Money Transfers Terms and Conditions

1. Application:

These terms and conditions apply to all transactions between ICICI Bank Canada ("ICICI") and each applicant and customer ("Customer") in connection with ICICI's money transfer services, including international money transfers. Customer shall be deemed to include one or more individuals, a corporation, partnership, association, sole proprietorship, trust, or any other legal entity. Money Transfer applications shall be accepted at the sole discretion of ICICI. ICICI reserves its right to refuse to accept any application with or without reason. ICICI will make reasonable efforts to process all transactions within 2 business days of receiving a Money Transfer request, subject to all verification processes being complete and information provided by the applicant being correct. The Bank will not be liable or responsible in any manner for delays in processing by beneficiary banks, including without limitation, for losses or damages caused by such delay

2. Method of Payment and Charges:

The Customer shall pay to ICICI the money transfer and related charges prescribed by ICICI in addition to the amount of the money transfer. The acceptable modes of payment and disbursement that may be selected by each Customer are available at the discretion of ICICI. Unless otherwise indicated, ICICI charges shall be borne by the Customer and bank charges imposed by correspondent bank(s) or agent(s) or the beneficiary’s bank shall be borne by the beneficiary. ICICI reserves the right to revise all money transfer charges from time to time without prior notice. Please refer to “Rates and charges” section of our website for information on the latest money transfer charges.

3. Authorized Instructions:

The Customer authorizes ICICI to accept money transfer instructions in person or by electronic communications including telephone, telex, fax, Internet or other method of telecommunication or electronic transmission at the discretion of ICICI ("Communication"). ICICI has the right, but not the obligation, to first obtain verbal or written confirmation before executing any electronic communication. ICICI is not obligated to act upon any Communication if ICICI has reasonable grounds to believe that it is not a Customer Communication, or if ICICI does not understand the instructions. ICICI may act on Communications from or purporting to be from the Customer or the Customer's e-mail address as if the Customer has given ICICI such instructions or information in writing, unless ICICI has received written notice to the contrary. All Communications that ICICI accepts and acts upon shall be considered valid and authentic even if, among other things, the Communication did not come from the Customer, is not properly understood by ICICI (except for ICICI's gross negligence or wilful misconduct) or differ from any of the Customer's previous or later Communications. ICICI shall only act upon Communications during the usual business hours of the ICICI branch or office at which they are received on the earliest banking day possible. ICICI shall use reasonable efforts to monitor its Communication facilities to determine if it has received any instructions or information from its Customers. Since ICICI's ability to act on the Customer's Communications depends on the normal functioning of various communications facilities, ICICI shall not be liable for any delay or failure to receive the Customer's Communications.

4. Security of Certain Electronic Communications:

The Customer acknowledges that cell phones and e-mail are not secure means of communication and that ICICI does not use encryption or digital signatures for incoming or outgoing e-mail. The Customer also understands that ICICI recommends that Customers not use cell phones or e-mail for any confidential purposes or share their Internet access with others. If, nonetheless, the Customer chooses to use cell phone or e-mail communications, the Customer assumes full responsibility for the risks of so doing. These risks include the possibility that information could be lost, delivered late, or not received; computer viruses could be spread; and someone could intercept, retransmit or alter communications, or send unauthorized e-mails under the Customer's name or e-mail identity.

5. Currency:

Currency other than that of the jurisdiction to which the remittance is made shall be payable to the payee in the currency of the said jurisdiction at the buying rate of ICICI, its correspondents or agents, unless the payee, by arrangement with the paying correspondent or agent, obtains payment in some other currency upon paying all charges of ICICI's correspondent or agent in connection therewith. Unless otherwise expressly agreed in writing, ICICI may at its discretion convert into foreign currency values the funds received from the Customer at the rate as determined by ICICI at its discretion on the day such funds are received. ICICI's statement in writing that it has effected such conversion shall be conclusive.

6. Foreign Exchange Restrictions and Currency Controls:

Payment of the transferred funds is subject to the laws and regulations of the jurisdiction where the payment is to be made. In view of the prevalence of exchange restrictions in some jurisdictions, the liability of ICICI with respect to the payment of the transferred funds shall not exceed, in any case, the extent to which payment is allowed in the currency in which the transferred funds are to be sent under any legal, governmental or other restrictions existing in the place of payment or principal financial centre of the relevant currency or, in the case of the Euro, the European Union or any of its member countries, at the time the payment instructions are received or are to be carried out. Neither ICICI nor its correspondents and agents shall be liable for any delay or loss caused as a result of any act or order of any government or governmental entity or agency; or the failure of any clearing, settlement or payment system; or any statute, regulation or other applicable law; or any other causes whatsoever.

