Outward Remittance FAQs

If you have an ICICI Bank Account you can use the ICICI Bank Internet Banking and transfer using Money2World platform The navigation path is mentioned below:

Login to www.icicibank.com> Payment & Transfer > Fund Transfer > Overseas Transfer> Send Money Now> Money2World Page will open

2. What are the eligible purposes for transferring funds through Money2world.com service?

The permissible purposes for transferring funds through Money2world.com service are as follows:

• Education Abroad
• Travel for Education
• Travel for Medical Treatment
• Medical Treatment Abroad
• Maintenance of close relatives abroad
• Other Travel (Including holiday trips)
• Personal Gift
• Remittance to own account abroad for placing of deposit

3. What is the process for making an online outward remittance from my resident savings account in ICICI Bank from Retail Internet Banking?

Outward remittances from resident savings account in ICICI Bank are permissible subject to satisfying the documentation requirements.

• Initiate the transaction by selecting remitter account, beneficiary account and purpose
• Upload self-attested copy of Passport
• Upload self-attested copy of valid Indian Employment Visa
• Upload self-attested copy of proof of Salary

Please note that only the funds from unutilized salary credit from the organizations directly to the ICICI Bank account can be used.

ICICI Bank will scrutinize all the submitted details and documents of transaction. In case of any discrepancy, ICICI bank will send an email to registered email ID and may request for additional information/documents to process your transaction. It is requested to provide the updated details and documents at the earliest.

4. Do I need to submit my KYC documents for every transaction request sent through Money2world service?

No, as an ICICI Bank account holder you are not required to submit any KYC documents for availing this service from ICICI Bank Internet Banking.

5. What are new features available through Money2World?

ICICI Bank account holders advantages of Money2World transfer as below:

• Convenience, as it eliminates the requirement of visiting the branch
• Round the clock service, as the remittance facility is available 24*7
• Faster turn around time for processing the requests
• Secured and faster mode of transfer of funds
• Receiver registration for recurring transfers

6. What is the limit for fund transfer for an ICICI Bank’s Resident Savings Account holder through Internet Banking?

The limit for fund transfer abroad for ICICI Bank’s resident Savings Account holder from ICICI Bank Internet Banking is up to

• USD 25,000 or its equivalent per transaction,
• USD 1,000,000 or its equivalent OR up to the net salary earned whichever is lower per financial year

subject to any purpose specific limit specified by Reserve Bank of India.

7. What would be required to avail Money2world service?

To avail of this service, you would be required to have your Indian mobile number, email id and PAN number registered with ICICI Bank.

8. When would my transaction get processed?

Transaction request received on bank working day (during weekdays) before 2:00 PM IST will be processed on the same day. Requests received after 3:00 PM IST on bank working day and during weekend will be processed on the next bank working day.

9. When would my ICICI Bank account be debited?

Your bank account would be debited at time of submission of request directly from your ICICI Bank Saving account selected. However processing of your request will be subject to FEMA regulations and RBI guidelines

10. Can I cancel my fund transfer request?

Any cancellation request received for fund transfer will be handled by the Bank on best effort basis.

11. Why do I need to register beneficiary prior to raising a transfer request?

You are requested to register your beneficiary prior to fund transfer for the security of your account and also to save your time for repeat remittances to the same beneficiary.

12. What is Receiver's bank charges?

When the remitter selects 'ME' - Full FCY amount entered by the remitter is sent to the Receiver's bank.

When the remitter selects 'Receiver' - The Intermediary bank may levy some charges and post deductions FCY amount will be credited to the Receiver's Bank

13. What are the processing charges for fund transfer request made through Money2World?

The charge per transaction is INR 750 plus applicable GST. For payments sent to USA in USD, in case the Remitter chooses that the intermediary bank charges are to be borne by him/her (Me) and not the receiver then the charge per transaction would be INR 1,000 plus applicable GST.

15. What should I do if I am not receiving the One Time Password (OTP) on the registered mobile number, while initiating the transaction?

