Sending money to India from abroad? ICICI Bank offers a convenient and reliable solution with international wire transfers. This guide provides a comprehensive overview of how to send money to India using ICICI, covering the process, benefits, and associated charges.
How Does an ICICI Money Transfer to India Work?
Wire transfers, also known as SWIFT transfers, allow you to send money electronically from your local bank account to an ICICI Bank account in India. ICICI Bank’s extensive network of correspondent banks facilitates transfers to any bank account in India, regardless of your location. Here’s a breakdown of the process:
Initiating the Transfer
- Visit your local bank: Provide instructions for an international wire transfer to India.
- Provide necessary information: Ensure accurate details, including your name, bank account number, email address, overseas address and phone number, the recipient’s bank account details (including IFSC code for non-ICICI accounts), and the purpose of the remittance.
- Specify “OUR” for charges: Indicate that you will cover all transfer fees to avoid deductions from the transferred amount. Using the correct SWIFT/BIC code for the intermediary bank, specific to the currency being transferred, ensures a smoother process. You can find this information on the ICICI Bank website.
Important Considerations for a Smooth Transfer
- Customer ID for FCNR Deposits: When sending funds for an FCNR (Foreign Currency Non-Resident) fixed deposit, use your Customer ID instead of your account number to prevent unintended currency conversion. Don’t include your NRE/NRO savings account number for the same reason.
- Currency and Minimum Deposit for FCNR/RFC: RFC (Resident Foreign Currency) accounts accept USD and GBP only. FCNR accounts accept USD, GBP, AUD, CAD, and SGD. The minimum deposit for both is typically USD/GBP 1000 or equivalent.
- Purpose of Remittance: Clearly stating the purpose of the transfer helps expedite processing. For FCNR deposits without a specified tenure, the default duration is usually one year and one day.
Why Choose ICICI Money to India?
ICICI Bank’s wire transfer service offers several advantages:
Speed and Convenience
Wire transfers are a fast and convenient way to send money to India. Funds typically reach the beneficiary account within 24 working hours of ICICI Bank receiving them. The offline nature of the transaction eliminates the need for online platforms.
Wide Range of Currencies
ICICI Bank accepts a broad spectrum of currencies for inward remittances, including major currencies like USD, EUR, GBP, AUD, CAD, as well as several others. While certain less common currencies may be received in USD equivalent, the applicable exchange rate will be the USD Card Rate on the date of credit.
Charges for Wire Transfers to India with ICICI
ICICI Bank itself does not levy charges for incoming wire transfers, except for Service Tax on foreign currency conversion. However, your local bank and correspondent banks might charge fees for processing the transfer. Goods and Services Tax (GST) will apply to the converted INR amount as per Indian regulations. Consult ICICI Bank’s website for detailed information on GST slabs. Always confirm all fees with your sending bank before initiating the transfer.