7. Method of Transfer:

ICICI may take its customary steps to effect the money transfer and shall be free to remit or procure the remitting of funds by any means it deems fit including mail, telex, cable and SWIFT, clearing networks of the beneficiary bank’s country, and to make use of any correspondent, agent, sub-agent or other agency but, in no case, shall ICICI or any of its correspondents, agents, sub-agents or any other agency be liable for mutilation, interruption, omission, error or delay in the electronic transmission, wire, cable or mails, or on the part of any postal authority, telegraph, cable, Internet service provider or wireless company, or any other telecommunications or electronic transmission service provider, or any employee or agent of any such authority or entity, or through any other cause. ICICI, through its correspondents or agents or otherwise, may send any message in explicit language, code or cipher relating to the money transfer.

8.Standing Instructions and Rate Block Instructions:

ICICI is not obligated to effect a requested payment if the Customer’s account does not have sufficient funds to meet it or to meet payment of all charges, fees or other sums payable to ICICI. On the date of effecting a requested payment, ICICI shall be entitled to effect currency conversion at ICICI’s rate of exchange then prevailing on the date of remittance or such other appropriate date. If there are insufficient funds in the account for two successive scheduled payments, ICICI may cancel any subsequent scheduled payments without any advice to the Customer. ICICI may terminate a scheduled payment at any time by notice in writing to the Customer at the last address notified to ICICI or without notice at any time after being advised by the beneficiary/beneficiaries that no further payment is required, or if required to do so by any order from an applicable regulator. All rate block instructions based on a prescribed rate of conversion of currency shall automatically expire 15 days from the date such instruction is provided, without notice from ICICI to the Customer or to the beneficiary/beneficiaries. A Rate Block instruction is not a Forward Contract and will be done on a best effort basis. Rate Block or Standing Instruction features are only available with online banking and will not be executed if the Customer’s transaction limit, as set by ICICI from time to time, is exceeded. The current Daily Online Money Transfer limits are CAD 6,000 for ICICI account holders. If payment falls on a Saturday, Sunday, public holiday or another day on which ICICI is not open for business, payment will be effected on the next business day. Scheduled payments will remain effective notwithstanding death or bankruptcy of the Customer or beneficiary/beneficiaries until notice of such death or bankruptcy or the revocation of this order is received by ICICI. Any alteration or cancellation of a scheduled payment must reach ICICI at least 4 business days before the next scheduled date of payment. Online Money Transfer is available in CAD to INR only. Cancellation of a Rate Block or a Standing Instruction must be done online only by the Customer. Standing Instructions and Rate Block Instructions are not available on the mobile banking app.

9. Money Transfers using Debit Card:

Prior to conducting a remittance funded by a debit card transaction, ICICI may require valid proof of identification of the Customer in a form satisfactory to ICICI. If the Customer’s account is dormant, then remittance of funds via debit card will only be allowed after activation of the account. The debit card used to fund the remittance must be an Interac® Debit Card issued by a Canadian financial institution and be chip and pin enabled. Credit cards will not be accepted for funding of remittances. ICICI does not take responsibility for any debit card lost, or forgotten by a Customer. If a Customer inadvertently leaves a debit card within a branch and does not claim it within 24 hours, it will be destroyed by ICICI. Any Customer claiming a lost or forgotten card must provide ICICI with a valid proof of identity satisfactory to ICICI. ICICI reserves the right to retain any debit card that does not comply with ICICI’s fraud prevention policy. ICICI will not credit a refund to any debit card other than the one used to make the remittance. The Customer must produce the original transaction receipt for any dispute relating to a remittance. The Customer must return the signed merchant copy of the debit card receipt to ICICI. Adequate balance to meet the amount to be remitted plus the charges payable for the service must be in the debited account at the time of the transaction. Daily limits will be applicable as per ICICI and customer’s debit card limits. The Customer must disclose the purpose of each remittance and ensure the service is not used for any unlawful purposes under applicable laws. Where required by an applicable law or if ICICI otherwise believes that disclosure is required to combat fraud, money laundering offences or other criminal activity, ICICI may report information about a card holder and the service ICICI provides to the appropriate regulatory or governmental authorities, bodies or agencies. In case of any dispute or fraud reported by the Customer or identified by ICICI, ICICI reserves the right to report the matter to the appropriate regulatory authorities. The Customer agrees to fully compensate ICICI for any loss or damage which is caused as a result of fraud or the Customer’s violation of the ICICI’s Money Transfer Terms and Conditions.