If you are not receiving OTP on the registered mobile number, please click on ‘Get Code on Call’ and call on the toll free number of Phone Banking.

16. What are the steps for receiving the ‘OTP Over Phone’ through Phone Banking?

Post clicking on ‘Get code on call, you can call on the Phone Banking number mentioned on the OTP page through your registered mobile number. Phone Banking Officers (PBO) will validate your details and post successful validation, PBO will read out the OTP over call. The OTP provided by PBO needs to be entered by you on the transaction page. Hence, please remain on the transaction page.

17. What are the options to receive OTP on the registered mobile number, while initiating the transaction?

You will automatically receive the OTP on your registered mobile number as well as email ID, on reaching the OTP page. If you are unable to receive the OTP, please:

• Click on ‘Re-Generate OTP on registered Mobile’ option. This will regenerate the OTP and send it on the registered mobile number, OR
• Click on ‘Get Code on Call’ option and call on the toll free number of Phone Banking to receive the OTP over Call.

18. Is OTP mandatory while submitting the transaction?

Yes, it is mandatory to enter the OTP while initiating the transaction. This is required to validate the customer.

19. What should I do if the session logs out while calling the Phone Banking team?

When you click on ‘“Get Code on call” option for receiving the OTP over call, the session time will automatically increase. However, if the session logs out while calling the Phone Banking team, you can initiate a new transaction while being on call with the Phone Banking officer and request the OTP for the new transaction over call.

20. Can the get OTP/Code Over Phone’ service through Phone Banking be availed for all customers?

‘Get Code on Call’ service is available for Money2World transactions for Resident customers, Non-Resident India customers, Foreign National and Non-ICICI Bank customers.

21. Can the ‘Get Code on Call’ service be available for all stages where OTP is required?

Yes “Get Code on Call” can be used for Transaction initiation stage as well as Receiver Addition

22. What is the minimum transaction amount for initiating outward remittances through ICICI Bank?

‘The minimum transaction amount for initiating outward remittances through ICICI Bank is 1 Foreign Currency (FCY) value for all currencies, except JPY (Japanese Yen). For Japanese Yen currency the minimum transaction amount is JPY 2.

23. My bank account was debited but my transaction has not been processed yet. What should I do?

Please cross-check your account statement. In case your bank account has been debited, but you can't see the transaction in the ‘Remittances history’ section, please write to nri@icicibank.com or call our Customer Care.

24. Where can I check status of my transaction?

You can check your transaction status on the Money2World page under Transactions tab or under the Remit tracker tab

1. What is an Outward Remittance?

An Outward Remittance is a transfer of money in foreign exchange, by a resident in India or an NRI to a beneficiary situated within or outside the country (except for Nepal and Bhutan) for a purpose as approved under FEMA (Foreign Exchange Management Act). You may send money abroad to a beneficiary for various purposes including education, employment abroad, emigration, maintenance of close relatives, foreign travel, gifts, medical treatment, donations, etc.

2. Who is eligible to do an Outward Remittance?

Account holders of ICICI Bank (resident and non-resident) as well as non-account holders can do an Outward Remittance transaction.

3. Can non-account holders of ICICI Bank make an outward remittance through ICICI Bank? What are the requirements for making such remittance?

Yes, resident non account holders can make an outward remittance through ICICI Bank for current account non-trade transactions. Non-account holders are required to provide their identity and residence proof at the time of placing the request for outward remittance. The payment for the remittance may be made by account payee cheque or Demand Draft or by Cash deposit (upto Rs. 50,000/-). The payment can also be made through NEFT or RTGS, for more details please visit your nearest ICICI Bank branch.

However, non-account holders may not make remittances for capital account transactions under the "Liberalised Remittance Scheme". (For details of the scheme, please refer to Q 12 below.)

NRIs who do not hold an account with ICICI Bank cannot make remittances through ICICI Bank.

4. Can the joint account holder do an outward remittance out of the resident savings bank account?

In case of resident savings accounts, the request needs to be given by either/both the account holders depending upon the mode of operation of the account.

