ICICI Bank: Transfer Funds Overseas

Send money to India, and other countries worldwide, in 24 hours paying zero or low transfer fees with ICICI Bank Money Transfer.

As India’s largest private sector bank, ICICI Bank offers a range of financial products and services to its customers. In addition to helping its customers transfer funds to over 195 countries overseas, it also offers its Money2India.com service, which allows you to send an international money transfer from Canada to India within 24 hours.

ICICI Bank exchange rates

The exchange rates that apply to your transfer are updated regularly to keep place with fluctuations in the foreign exchange market. The rates are competitive and you can take advantage of a confirmed exchange rate with the fixed transfer facility. Compare ICICI Bank’s exchange rates with those of your bank to see how they stack up against the competition.

Image taken on 07 April 2018 – INR exchange rate

How much does it cost to transfer money with ICICI Bank?

Transferring money to other countries around the world will incur a transfer fee of CAD$10 – CAD$75, depending on the details of your transaction. If you are an ICICI bank member, your transactions to any bank account in the world, other than India, will cost CAD$10, while non-members will pay CAD$20. Costs further increase if the outgoing money transfer does not involve a currency exchange. Sending less than CAD$20,000 will incur a fee of CAD$25, while transfers between CAD$20,001 – CAD$50,000 incur a transfer fee of CAD$50. Transfers over CAD$50,001 incur a transfer fee of CAD$75.

When sending money to India with Money2India, you have the choice to select between indicative rates and fixed rates. Fixed rates allow you to lock in a confirmed exchange rate for your transaction, while indicative transfers allow you to view an estimated exchange rate when you place a transfer request. If you send money with an indicative rate, sending more than CAD$1,500 incurs zero transfer fees, while sending less than CAD$1,500 incurs a CAD$4 transfer fee. If you choose the fixed rate, any transfer amounts over 75,000 INR incur zero transfer fees, while amounts below this incur a CAD$4 fee.

You can see the transfer fees, current as of 07 April 2018, in the table below.

What types of transfers can you carry out with ICICI Bank?

ICICI Bank offers the following transfer options:

• Money2India.com. As mentioned above, you can send up to CAD$6,000 in a 24 hour period to India using the ICICI transfer services of Money2India.com.
• Sending money to Sri Lanka. You can now send money to over 1,600 bank branches in Sri Lanka, with services covering 24 different well known banks across the country.
• Sending money to over 195 other countries worldwide. You can use the services of ICICI to send money to hundreds of other countries around the world, incurring minimal transfer fees while still getting competitive exchange rates.

The registration and transfer process

If you are sending money to other countries worldwide other than India, you do not have to be an ICICI bank member. You can become a member to get cheaper transfer fees, or you can simply use the services as a non-member to send funds to hundreds of countries worldwide for slightly higher fees than if you were an ICICI member.

You’ll need to be registered on Money2India.com to be able to send a transfer to India using this service. It’s free to register online and you’ll need to provide your name, date of birth, address, contact details and bank account information. You can then log in to your account and provide the details of your recipient, under the “Add a New Receiver” tab, which will include their full name, address, contact details and bank details. Once you have completed this step, your recipient will be registered within 24 hours, and afterwards you can lodge your transaction by clicking on the “Send Money Now” button.

What are the pros and cons of using ICICI Bank?

What other products and services does ICICI Bank offer?

From loans and credit cards to saving accounts, ICICI Bank offers a wide range of financial products and services to its customers. However, the Money2India.com service is focused solely on helping people in Canada, and around the world, send cost-effective money transfers to India.

Questions about ICICI Bank

• Do I need to send a transfer to an account with ICICI Bank?

  No. You can send the funds to more than 100 different banks across India and to hundreds of accounts around the world.

• Do I need to be an ICICI Bank customer to use the service?

  No. You don’t need to be an ICICI Bank customer, but you will need to sign up for a free Money2India.com account if you are sending money to India. It takes about five minutes to register for an account and can be done online.

• Are there other eligibility criteria for using the Money2India.com service?

  You will need to be at least 18 years of age and will be required to select a purpose for your remittance, for example gifts to family or friends.

• Are there physical ICICI branches in Canada?

  Yes, there are six branches located in and around Toronto, Ontario, one branch in Surrey, British Columbia and one branch in Calgary, Alberta. If you do not reside near any of these cities, you can contact the bank online or via phone to register for an account. Money2India.com is solely an online service, meaning you can register for an account online and lodge your transaction online too.

ICICI Bank’s Money2India service is an option well worth considering if you need to send funds to India from Canada, so compare its features with those of other money transfer services at finder Canada today. Conversely, you can use the services of ICICI to send money to 195 other countries worldwide, paying minimal fees and getting competitive exchange rates.