Money Transfers

What is a Money Transfer?

 
ICICI Bank Canada offers a Money Transfer service which allows customers to transfer funds out of Canada to a beneficiary in another country in a secure, reliable and efficient manner.

 
 
What is Money to India?

 
Money to India is an efficient and reliable way of transferring your money to any bank account in India. You can now transfer money to over 90 banks in India.

 
 
 
What is ‘Money to Other Countries’?

 
Money to other countries is an efficient and reliable way of transferring money to certain countries. You can transfer money to your beneficiary's account with any bank in Bangladesh, China, Ghana, Nepal, Philippines, Sri Lanka and Vietnam.
 
 
 
What is an ‘ICICI Bank Account Transfer’?

 

An ICICI Bank Account Transfer is a Money Transfer service that allows you to transfer money to your beneficiary who has an account with ICICI Bank Limited in India.

 
ICICI Bank Canada takes all reasonable steps to process an ICICI Bank Account Transfer within 24 hours. The time periods for an ICICI Bank Account transfer are subject to regulatory verification processes and beneficiary bank processes that may cause a delay in the processing of money transfers. ICICI Bank Canada will not be liable or responsible in any manner for the consequences of such a delay, including, without limitation, for losses or damages caused by such a delay.  
 
 
What is 'Money Transfers by Phone'?

 
This is an easy and convenient way to transfer money to your family or friends in India. All you have to do is call us toll-free at 1-888-424-2422 and speak with one of our Customer Service Specialists, 24/7.

 
 
Who can use 'Money Transfers by Phone'?

 
This service is available only to ICICI Bank Canada account holders. If you do not have an account with ICICI Bank Canada, please visit one of our branches in Greater Toronto Area, Greater Vancouver Regional District or in the Greater Calgary Area.
 
 
 
Is there any transfer limit for 'Money Transfers by Phone'?

 
No, there is no maximum transfer limit for Money Transfers by Phone.
 
 
Who can you transfer the funds to using 'Money Transfers by Phone'?

 
You can transfer funds to anyone who has an account with any bank in Bangladesh, China, India, Ghana, Nepal, Philippines, Sri Lanka and Vietnam.
 
 
What information is required while submitting the request for 'Money Transfers by Phone'?

 
Please have all the following information ready when you call us:  
   

 Mandatory information required

 Additional information required

Remitter's Account Number

 Remitter ID

Amount of Transfer

 

Currency

 

Mode of disbursement of funds to beneficiary

 

Beneficiary's Name

 

Beneficiary's Account Number

 

Beneficiary's Bank and Branch Name

 

Beneficiary's Bank address including postal code

  

Beneficiary's MICR/RTGS/Branch code

 

Beneficiary's address with postal code

 

Beneficiary's country

 
 
 
How long does it take to transfer money to India?

 

Beneficiary Account at ICICI Bank Limited - India

ICICI Bank Canada will take reasonable efforts to process all transactions within 48 hours of receiving the Money Transfer request, subject to completion of all regulatory verification processes.

If funds are being transferred to an account with ICICI Bank Limited in India, the funds will be transferred into the account within 48 hours of processing by ICICI Bank Canada.

Beneficiary Account at any other bank in India -
ICICI Bank Canada will take reasonable efforts to process all transactions within 48 hours of receiving the Money Transfer request, subject to completion of all regulatory verification processes.

If funds are being transferred to any of the 50,000 RTGS / NEFT branches of over 90 banks in India, the funds will be credited into the beneficiary's account by the beneficiary bank. ICICI Bank Canada will not be liable or responsible in any manner for the consequences of delays in processing by beneficiary banks, including without limitation, for losses or damages caused by such delay.

If funds are not being transferred to an account with ICICI Bank Limited in India or to branch which is on the RTGS / NEFT list, a draft is issued in India by ICICI Bank Limited on the next working day after all verifications are complete and the instructions are processed by ICICI Bank Canada. The draft is mailed to the beneficiary or beneficiary's bank as per the remitter's instructions. The drafts are sent by courier or registered post depending upon the area of delivery.


