Money Transfer FAQs

Personal Current Account customers can transfer money by logging into online banking.

Insta Online allows you to transfer money instantly to your account or a beneficiary’s account held with ICICI Bank Ltd (India). To do an Insta Online transfer, simply login to online banking and you can transfer funds instantly to a registered beneficiary who has an account with ICICI Bank Ltd (India).

Simply login to online banking and follow these steps:

As soon as your beneficiary is approved, you can start transferring money.

Your beneficiary registration request will expire and its status will appear as ‘Expired’ on the Manage Beneficiary’ page of your internet banking. However, you may re-submit the beneficiary details to us on the Add a New Beneficiary’ page. Another URN will be sent to you as a text on your registered UK mobile number. Submit this URN on the ‘Confirm Beneficiary’ page within 72 hours of receipt and the beneficiary will be approved by us within 1 business day.

Click on ‘Generate a new URN’ tab on the ‘Confirm Beneficiary’ page. A new URN will be sent to you as text within 5 minutes on UK Mobile Number, which you must submit on the ‘Confirm Beneficiary’ page within 72 hours of receipt.

The beneficiary will be approved if the correct URN is submitted within 72 hours of receipt, or the beneficiary details provided by you online match the details that you give over the phone by calling the Customer Service Centre. The beneficiary will be approved within 1 business day, and its status will appear as ‘Approved’ on the ‘Modify / Delete Beneficiary’ page of your internet banking.

Simply login to online banking and follow these steps:

You can register any beneficiary who has an account either with ICICI Bank Ltd (India) or any other bank that uses the Indian electronic clearing system.

You can modify or change a beneficiary’s address, phone number, occupation and email ID. If you want to change any other details you firstly have to delete their existing details and submit a new request to add a new beneficiary.

That beneficiary will be available in the ‘Modify/Delete Beneficiary’ section of the remittance page. However you will have to provide the registered beneficiary’s address, phone number and occupation. This is a one-off update and you don’t have to call us to confirm these details. These are the steps to update this information:

• Go to the ‘Modify/Delete Beneficiary’ page in the left-hand menu
• Click the ‘Edit’ button at the top of the page, so the address, phone number, occupation and email ID fields become editable
• Enter the beneficiary’s Indian address and phone number
• When you select their State, the system will refresh
• When you select their city, the system will refresh again
• Enter the country code – this should be three digits, e.g. 091 for India. Don’t enter any special characters
• Choose the beneficiary’s occupation
• Once the details are completed, click ‘Confirm’ at the bottom of the page
• Then you’re ready to start transferring funds

The beneficiary will be approved if the correct URN is submitted within 72 hours of receipt, or the beneficiary details provided by you online match the details that you give over the phone by calling the Customer Service Centre. The beneficiary will be approved within 1 business day, and its status will appear as ‘Approved’ on the ‘Modify / Delete Beneficiary’ page of your internet banking.

You can transfer money online to any bank in India (provided the bank uses the Indian electronic clearing system). You can use this service to send money to more than 55,000 branches of a variety of banks in India. To do an online transfer, simply login to online banking and you can transfer funds instantly to a registered beneficiary account of any bank which uses the Indian electronic clearing system.The beneficiary bank will be credited in 24 hours.

As soon as your beneficiary registration is approved, you can start transferring money.

The funds are credited to the beneficiary account within 1 business day of placing the request.

It’s very important that you give us the correct beneficiary details so that we can process the credits into the right beneficiary’s account.

Bank name – the bank where your beneficiary holds an account

Beneficiary name – as it appears in their bank's records

Bank branch – the branch where the beneficiary’s account is held

Account number – the number for beneficiary’s account held at the branch you are transferring to

Account type – the type of account you are transferring to, i.e. a savings account, an NRE account etc.

Personal Current Account holders may place such requests either at our branches, Online, Mobile App and Customer Service Centre. Non-account holders may place such requests at our branches.

A tracking ID number starting with ‘SR’ will be generated when you submit your money transfer request. Please write down this tracking ID number and visit your ‘Transfer History’ page to track the status of your transfer.

There is no maximum limit on transfers placed through our branches. The maximum limit for transfers placed through our Customer Service Centre is £1500. The maximum limit for transfers placed online is £25,000 per day in total (including charges) to any bank account in India (i.e. accounts with ICICI Bank Limited or any other bank that uses the Indian electronic clearing system).

There is no maximum limit on transfers placed through our branches. The maximum limit for transfers placed through our Customer Service Centre is £1500. The maximum limit for transfers placed online is £25,000 per day in total (including charges) to any bank account in India (i.e. accounts with ICICI Bank Limited or any other bank that uses the Indian electronic clearing system).

You can transfer up to £25,000 per day in total to any bank account in India (i.e. accounts with ICICI Bank Ltd., India or any other bank that uses the Indian electronic clearing system). This aggregate amount may be transferred in multiple transactions.

