Money Transfers

 
 

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.

Money to India is an efficient and reliable way of transferring your money to any bank account in India. You can transfer money through our branches, by phone, online or via our mobile app to any IMPS1, NEFT2 and RTGS3 enabled banks/branches across India.

1Immediate Payment Service (“IMPS”): Click Here for list of IMPS enabled banks.
2National Electronic Funds Transfer ("NEFT"): Refer to https://rbi.org.in/Scripts/neft.aspx for list of NEFT enabled Bank branches.
3Real Time Gross Settlement ("RTGS"): Refer to https://rbi.org.in/scripts/BS_ViewRTGS.aspx, , for list of RTGS enabled bank branches.

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 and Vietnam.

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.

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.

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.

No, there is no maximum transfer limit for Money Transfers by Phone.

You can transfer funds to anyone who has an account with any bank in Bangladesh, China, India, Ghana, Nepal, Philippines and Vietnam.

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  

You can initiate instant* online money transfers to any ICICI Bank account holder in India or to any IMPS1, NEFT2 and RTGS3 enabled banks/branches across India.


Note: ICICI Bank Canada will take reasonable efforts to process all transactions within 48 hours upon receiving each Money Transfer request, subject to completion of all regulatory verification processes. 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 IMPS1, NEFT2 and RTGS3  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.

 


* Money transfers to recipient bank accounts that are not held with ICICI Bank Limited in India, will only be credited instantaneously if such recipient’s bank accounts are enabled for immediate payment services (IMPS). If they are not registered for IMPS, money transfers will be processed via National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement (RTGS). NEFT/RTGS transfers may take up to 48 business hours to process. All money transfers to India are subject to limits and restrictions imposed by IMPS and NEFT/RTGS, as applicable.

 

1Immediate Payment Service (“IMPS”): Click Here for list of IMPS enabled banks.
2National Electronic Funds Transfer ("NEFT"): Refer to https://rbi.org.in/Scripts/neft.aspx for list of NEFT enabled Bank branches.
3Real Time Gross Settlement ("RTGS"): Refer to https://rbi.org.in/scripts/BS_ViewRTGS.aspx, , for list of RTGS enabled bank branches.

This facility allows you to transfer money electronically to your beneficiary's account in India. The network covers all NEFT1 and RTGS2 enabled banks across India.

 


1Immediate Payment Service (“IMPS”): Click Here for list of IMPS enabled banks.
2National Electronic Funds Transfer ("NEFT"): Refer to https://rbi.org.in/Scripts/neft.aspx for list of NEFT enabled Bank branches.
3Real Time Gross Settlement ("RTGS"): Refer to https://rbi.org.in/scripts/BS_ViewRTGS.aspx, , for list of RTGS enabled bank branches.

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

You can send money to all IMPS1, NEFT2 and RTGS3 enabled banks across India. 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.

 


1Immediate Payment Service (“IMPS”): Click Here for list of IMPS enabled banks.
2National Electronic Funds Transfer ("NEFT"): Refer to https://rbi.org.in/Scripts/neft.aspx for list of NEFT enabled Bank branches.
3Real Time Gross Settlement ("RTGS"): Refer to https://rbi.org.in/scripts/BS_ViewRTGS.aspx, for list of RTGS enabled bank branches.

You can initiate instant* online money transfers to any ICICI Bank account holder in India or to any IMPS1, NEFT2 and RTGS3 enabled banks/branches across India.


* Money transfers to recipient bank accounts that are not held with ICICI Bank Limited in India, will only be credited instantaneously if such recipient’s bank accounts are enabled for immediate payment services (IMPS). If they are not registered for IMPS, money transfers will be processed via National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement (RTGS). NEFT/RTGS transfers may take up to 48 business hours to process. All money transfers to India are subject to limits and restrictions imposed by IMPS and NEFT/RTGS, as applicable.

 

1Immediate Payment Service (“IMPS”): Click Here for list of IMPS enabled banks.
2National Electronic Funds Transfer ("NEFT"): Refer to https://rbi.org.in/Scripts/neft.aspx for list of NEFT enabled Bank branches.
3Real Time Gross Settlement ("RTGS"): Refer to https://rbi.org.in/scripts/BS_ViewRTGS.aspx,for list of RTGS enabled bank branches.

There is no additional charge for using the Direct Credit facility. Please refer to Rates and Charges for Money Transfers.

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.

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.

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.

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.

ICICI Bank Canada Account Holder
· Debit from Chequing Account Free
· Debit from Savings Account $10
 
Non-ICICI Bank Canada Account Holder $20

ICICI Bank Canada can currently transfer funds in the following currencies: Indian Rupee (INR) and United States Dollar (USD).

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

  1. A completed Money Transfers Application Form (provided at the branch).
  2. Two pieces of identification (Click here for list of acceptable documents).

If you have any questions, please call us toll-free at 1-888-424-2422.

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.

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.

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”.

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

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.

ICICI Bank Canada offers

  • Instant* international money transfers for banks enabled on IMPS1
  • 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.

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.

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

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.

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.

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.

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.

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.

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.

Yes. You can initiate instant* online money transfers to any ICICI Bank account holder in India or to any IMPS1, NEFT2 and RTGS3 enabled banks/branches across India.

Once the beneficiary is added, you may use our online banking or mobile app to transfer money.

For more details, please visit https://www.icicibank.ca/content/icicibank/ca/en/personal/moneytransfers/money-to-india.html


* Money transfers to recipient bank accounts that are not held with ICICI Bank Limited in India, will only be credited instantaneously if such recipient’s bank accounts are enabled for immediate payment services (IMPS). If they are not registered for IMPS, money transfers will be processed via National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement (RTGS). NEFT/RTGS transfers may take up to 48 business hours to process. All money transfers to India are subject to limits and restrictions imposed by IMPS and NEFT/RTGS, as applicable

1Immediate Payment Service (“IMPS”): Click Here for list of IMPS enabled banks.
2National Electronic Funds Transfer ("NEFT"): Refer to https://rbi.org.in/Scripts/neft.aspx for list of NEFT enabled Bank branches.
3Real Time Gross Settlement ("RTGS"): Refer to https://rbi.org.in/scripts/BS_ViewRTGS.aspx, , for list of RTGS enabled bank branches.

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