Power Transfer (Wire-based)
What is Power Transfer (Wire-based)?
- This is ICICI Bank's online wire transfer channel–you can transfer money to India in as less as 48 hours.
- Errors associated with a normal wire transfer are minimized with Power Transfer's a unique tracking number that enables you to keep track of your remittance.
- Fast money transfers – it takes just about 48–72 hours.
- Error–free – manual intervention is minimal.
- No limit on the amount that can be remitted.
- Flexible – you can remit in 10 currencies.
- No need for either you or your beneficiary to have an account with ICICI Bank.
- Range of easy money transfer options.
- Online tracking of the status of your funds.
- Competitive exchange rates.
- 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.
- Login with your Money2India login id. (New users register here.)
- Select Power Transfer (web-based wire transfer as mode of transfer).
- Select your bank account or choose 'Add New Account' to enter new bank account details.
- Select your existing receiver or choose 'Add New Receiver' to enter receiver details in the case of a new receiver -- i.e., name, address, bank account number.
- Enter the amount that you want to send to your selected receiver.
- Select the purpose of remittance and select 'Next'.
- On verification, you will get a form on your screen that has a tracking number and details of the remittance instructions to your bank.
- Take a printout of the Remittance Instruction form by clicking on "Print Wire Form" and give it to your local bank for execution, along with the required funds. Keep the customer copy for your reference
- The local bank will then wire-transfer the money to ICICI Bank through its correspondent bank (List of Correspondent Banks for Web Based Wire transfer).
- If the beneficiary has an ICICI Bank account or with a network bank or resident Visa debit card account, the money is directly credited. Else the money is sent as a demand draft to the beneficiary. For Ready Cash, funds transferred can be collected in cash by your beneficiary from any of the select ICICI Bank branches in India.
- You get automatic e-mail updates on the status of your remittance. You can also track the same online through your unique tracking number.
- The remittance amount has to be transferred to ICICI Bank's account (with its correspondent banks). You can remit the amount to ICICI Bank's account through any bank of your choice.
Power Transfer (Web Based Wire Transfer) is an easy, Internet-based wire transfer mechanism that’s much more efficient than offline wire transfers. Errors are minimised with a unique tracking number -given to you each time you use Power Transfer (Web Based Wire Transfer) – that allows you to check the status of your remittance online at any time.
The advantages of Power Transfer (Web Based Wire Transfer) are:
- Beneficiaries who have an ICICI Bank account will receive funds within one banking day (excluding Saturdays, Sundays and public holidays) of the receipt of funds into our Nostro account. In case of ready cash, the beneficiary can collect the cash from any of the select ICICI Bank branches in India within 1 working day of receiving the funds. This typically amounts to two banking days from the date you give wire transfer instructions to your local bank. However, ICICI Bank will not be responsible for any delay in processing your request if your local bank does not credit the funds into our Nostro account or if it provides incomplete details
- Beneficiaries who do not have an ICICI Bank account will receive funds within three banking days of the receipt of funds. ICICI Bank will dispatch a demand draft or pay order, net of charges, to the beneficiary’s address provided by you
- Neither you nor your beneficiary needs to have an ICICI Bank account
- ICICI Bank's vast network of correspondent banks guarantees easy remittance
- You can track your remittance, including demand draft details and consignment status, through the Web
- You can communicate with ICICI Bank through a user-friendly Web-interface
Power Transfer (Web Based Wire Transfer) is open to all. However, you must be a registered user of Money2India to use Power Transfer (Web Based Wire Transfer).
The actual amount of time it takes to remit money through Power Transfer (Web Based Wire Transfer) depends on whether the beneficiary has an account with ICICI Bank or not.
If the beneficiary has an account with any branch of ICICI Bank:
The remitted money reaches the beneficiary within one banking day (that is, excluding Saturdays, Sundays and other public holidays) of the receipt of funds in our Nostro account. This typically amounts to two banking days from the date of your giving wire transfer instructions to your local bank. However, ICICI Bank is not responsible for any delay in processing your request due to non-credit of funds by your local bank to our Nostro account or due to incomplete details provided by them.
If the beneficiary does not have an account with ICICI Bank
The remitted amount reaches the beneficiary within one-three working days from the date we receive credit in our Nostro account. In this case, ICICI Bank will send a demand draft / pay order, net of charges to his / her address, as specified by you.
Currently, you can remit money in 10 currencies (AED, AUD, CAD, CHF, EURO, GBP, HKD, SEK, SGD, USD). However, payments to your beneficiary in India will be made only in Indian rupees
Once you complete your transaction on our site, you will get a screen showing the remittance instruction with a bank copy and a customer copy. You need to take a printout of the bank copy, fill in the necessary details, and submit it to your local bank with your signature, along with your payment and payment instructions. The customer copy is for your reference and you can keep it with you.
Neither you nor your beneficiary needs to have an account with ICICI Bank to remit money through Power Transfer (Web Based Wire Transfer). However, if the beneficiary has an account with ICICI Bank, you can transfer funds directly to his/her account.
Power Transfer 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
If your beneficiary is at an ICICI Bank branch location or any place where courier is possible, the DD / PO will reach him / her in one-three working days from the date we receive credit in our Nostro account. In other locations, the DD/ PO will be sent by registered post.
You can remit money to more than 2500 locations across India through ICICI Bank's Money2India facility. However, the Web remittance tracking facility is available only for some specified locations
You can remit money to India for the following purposes:
- To credit your (the remitter) own NRO / NRE savings account, NRE and NRO fixed deposits
- To credit your beneficiary's savings account
- To support your family
- To make investments as well as payments
- Funds can also be remitted to open a fresh FCNR deposit with ICICI Bank, which is maintained in foreign currencies like the US dollar or the euro
Nominal charges levied as below:
Remittance Service charge: A nominal charge of AUD 2 (inclusive of service tax @ 12.36%) for amounts of AUD 1500 or below for electronic credits into bank accounts (over 100 key banks in India), for credit to VISA cards and for issuing Demand drafts to over 700 locations. No Remittance service charge applicable for higher amounts.
Ready cash payouts at select ICICI Bank branches in India for a charge of USD 8 (inclusive of service tax @ 12.36%)
Please note that your local bank may charge you for the wire transfer.
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.
Important - you will have to pay your local bank charges, if any.
For AED, AUD, CAD, CHF, EURO, GBP, HKD, SEK, USD
Minimum amount: 100 USD or equivalent
Maximum amount: No limit.
For Ready Cash the limit is USD 850 or equivalent.
Click here to know the Visa Money Transfer limits for all currencies
Minimum amount: 500 SGD
Maximum amount: SGD 1,050 per transaction for Ready Cash
For credit to a resident Visa Debit Card account it takes 1 additional working day for us to send the funds for credit. The card-issuing bank typically processes these fund transfer requests in 3 working days
**Please note: Visa Money Transfer cannot be used to transfer money to VISA cards linked to NRE Account and Visa Credit card account.