A GBP instruction will tell us the exact amount to debit from your Personal Current Account for the transfer. The corresponding INR amount will be credited to the beneficiary account in India depending on the exchange rate applicable on the day of the transfer.

An INR instruction will tell us the exact amount of Indian rupees to be credited to your beneficiary, and the corresponding GBP amount for the transfer will be debited from your Personal Current Account. The amount debited from your Personal Current Account will be determined by the INR-GBP rate on the date of the transfer, up to five decimal places.

If your desired exchange rate is not met by the actual exchange rate offered by us during the period defined by you, the Rate Block instruction gets cancelled.

If you need to send money to India on a regular basis, you can set up a standing instruction. A standing instruction is an order you give the Bank to transfer a set amount at regular intervals.

To set up a standing instruction, please follow these steps:

• Log on to your account, click ‘Fund Transfer To India’ and ‘Transfer Money’
• Initiate a Transfer and on "Confirm Transaction" page, click on "Schedule for Later" and
• Enter the following details:
  • Start date of your standing instruction (should be no earlier than the next day);
  • Frequency at which the money must be transferred; and Number of payments to be made (including the first transfer due to be processed on start date)
• Click ‘Submit’

A standing instruction (SI) ID number will be generated. You can use this number to track and manage your standing instructions on the ‘Transfer History’ pages.

The different frequencies available for Standing Instructions are:

• Every 7 days
• Every 15 days
• Every month
• Every 2 months
• Every 6 months

The next due date under each frequency will be calculated as below:

• Every 7 days - Next due date will be calculated as the 7th day from the last due date e.g.standing instruction set on 30/01/2011, would have as due dates: 30/01/2011, 06/02/2011, 13/02/2011, 20/02/2011, 27/02/2011, 06/03/2011(excluding leap years – in case of leap year the next due date would be 05/03/2011).
• Every 15 days - Next due date will be calculated as the 15th day from last due date.
• Every month – Next due date would be the same date of the following month e.g. standing instruction set on 10/01/2011, would have as due dates: 10/02/2011, 10/03/2011 etc. SI set on 31/01/2011 will have due dates as 31/01/2011, 28/02/2011, 31/03/2011, 30/04/2011 etc. Next due dates are calculated similarly for every 2 months, Quarter and 6 months frequencies.

You can view your Standing Instructions on the ‘Manage Standing Instructions’ page.

o modify, please delete the existing Standing Instruction and set up a new one.

Yes, a Standing Instruction may be deleted by you at any stage before it ends. All subsequent transfers will then be discontinued. For deleting a Standing Instruction, select the relevant instruction from ‘Manage Standing instructions’ page and click on ‘Delete’.

You can view or delete your standing instructions on the "Transaction History" page and click on "View Future Transaction"

There is no limit to the number of Rate Blocks that can be set. However, the amount that can be transferred in a day is subject to the daily online transaction limits.

A Future dated Transfer is a money transfer instruction set in advance. Through this service, you may place an instruction today for a money transfer to be done at a future date.

To set up a Future dated transfer, please follow these steps:

• Log on to internet banking, click 'Remittance' and select 'International Money Transfers';
• Click the ‘Transfer Money’ tab;
• Enter the details of your transaction;
• Select the ‘Schedule for later/ Set up Standing Instruction’ option;
• Enter the date at which you wish to make your transfer and select the frequency as 'Once'. The transfer date should be no earlier than the next day’s date;
• Click 'Submit'
• Check the details of your instruction and click 'Confirm’;

A Future dated transfer ID number will be generated. You can use this number to track and manage your future dated transfers on the ‘Manage Standing Instructions’ and ‘Transfer History’ pages.

You can view your future transfers on the ‘Manage Standing Instructions’ page.

Yes, a Future dated transfer may be deleted by you at any stage before it is processed. For deleting a Future dated transfer, select the relevant transfer instruction from ‘Manage Standing instructions’ page and click ‘Delete’ tab

There is no limit to the number of future dated transfers that you can set. However, the amount that can be transferred in a day is subject to the daily online transaction limits.

Through the Rate Block facility, you can define the minimum rate at which you wish to transfer money to India. We will then ensure your money is sent only at that rate or at a higher rate. The minimum rate may be blocked for a period of 90 days or less. If the actual exchange rate offered by us does not meet your desired exchange rate, during the period blocked by you, your transfer request will expire.

To set up a ‘Rate Block’ instruction, please follow these steps:

• Logon to internet banking, click ‘Remittance’ and select 'International Money Transfers';
• Click ‘Rate Block’ and select ‘Set up a Rate Block’ tab;
• Enter the details of your transaction;
• Enter the start date (this can be the same day of your request) and the end date for the rate block.
• Click ‘Submit’.
• Check the details of your instruction and click ‘Confirm’.