10. Money Transfers using InteracĀ® Online:

The Interac® Online service is a payment option that allows a Customer to pay for transactions online directly from their bank account with another Canadian Financial Institution. Interac® Online is a Canadian service and operates exclusively in Canadian currency. This service is available for CAD-INR currency conversion transactions executed online at icicibank.ca only. ICICI does not take any responsibility for funds not received from the customer’s account held with other Canadian Financial Institutions. ICICI is not responsible for any delay arising due to non-receipt of funds from the customer’s account held with other Canadian Financial Institutions. ICICI is not liable for any additional charge levied by the external bank for transferring money to the customer’s account with ICICI. If ICICI receives the funds successfully from the other Canadian Financial Institution, but experiences a technical failure before transferring the funds, ICICI will not return the funds to the Customer’s account with the other Financial Institution. Funds will be credited to the customer’s ICICI account within 3 business days form the date of receipt of such funds. ICICI is not responsible for any loss arising due to any technical failure. ICICI can discontinue this service at any time with or without prior notice.

11. Beneficiary registration done using the Unique Reference Number (URN) feature:

The customer agrees that the text messages may be delayed, not delivered or inaccurate due to a variety of factors including technical problems. Neither we, your wireless carrier, nor any other third party associated with providing the text messages will be liable for any direct or indirect, special, consequential, exemplary or punitive damages or for any losses arising out of the customer’s use or inability to receive or to use this service, regardless of the cause of action, including negligence, even if ICICI is advised of the possibility of such damages. The customer accepts the risk that text messages may be lost, intercepted, reviewed or altered by others. Neither ICICI, nor the customer’s wireless carrier, Internet service provider, nor any other third party is responsible for text messages sent to a valid mobile phone number that the customer provided to ICICI but which is not owned by the customer or which is no longer owned by the customer. ICICI is not responsible for any delay or loss arising out of the use of this feature by the customer. ICICI can discontinue this service at any time with or without prior notice.

12. Money transfers done using the mobile banking app:

The customer agrees to all the terms and conditions mentioned on this page when you use the mobile banking app to transfer money to India. All the features/services available online at icicibank.ca may not be available on the mobile banking app. ICICI can discontinue the mobile banking app feature of money transfers to India or the entire app itself at any time with or without prior notice.

13. Refunds:

In the event the Customer requests a refund from ICICI of the amount of the transferred funds, such refund shall be made, at ICICI's discretion, to or from the Customer, at the prevailing buying rate for the currency in question less all costs, charges, expenses and interest (where applicable), provided that (i) none of the events specified in Clause 14 below have occurred in respect of the currency in question, and (ii) ICICI is in possession of the funds for which the payment instructions were issued, free from any exchange or other restrictions. If the beneficiary or beneficiary bank fails to claim the funds transferred by ICICI, in cases or countries where it is required to be claimed as per the applicable law, within 30 business days of transferring such funds, ICICI reserves the right to re-convert such funds back to the remitting currency at the exchange rate prevailing on the day of such a conversion and credit the proceeds to client account after deducting applicable charges. This reversal maybe done within 7 business days after the expiry of the aforementioned 30 business day period. This reversal of transaction will be treated as an Incoming Money Transfer and the applicable charges of such a money transfer will be applicable to this transaction. Detailed charges can be found on our website http://icicibank.ca/personalbanking/popup_mt.page?#toptitle . In case if the customer does not hold an account with ICICI or has closed the account previously held with ICICI when the initial money transfer request was given, ICICI will make reasonable attempts to contact such client(s) on the phone number and email id mentioned on the money transfer form / existing in the ICICI’s records. If ICICI is not able to contact the customer or if the customer fails to provide a response by ensuring the beneficiary / beneficiary financial institution claims the funds within the aforementioned timelines, ICICI will issue a Demand Draft and send it to the customer’s address as mentioned on the money transfer form / existing in ICICI’s records. ICICI will deposit the funds in it’s unclaimed account in an event where the customer fails to cash the Draft sent by ICICI. If ICICI owes money from the client in the event of such a conversion and deduction of applicable charges, the customer will be required to deposit such an amount with ICICI to settle the charge claim.