In case the main holder becomes a Non Resident, the remittance can only be initiated post re-designating the account as an NRO account. However, if the second or subsequent holder becomes a non-resident, his name should be removed from the account and thereafter the remittance can be effected.

5. What are the modes of doing an outward remittance?

Money can be sent abroad through the following modes:

• Wire Transfer
• Foreign Currency Demand Draft

6. In which currencies can outward remittance be made through ICICI Bank?

The following currencies are available for making Outward Remittances

7. What is the process to do an outward remittance?

You can do an outward remittance by visiting any of the ICICI Bank branches & submit forms/documents with necessary beneficiary and transaction details.

OR

The customer having internet banking account, can do an outward remittance through online channel as well.

8. To whom can I remit for the purpose of "maintenance of close relatives"?

You can remit to the below mentioned persons:

(a) Members of your Hindu undivided family; or
(b) Your spouse
(c) You are related to the beneficiary in any of the manners indicated below:

9. Can I remit funds for acquisition of shares in a company abroad?

A resident individual may make a remittance under the Liberalized Remittance Scheme for resident individuals upto USD 250,000 (for details refer to Q.12 below) for acquisition of shares (of listed or otherwise) or debt instruments in a company abroad.

In addition to the above , as per relevant guidelines, a person resident in India:

• May purchase a foreign security out of the funds held in RFC account maintained in accordance with Foreign Exchange Management (Foreign Currency accounts by Person Resident in India) Regulations, 2000;
• May acquire bonus shares on the foreign securities held in accordance with the provisions of the FEMA or rules or regulations made there under;
• When not permanently resident in India, may purchase a foreign security from out of his foreign currency resources outside India;

10. What is the limit for making a remittance for the purpose of medical treatment abroad?

The limit to remit for the purpose of Medical expense is USD 250,000. Remittance in excess of USD 250,000 is allowed without any monetary limit subject to estimate from doctor in India or a doctor/hospital abroad. Reserve Bank approval is required to release exchange if the amount exceeds the estimate from the doctor in India or doctor/hospital abroad.

11. Can I take an Insurance policy from a Foreign Insurance Company?

A person resident in India can take a life insurance policy by an insurer abroad, with no specific monetary limit, only if the policy is held under the specific or general permission of the Reserve Bank of India. In case of a general insurance policy, the same needs to be held under the general or specific permission of the Central Government.
However, remittance towards premium for Health Insurance policies may be availed of from companies abroad.

12. What is the Liberalised Remittances Scheme? Who is eligible to avail the facility under this scheme?

The Liberalised Remittance Scheme is a facility available for making remittance up to USD 250,000 per financial year for permissible current or capital account transactions or a combination of both. All resident individuals are eligible to avail of the facility under the Liberalised Remittance Scheme. However it is mandatory to have a PAN number to make a remittance under this scheme, and your account with ICICI Bank must be at least 1 year old. This facility will not be available to corporate, partnership firms, HUF, Trusts, etc. Also, remittance cannot be done from any loan/overdraft account. PAN details are mandatory to send funds under the said scheme.

For capital account transactions, it is mandatory to have a PAN number to make a remittance under this scheme, and your account with ICICI Bank must be at least 1 year old. This facility will not be available to corporate, partnership firms, HUF, Trusts, etc. Also, remittance cannot be done from any loan/overdraft account. PAN details are mandatory to send funds under the said scheme.

13. What are the purposes for which remittance can be made under the Liberalised Remittance Scheme?

This facility is available for making remittances for any permissible current or capital account transactions or combination of both. Under this facility, resident individuals can also freely acquire and hold, shares or any other asset outside India without prior approval of Reserve Bank of India. Scheme is not available for purposes specifically prohibited (Schedule I) or regulated by the Government of India (Schedule II) of Foreign Exchange Management (Current Account Transactions) Rules, 2000. Scheme is also not permitted for remittance being made directly or indirectly to Nepal, Bhutan, Mauritius or Bhutan or to any country identified as a non-co-operative country by the Financial Action Task Force (http://www.fatf-gafi.org). Further, remittance for any payments in the nature of margin calls including for trading in foreign exchange are not permitted.

