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.
- 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.
- Avail Fixed Rupee transfer:
- 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.
- Competitive exchange rates.
- 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 Drafts issued and payable at over 700 locations in India.
- AUD 2 (inclusive of service tax @ 12.36%) for amounts of AUD 1500 or below.
- No remittance service charge applicable for higher amounts.
- Service tax will be levied on the converted gross INR amount in accordance with the Service Tax (Amendment) Rules, 2012 of the Government of India w.e.f. 1st April 2012. 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.
- You must first register with Money2India.com to use NetExpress (NetBanking Transfers). Register Now
- If you are already a registered user of Money2India.com then…
- Login with your Money2India login 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. 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 NetExpress
Specify transaction amount in AUD 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 your purpose of remittance from given option.
- Preview the details you have entered. Click confirm to proceed.
- Once these details are confirmed and submitted on the next page click on 'Initiate Transfer'link that will provide you with a unique Tracking Number (e.g. M2N12345678) and the following instructions for completing your transaction:
- Log on to the Internet banking application of your bank in Australia.
- Go to the 'Pay Anyone' module that enables you to Pay/Transfer funds to another bank account.
- In the module, select your bank account no. and enter the mandatory transfer details as below in the corresponding fields:
- Transfer Amount: <Foreign currency amount> AUD
- Account Name: ICICI Bank Ltd.
- Recipient Bank BSB Number: 037863
- Receipent Account Number: <8 digit number shall be provided to you on Money2India site on ‘Initiate Transfer’ page once you have generated the NetExpress request. >
- Confirm the third party payment/ fund transfer, to complete the money transfer request.
After completing the transfer request, you can use the Track Transfers facility (on Money2India) anytime, to check the status of your transaction.
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.
Easy Money Transfers:
- Electronic transfers into any ICICI Bank account with over 2500 branches in India
- Electronic transfers into accounts with over 100 other banks in India.
- Electronic transfers into any resident Visa Debit Card* account in India
- Demand Drafts issued and payable at over 700 locations in India
No. Neither the beneficiary nor the remitter needs to have an account with ICICI Bank to send money through NetExpress (NetBanking Transfers).
For a regular NetExpress transaction, it will typically take 2 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 2 working day.
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 resident Visa Debit 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.
Validity Date is the date when the funds are available to ICICI Bank Limited, India for processing and disbursal to receiver. While initiating the Fixed 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. Day 1 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 Fixed Rupee Transfer requests where funds are available to ICICI Bank after the Validity Date.
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 700 locations in India. Funds transferred can also be collected in cash from any of the select ICICI Bank branches in India.
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 Transfer" facility after logging in to Money2India site.
Non-ICICI Banks accounts will be credited typically within 2 working days after the money is sent to the beneficiary's bank.
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
Nominal charges levied as below:
Remittance Service charge: AUD 2 (inclusive of service tax @ 12.36%) for amounts of AUD 1500 or below. No AUD charge for larger amounts.
Service tax will be levied on the converted gross INR amount in accordance with the Service Tax (Amendment) Rules, 2012 of the Government of India w.e.f. 1st April 2012. 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) deducted from the FCNR deposit amount.
The minimum limits:
The minimum amount you can send is AUD 100.
The maximum limits:
There is high transaction limit of upto AUD 100000 per day for direct credit to both ICICI Bank and non-ICICI Bank accounts. However, for Demand Drafts, the maximum amount that can be sent is AUD 5,000 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
Fixed Rupee Transfers:
The minimum limits:
The minimum amount you can send is INR 1000.
The maximum limits:
You can send upto INR 4,00,000 per transaction using this facility.
For transfers into resident Visa Debit Card accounts (non-NRI) issued in India, limit is INR 32,000 per transaction.
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.
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.
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
The card-issuing bank typically processes the credit requests to a resident Visa Debit 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 and Visa Credit card account.