14. Limitation of Liability:

ICICI shall not be liable for any delays, errors, negligence, defaults, actions or omissions, whether its own or those of its employees or any of its correspondents, agents, sub-agents, or of their employees or its technology. ICICI shall not be responsible for any costs or damages that the Customer may incur due to ICICI's acting or failing to act upon the Customer's Communications (except for ICICI's gross negligence or wilful misconduct). In the event of ICICI's gross negligence or wilful misconduct, ICICI's liability shall be limited to the amount involved in the Customer's relevant Communications. ICICI shall not, in any event, be liable for any special, incidental, consequential or indirect damages, or for loss of profit. ICICI shall have no responsibility for or liability to the Customer or any other person whatsoever for any diminution in the value of funds due to taxes or depreciation or for the unavailability of such funds due to restrictions on convertibility, requisitions, involuntary transfers, distraints of any character, exercise of governmental or military powers, wars, terrorism, strikes, epidemics or other causes beyond ICICI's control. In addition, (i) if the currency's jurisdiction of origin restricts availability, credit or transfers of such funds, ICICI shall have no obligation whatsoever to pay the funds, whether by way of draft or cash or by any other means in the relevant currency or any other currency, and (ii) in the event of any matter related to the use of the Euro (including but not limited to the withdrawal of one or more participating European states, or any change in the composition of participating states) which restricts availability, credit or transfers of the Euro or otherwise makes it impossible or impractical for ICICI or its correspondents or agents to perform their obligations in respect of Euro funds, ICICI shall have no obligation to pay the funds, whether by way of draft or cash or by any other means in the relevant currency or any other currency. You must review your statements and report any errors in a timely manner.

15. Indemnity:

The Customer shall indemnify and save ICICI harmless from any claims and expenses that ICICI incurs (other than those due to ICICI's gross negligence or wilful misconduct) including, but not limited to, all legal fees and expenses arising from ICICI acting or declining to act on any of the Customer's Communications.

16. Disclosure:

The Customer consents to ICICI, its officials, employees, correspondents and agents disclosing any information regarding the applicant's particulars, the Money Transfers application, the subject matter thereof, and the Customer's accounts and affairs as ICICI shall deem appropriate or as may be required by law or any regulatory body for the purpose of any investigations relating to the money transfer applied for and any transaction connected therewith. ICICI may record all telephone calls and monitor all Communications in relation to the money transfer services.

17. Compliance with Laws:

The Customer acknowledges that all money transfer transactions shall be made in accordance and compliance with all applicable laws and regulations, specifically including those in relation to money laundering and terrorist financing. The Customer shall not use the money transfer service for any fraudulent or illegal purposes, or do anything that could undermine the security or integrity of ICICI's money transfer service. The Bank does not process money transfers being done on behalf of another party. By using this money transfer service you confirm that the money transfer is not being made on behalf of another party or done using the account / debit card of another party.

18. Privacy:

ICICI is committed to maintaining the accuracy, confidentiality and security of the Customer's personal and financial information. ICICI's Privacy Policy applies to the money transfer services provided: http://www.icicibank.ca/privacy/default.htm

19. Amendment

ICICI reserves the right to add, alter, amend, vary or modify any or all of these terms and conditions at any time at its discretion without any notice.

20. Governing Law and Jurisdiction:

These terms and conditions shall be governed by the laws of the Province of Ontario, Canada. The Customer submits to the non-exclusive jurisdiction of the courts of the Province of Ontario.

21. Admissibility:

At its discretion, ICICI may enter any photocopy, computer-generated copy, reproduction, tape recording, transcript of tape recording or any other record that ICICI has of the Customer's Communications into evidence in any legal proceeding as if it were an original document. That copy will be sufficient and valid proof of the information contained in it.

22. English Language:

The parties confirm their desire that these terms and conditions and any related documents be drawn up in English only. Les parties confirment leur volonté que cette convention et tous les documents s'y rattachant soient rédigés en anglais seulement.