14. What are Small Value Remittances and what are the purposes for which remittances can be sent as Small Value Remittances"?

Small Value Remittances can be made up to USD 25000 per financial year, for any permissible current account non-trade transaction on the basis of Retail Outward Remittance Application. This is within the overall limit of USD 250,000 where the remittance is for payment towards purchase of goods for personal use/subscription fees or charges etc. please provide documentary proof of the transactions such as an Invoice or Debit note. The Invoice/Debit note must be in the name of the account-holder from whose account the remittance is being made.

15. What is the procedure for making a remittance for any services availed from abroad?

In case of remittances for any services availed from abroad such as consultancy charges/legal fees/training fees etc., in addition to the documents as specified from Small Value Remittances, please furnish a Certificate from a Chartered Accountant in Form 15CA and 15CB stating that tax u/s 195 has been deducted from the payment (Please refer to the question "What is the process for obtaining C.A. Certificate?" below)

16. When is the C.A. Certificate required for initiating outward remittance?

Based on the Reserve Bank of India guidelines, a certificate in prescribed forms (15CA & 15CB) need to be produced while making remittances for certain types of transactions which are not covered by the Liberalised Remittance Scheme or Small Value Remittances. Please consult your local ICICI Bank Branch for details if your transaction does not appear to fall under any of these categories.

The certificate is also required for all remittances from NRO account and for foreign nationals seeking repatriation.

The formats and submission details are available at the website of the Income Tax Department.

17. What is the process for obtaining C.A. Certificate?

Form 15 CB needs to be certified by a Chartered Accountant. Form 15 CA has to be filled in online at the website of the Income Tax Department. The printout generated from this site has to then be signed by the remitter and submitted along with Form 15CB at the branch from where the remittance is being made.

The detailed process of filling up the form is also available at the Income Tax Department website. The filled up form then needs to be produced along with the 15 CB to the branch.

Steps to be followed to file Form 15CA online

1. Login to: https://incometaxindiaefiling.gov.in
2. Go to e-filling log in page
3. Input user ID ( PAN of Remitter) and password
4. After login, go to sub option: E file – Prepare and Submit Online Form ( other than ITR)
5. Select form type – 15CA
   1. Instructions are given to fill the 15CA form
   2. The online form is available in two parts – Part A and Part B
   3. Complete the respective applicable PART either PART A or PART B (as required)
6. Once the Form 15CA is filled, verify and submit
7. Go to My account- My Returns/Forms. It will show all the returns and Forms submitted.
8. Click on the 15CA form and take a print along with the acknowledgment Slip.e

Form 15CA duly printed should be signed by Remitter and submitted to Bank in duplicate

18. How much foreign exchange can a person send as gift or donation to a person resident outside India ?

If you are eligible for the Liberalised Remittance Scheme, you may send upto USD 250,000 as a gift to any person resident outside India or as a donation to any charitable/educational/religious/cultural organisation outside India. This remittance can be done only under the LRS and is meant for individuals only.

19. What is the outward remittance limit for resident individual including Small Value Remittances?

Resident Individuals are allowed to send Outward Remittances under Liberalised Remittance Scheme (LRS) upto USD 250,000 per financial year for any permissible current account transactions.

20. What is the minimum transaction amount for initiating outward remittances through ICICI Bank?

‘The minimum transaction amount for initiating outward remittances through ICICI Bank is 50 Foreign Currency (FCY) value for all currencies, except AED. For AED currency the minimum transaction amount is AED 100.

21. Which are the prohibited transactions under the Foreign Exchange Management Act, 1999?

Below transaction are prohibited under the Foreign Exchange Management Act, 1999? 

1. Remittance out of lottery winnings.
2. Remittance of income from racing/riding etc. or any other hobby.
3. Remittance for purchase of lottery tickets, banned/proscribed magazines, football pools, sweepstakes, etc.
4. Payment of commission on exports made towards equity investment in Joint Ventures / Wholly Owned Subsidiaries abroad of Indian companies.
5. Remittance of dividend by any company to which the requirement of dividend balancing is applicable.
6. Payment of commission on exports under Rupee State Credit Route, except commission up to 10% of invoice value of exports of tea and tobacco.
7. Payment related to "Call Back Services" of telephones.
8. Remittance of interest income on funds held in Non-Resident Special Rupee (Account) Scheme.