Beneficiary account in other countries:
ICICI Bank Canada will take reasonable efforts to process all transactions within 48 hours of receiving the Money Transfer request, subject to completion of all regulatory verification processes. Completion of these transfers are subject to the processes and practices of the beneficiary's bank.

 
 
What is Direct Credit to Non ICICI Bank Account?

 
This facility allows you to transfer money electronically to your beneficiary's account in India. The network covers more than 50,000 branches of over 90 banks.

 
 
What details of the beneficiary are required to use the Direct Credit facility?

 
It is very important that you provide all of the following information of the beneficiary in order to process transactions electronically for direct credit into their account:

 
  Beneficiary   Name   As appearing in their bank's records
  Bank Name   The bank where beneficiary holds an account
  Branch Name   The branch where the account is held
  Account Number   The account number which is held in the branch chosen
 
 
 
Can I have Direct Credit to a non-ICICI Bank account in India?

 
There are in excess of 50,000 branches of more than 90 banks in India where funds can be transferred electronically. You should check the list of banks and branches that are available for Direct Credit. If the name of the bank and branch are both on the list, you can transfer funds electronically. If you cannot find them on the list, Direct Credit is not currently available and a draft will be mailed to the beneficiary's bank.
 
 
How many cities and branches are covered to transfer funds electronically?

 
Funds can be transferred electronically to more than 50,000 RTGS and NEFT branches of over 90 banks, covering over 350 key locations.
 
 
Are there any charges to use the Direct Credit facility?

 
There is no additional charge for using the Direct Credit facility. Please refer to Rates and Charges for Money Transfers.
 
 
Is there any charge or deduction in India?

 
No, there is no service charge deducted by ICICI Bank in India. Even if ICICI Bank issues a draft in India and mails it to the beneficiary by post, ICICI Bank does not deduct anything from the amount transferred. Disbursement of funds in India is completely free of charge. However, ICICI Bank has no control if the other bank (beneficiary's bank) deducts any service charge or puts funds on hold.

 
 
I want to transfer my Canadian (or US) funds to India without converting in to India Rupee funds, can I transfer money instantly?

 
No, our regular Money Transfer service is available only for transferring funds in Indian Rupees. Transfer of funds in Canadian or US dollars will be done through conventional mode of wire transfer and may take between 2 to 5 working days, depending on the bank and location of beneficiary.
 
 
What is an Indian Rupee Draft and how do I purchase one in Canada?

 
You can transfer funds to India by purchasing an Indian Rupee draft at any one of ICICI Bank Canada’s branches. An Indian Rupee draft is a draft drawn in Indian Rupees and payable at any one of ICICI Bank Limited's 241 locations in India Click here for a complete list of locations.

 
 
How do I transfer money to India through an Indian Rupee Draft and when would the beneficiary receive the funds in India?

 
You can purchase Indian Rupee draft from any of ICICI Bank Canada’s branches in Canada and send it to your beneficiary by either post or by delivering it personally if you are traveling to India. Once the draft is deposited by the beneficiary in his account with any bank in India, it usually takes 3-5 business days to clear the draft. If the beneficiary has an account with ICICI Bank Limited in India, the funds will be credited to the account immediately.

 
 
What are the charges for Indian Rupee Draft in Canada?

 
ICICI Bank Canada Account Holder
· Debit from Chequing Account   Free
· Debit from Savings Account $10
 
Non-ICICI Bank Canada Account Holder $20
 
 
What are the currencies that I can transfer my money in?
 
ICICI Bank Canada can currently transfer funds in the following currencies: Indian Rupee (INR), Sri Lankan Rupee (LKR), Bangladeshi Taka (BDT) and United States Dollar (USD).
 
 
I am not an account holder of ICICI Bank Canada, how do I transfer money overseas?
 

If you do not have an account with ICICI Bank Canada, please visit one of our branches (Click here for branch details) with the following documents:

  1. Complete and print Money Transfers Application Form (Click here for fillable PDF form).
  2. 2 pieces of identification (Click here for list of acceptable documents).

If you have any question, please call us toll-free at 1-888-424-2422 for more details.