A Rate Block ID number will be generated. You can use this number to track and manage your rate blocks on the ‘Rate Block’ and ‘Transfer History’ pages.

A Rate Block may be set for a maximum period of 90 days. Once you define the minimum exchange rate at which you wish to transfer money, the actual exchange rate offered by us is matched against your desired exchange rate during the period set by you. As soon as the actual exchange rate meets or crosses your desired exchange rate, the transfer is processed at the actual exchange rate.

If your desired exchange rate is not met by the actual exchange rate offered by us during the period defined by you, the Rate Block instruction gets cancelled.

You can view your Rate Block instructions on the ‘Rate Block’ page.

To modify, please delete the existing Rate Block and set a new one.

Yes, you can delete a Rate Block if it is in ‘Pending’ status. To delete a Rate Block, select the relevant instruction from the ‘Rate Block’ page and click on the ‘Delete’ tab.

A Rate Block can have any of the following status:

• Pending - If the transaction end date has not passed.
• Processed – If the transfer has been processed.
• Expired - If the end date has passed and the transaction has not been processed as the desired exchange rate was not met.
• Insufficient funds - If the transaction was rejected due to insufficient funds in your current account.
• Cancelled - If the transaction was rejected due to a system failure or the daily online transaction limits were met.
• Deleted - If you have deleted the Rate Block, or the Beneficiary for whom the Rate Block is set.

There is no limit to the number of Rate Blocks that can be set. However, the amount that can be transferred in a day is subject to the daily online transaction limits.

Transaction with this purpose code may be rejected if either Beneficiary is not an individual or Beneficiary is same as remitter (e.g. Transaction to own account in India with this purpose code may be rejected).

There will be a delay in credit to your beneficiary account for the transactions with this purpose code.

There will be a delay in credit to your beneficiary account for the transactions with this purpose code.

Transaction with this purpose code may be rejected if none of below conditions are met:

• Beneficiary is a financial institution
• Beneficiary is an individual and not his family member and Nationality status of the beneficiary at the time of taking loan was not Indian

Transaction with this purpose code may be rejected if either Beneficiary is not an individual or Beneficiary is same as remitter (e.g. Transaction to own account in India with this purpose code may be rejected).  

There will be a delay in credit to your beneficiary account for the transactions with this purpose code.

Transactions with these purpose of remittance will be exempted from Service Assurance compensation from Oct 1, 2020.

Bank would do their due diligence within 2 working days however if any additional information is required from the remitter to establish that the funds are sent to the beneficiary with correct POR then a Phone call will be made to customers registered mobile number and required information will be taken. Upon receipt of the complete information and as per India regulatory requirements, we would then process or reject the transaction as per the terms of the arrangement.

In case where the remitter is unable to reach or calls are unanswered, we request customer to contact call center and enquire on status of funds. The overall process may take some time but it depends on case to case and the information provided by the remitter.

If you do not provide us with accurate, correct and complete information we will not be able to transfer funds to your registered beneficiary account. Please note for any reversal/ cancellation of a Transfer request initiated by you or due to insufficient information, the Bank will levy a charge of 2% of the transfer value or GBP 10 whichever is higher. If any exchange rate loss/profit is made at the time of a reversal, it will be passed on to you.

Transactions initiated on weekends and Bank holidays with above Purpose of remittances will be reviewed/processed on next working day.

Transaction with this purpose code may be rejected if the registered beneficiary account selected by a remitter is not a NRE/NRO Bank account held in India.

There may be delay in return of the funds based on due-diligence process of the Bank for your registered beneficiary.

Service Assurance is applicable to all online transfers, Insta 24 hour transfers, Account Transfers and transfers to a bank other than ICICI Bank Ltd. India.

No. Service Assurance is applicable to transfer requests by both account holders and non-account holders.

Personal Current Account and HiSave Remittance Account holders will receive payment by way of credit into their current account. Non-account holders may receive the credit either by visiting one of our branches, or by credit to their current account with other banks in UK.

There are no additional charges over the existing charge structure for the use of a debit card.

You would need to carry your valid Passport or UK driving license every time you need to transfer money via debit card, even if you hold an account with us.

Yes, our service assurance will be applicable on all money transfers through debit cards.

No, the time taken will not be different. It will be as per the transfer mode selected by you.

Credit cards cannot be used. You can only use a non ICICI Bank UK PLC chip and pin debit card from a UK Bank.

Your proof of Identity must be issued by a public authority and include your name, date of birth, nationality, signature and a photograph of you. Your passport and driving licence are two good examples of proof of identity. If you are staying in the UK on a visa, your visa should be valid for at least six months from the date you apply for a Personal Current Account.

Your proof of address must be issued by a recognised authority, bank or utility company (e.g. water, gas, electric or telephone company) and should include your full address. Your proof of address should not be more than three months old and could be in the form of a utility bill, tax bill or bank statement.