches in India
•	Electronic transfers into accounts with over 100 other banks in India.
•	Electronic transfers into any Visa Debit/ Credit Card* account in India
•	Demand Drafts issued and payable at over 1500 locations in India

Is it necessary for the beneficiary or me to have an account with ICICI Bank?

No. Neither the beneficiary nor the remitter needs to have an account with ICICI Bank to send money through NetExpress (Internet transfers).

How soon will a beneficiary with an ICICI Bank account receive the money?

For a regular NetExpress transaction, it will typically take 3 working days to credit an ICICI Bank account.

For Fixed Rupee Transfers, once you initiate the fund transfer and the funds are available to ICICI Bank in India for processing, within the validity date with complete and correct details, further processing is carried out and disbursed within 24 working hours.

If your beneficiary has an account with ICICI Bank, the money is directly transferred to the account within 1 working day of ICICI Bank receiving the money.

For electronic credit to non-ICICI Bank accounts or credit to a Visa card account or DDs, the money is sent for electronic clearing or a DD issued and dispatched in upto one additional working day.

Please note that the timeline excludes banking holidays and weekends in your country and India. Please click here to view the list of Banking holidays in India.

What is a Validity Date for a Rupee Transfer transaction?

Validity Date is the date when the funds are available to ICICI Bank Limited, India for processing and disbursal to receiver. While initiating the Rupee Transfer request, you will be informed about the validity date of your transaction and you need to ensure that the funds are available to ICICI Bank for processing on or before this validity date.

IMPORTANT: Please note that only if the funds are received in our overseas correspondent bank account on working Day 0 before the cut-off time of clearing overseas, the same is typically available to ICICI Bank Limited, India, for processing on the next working day i.e. Day1. The Validity date refers to the date of availability of funds to ICICI Bank Limited India for processing.

In case the funds are not available to ICICI Bank India for processing within the validity date, your request will be processed as a regular request and the rate 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 Rupee Transfer requests where funds are available to ICICI Bank after the Validity Date.

How will a beneficiary who does not have an ICICI Bank account receive the money?

NetExpress (NetBanking 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 1500 locations in India. Funds transferred can also be collected in cash from any of the select ICICI Bank branches in India.

How soon will the beneficiary get the DD?

The DD is sent to the beneficiary either by courier or registered post depending upon the beneficiary's address. A courier dispatch would take about 2-3 days to reach the beneficiary, while registered post would take about 8-10 days. You can check the complete details using our online "Track your Remittance" facility after logging in to Money2India site. .

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.

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

What are the charges for NetExpress (NetBanking Transfers)?

Nominal charges levied as below:
Remittance Service charge: No Remittance service charge applicable for any amount remitted till August 31, 2010 compared to the hefty charges incurred on international wire transfers or while sending money through money transfer agents.

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 16th 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 currency. 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.

How much money can I send through NetExpress (NetBanking Transfers)?

Regular NetExpress 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 and for Visa Money transfers, the maximum limit is AUD 1200 per transaction.
•	Click here to know the Visa Money Transfer limits for all currencies VMT


Fixed Rupee Transfers:
•	Minimum amount: The minimum amount you can send is AUD 100.
•	Maximum amount: You can send upto INR 2,00,000 per transaction using this facility. For transfers into VISA card accounts (non-NRI) issued in India, limit is INR 50,000 per transaction. For transfers via Ready Cash delivery mode, limit is INR 40,000 per transaction. The overall NetExpress account limit of minimum AUD 50 per transaction is applicable. 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. 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.

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 Money Transfer and enter the new Tracking Number in your Internet banking account.

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 from your account
M2N Tracking Number
Beneficiary Name

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 at Email Us with the subject line as "Delay in Visa card credit". Kindly mention the details of the transaction along with the Tracking Number to enable us to assist you further.

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

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Note: For amounts above USD 1000 (or equivalent). Nominal charges will be levied for amounts lower than this