Money transfers to India FAQs

How do I register a new beneficiary?


  • Go to ‘Fund Transfer to India’ and click on ‘Transfer Money’
  • Click on ‘Register a New Beneficiary’ and complete the beneficiary details with the correct name, address, phone number, date of birth, occupation and account details of the beneficiary, as it appears on their bank account
  • Click on ‘Confirm’ to submit the details
  • If you have a mobile number registered with us, a Unique Reference Number (URN) will be sent as a text to you within 5 minutes. Submit this URN on the ‘Confirm Beneficiary’ page within 72 hours of receipt
  • If you do not have a mobile number registered with us, you need to call us on 0844 412 4444 (calls cost 5 pence per minute plus your phone company's access charge) to verify your beneficiary details

The beneficiary registration will be approved by us within 1 business day of you submitting the URN or verifying the details with us over the phone.

 

You only need to register your beneficiary once and then you can transfer money to them again at any time. If the beneficiary’s bank details change, you’ll need to register the beneficiary again and delete the previous registration of the same beneficiary.

What happens if I do not submit the URN within 72 hours of receipt?


Your beneficiary registration request will expire and its status will appear as ‘Expired’ on the ‘Modify / Delete Beneficiary’ page of your internet banking. However, you may re-submit the beneficiary details to us on the ‘Register a New Beneficiary’ page. Another URN will be sent to you as a text on your registered 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.

What happens if I do not receive the URN or delete it by mistake?


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, which you must submit on the ‘Confirm Beneficiary’ page within 72 hours of receipt.

 

If you do not receive the URN even after the second attempt, please call us on 0844 412 4444 (calls cost 5 pence per minute plus your phone company's access charge) to verify your beneficiary details and place a request to update your mobile number.

Who can be registered as a beneficiary for online transfers?


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.

When can I start transferring money?


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

What’s the limit for transferring money to India?


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.

How can I track my money transfer to India?


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

What is a ‘Standing instruction’?


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.

How can I set up a standing instruction?


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.

What frequencies are available for standing instructions?


The different frequencies available for standing instructions are:

  • Every 7 days
  • Every 15 days
  • Every month
  • Every 2 months
  • Every Quarter
  • 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 a 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.

How can I view/Delete my standing instructions?


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

How can I modify my standing instruction?


To modify, please delete the existing standing instruction and set up a new one.

How many standing instructions can be set?


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

What is a ‘Rate block’? How does it work?


Through the rate block facility, you can define the minimum rate at which you wish to transfer money to India. Once you define the minimum exchange rate at which you wish to transfer money, the exchange rate offered by us is matched against your desired exchange rate during the period set by you. As soon as the exchange rate meets or crosses your desired exchange rate, the transfer is processed at the rate offered by us. If the exchange rate offered by us does not meet your desired exchange rate, during the period blocked by you, your transfer request will expire. A Rate block may be set for a maximum period of 90 days.

How can I set up a rate block?


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

  • Log on to your account, click ‘Fund Transfer To India’ and ‘Transfer Money’
  • 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.

What happens if my desired exchange rate is not met by the actual exchange rate offered?


If your desired exchange rate is not met by the actual exchange rate we offer during the period you define, the rate block instruction gets cancelled.

How can I view my rate blocks?


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

What do the different statuses on the ‘rate block’ page mean?


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.

How many rate blocks can be 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.

What is the text alert to beneficiary service?


When you place an online money transfer request, you may choose for us to send a text alert to your beneficiary in India, informing them that the money has been sent to their account. We will send a text alert as soon as the money has been successfully transferred by us. You can choose to have text alerts for pay now transfers, standing instructions and rate blocks as well.

How do I send a text alert to my beneficiary in India?


When placing a money transfer request online, select ‘Yes’ for ‘Inform the beneficiary through mobile text’. Then enter your beneficiary’s mobile phone number and click ‘Ok’. Please make sure you verify the mobile number on the confirmation page. If you wish to change the number, click ‘Cancel’.

Does my beneficiary have to be an ICICI Ltd, India account holder to receive text alerts?


No, text alerts may be sent to any beneficiary who you have registered with us for receiving money transfers online.

Can my beneficiary withdraw money immediately after receiving the text alert?


We will send the text alert to your beneficiary as soon as we have sent your money to the beneficiary bank. If the beneficiary’s account is held with ICICI Ltd, India, the money will be sent instantly and may be withdrawn as soon as the beneficiary receives the text alert. However, if the beneficiary’s account is held with any other bank in India, the beneficiary must check with their bank for the status of credit to their account.

Will I be charged for sending a text alert to my beneficiary?


Yes, a charge of 50 pence will be applicable for sending a text alert. A text alert will be sent to your beneficiary only if the transfer has been sent by us to the beneficiary bank.

What happens if the text alert does not get delivered to my beneficiary?


If the text alert does not get delivered after the first attempt, we will try once again. However, the charge will be levied only once.

What is Service Assurance applicable to?


Service Assurance is applicable to all money transfers to India.

How do I receive the payment due to me in case of service assurance failure?


The payment due to you will be credited into your HiSAVE Remittance account.