 
 
Is it necessary to complete the Money Transfers Application Form with beneficiary's bank details?
 

Yes, it is necessary to fill in all the details which are marked mandatory for remitter, beneficiary and beneficiary's bank. This makes transfer of funds faster and easier.

 
 
What is Remitter ID?
 

Remitter ID is the identification number which is assigned to you when you submit your Money Transfers request in our branch. The Remitter ID helps us in processing your request faster because we can pull up your profile from the system and process the request without asking for more details.

 
 
I have transferred funds to beneficiary "X" and received a Remitter ID. If I visit the branch after a few days to transfer funds to different beneficiary "Y", will I get a new remitter ID?
 

Remitter ID is a unique number and it does not change for each beneficiary. Beneficiary “Y” will be registered under the same Remitter ID as beneficiary “X”.

 
 
How many beneficiaries can be added under my Remitter ID?
 

You can add as many as beneficiaries as you wish under your Remitter ID. There are no limitations on the number of beneficiaries.

 
 
Is it necessary to provide my Remitter ID for each Money Transfer transaction?
 

No, you don't have to provide your Remiiter ID for each transaction. However if it is available, it will make Money Transfer faster and easier.

 
 
 
What are the advantages of using Money Transfers facility of ICICI Bank Canada?
 

ICICI Bank Canada offers

  • Quick and Easy Transfers
  • Attractive foreign exchange rates
  • Low service charges
     
Also, due to our wide presence and exclusive tie-ups with major international banks, we make Money Transfers simpler, safer and faster.
 
 
Is it necessary to have an account with ICICI Bank Canada in order to use the Money Transfers service?
 

You do not have to be an account holder, but there are advantages if you are. The service charges are lower, and there is no requirement to present identification documents when you use the Money Transfers service at our branch.

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

There is no such requirement but we require complete bank account details and mailing address of the beneficiary to process your Money Transfers application.

 
 
I presently have a savings and/or term deposit account with ICICI Bank Canada, how can I take advantage of Money Transfers?
 

If you have opened a savings or term deposit account either through the internet or over the phone, we would require that you to submit 2 pieces of identification and a copy of your current Bank Statement or Utility Bill with the home address of all signors. Please be assured that these additional documents are required only to protect your privacy, and to ensure security on all levels.

 
 
What are the service charges for Money Transfers to India, Sri Lanka and Bangladesh?
 
Click here for details.  
   
Is there any minimum or maximum amount for Money Transfers?
 

If you have an account with ICICI Bank Canada, there is no minimum or maximum amount for Money Transfers. However, if you do not have an account with ICICI Bank Canada, we can only accept cash, personal cheque or bank draft of up to a maximum of $6,000 Canadian dollars during a 24 hour period.

 
 
I will be visiting ICICI Bank Canada to open an account and will be depositing a cheque to fund my account. Can I submit a Money Transfers request at the same time?
 

You can submit your Money Transfers request any time. However, personal cheques are subject to a hold period for 5 business days and the funds will be transferred only after the hold period expires and if sufficient funds are available in your account. Please refer to the Hold Funds Policy in our Disclosure Statement for more details. You may deposit cash if you wish to transfer funds immediately.

 
 
I have an account with ICICI Bank Canada. In order to effect a Money Transfers transaction, I will transfer some money to my ICICI Bank Canada account from another Canadian financial institution online and then submit a Money Transfers Application. Will my application be processed on the same day?

 
Transferring money online within Canada is subject to our Hold Funds Policy, up to a maximum period of 5 business days. Your Money Transfers Application will only be processed after the hold period expires and if sufficient funds are available in your account.
 
 
Can I set up recurring Money Transfers from my account with ICICI Bank Canada?
 

Yes. You can setup recurring Money Transfers to India by setting up a Standing Instruction through our online banking facility. However, it is not possible to set up recurring transfer of funds from our branches or phone banking services.

 
 
Whom shall I contact for more details?
 

If you have any questions, please contact us toll-free at 1-888-ICICI-CA (1-888-424-2422), 24 hours a day, 7 days a week.