22. My bank account was debited but my transaction has not been processed yet. What should I do?

Please cross-check your account statement. In case your bank account has been debited, but you can't see the transaction in the ‘Remittances history’ section, please write to nri@icicibank.com or call our Customer Care.

1. What is the limit for making an outward remittance from my NRE account?

NRE account balances are freely repatriable. There is no limit specified for outward remittances from such accounts.

2. I have registered a mandate-holder in my NRE account. Can he make an outward remittance from the account as well?

Mandate holder in the NRE account can initiate an outward remittance, but only if the beneficiary of the remittance is the account holder himself

3. Can I make outward remittance from my NRO A/c?

Outward remittances from NRO a/c are permissible subject to satisfying the documentation requirements

4. What is the process for making an outward remittance from my NRO account from ICICI Bank branch?

For making an outward remittance from your NRO account, please walk into any ICICI Bank branch in India and initiate the outward remittance by filling up Retail Outward Remittance Application specifying the necessary details. In addition to this, you have to provide documentary proof of the source of the funds sought to be remitted and C.A. certificate in form of 15CA and 15CB as applicable based on the purpose of remittance

The formats and submission details are available at the website of the Income Tax Department.

5. What is the process for obtaining C.A. Certificate?

Form 15 CB needs to be certified by a Chartered Accountant. Form 15 CA has to be filled in online at the website of the Income Tax Department. The printout generated from this site has to then be signed by the remitter and submitted along with Form 15CB at the branch from where the remittance is being made. The detailed process of filling up the form is also available at the Income Tax Department website. The filled up form then needs to be produced along with the 15 CB to the branch.

Steps to be followed to file Form 15CA online

1. Login to: https://incometaxindiaefiling.gov.in
2. Go to e-filling log in page
3. Input user ID ( PAN of Remitter) and password
4. After login, go to sub option: E file – Prepare and Submit Online Form ( other than ITR)
5. Select form type – 15CA
   1. Instructions are given to fill the 15CA form
   2. The online form is available in two parts – Part A and Part B
   3. Complete the respective applicable PART either PART A or PART B (as required)
6. Once the Form 15CA is filled, verify and submit
7. Go to My account- My Returns/Forms. It will show all the returns and Forms submitted
8. Click on the 15CA form and take a print along with the acknowledgment Slip

Form 15CA duly printed should be signed by Remitter and submitted to Bank in duplicate

6. What is the limitation for repatriating funds out of NRO account?

There is a limit of USD 1,000,000 in financial year for repatriation from NRO account if the balances are arising out of capital receipts. In the balances are from current income then it can be repatriated upto the amount of current income

7. Can a joint/mandate holder initiate remittances from NRO account?

In case of NRO account, the joint holder may be resident or non-resident. In case the remittance is being initiated by the resident joint account-holder or the mandate holder, the beneficiary must be the account holder/s. Mandate holder can only repatriate the current income from the NRO account

8. What is the process for making an outward remittance from my NRE/NRO/FCNR account?

If you have access through Internet Banking to your NRE/NRO/FCNR accounts, you may initiate the outward remittance request through online channel. Just login to your internet banking account and follow navigation below:

Login > Payments and Transfers > Funds Transfer > Overseas account using Money2World

Select account type and repatriation mode to initiate the transfer request.

You may also walk into any ICICI Bank Branch in India and initiate the outward remittance by filling up a simple request letter specifying the necessary details.

Outward Repatriation from NRE/FCNR Fixed Deposit:

Login > Customer Service > Service Request > Deposits > Repatriation from NRE / FCNR FD

You may also walk into any ICICI Bank Branch in India and initiate the outward remittance by filling up a simple request letter specifying the necessary details.

9. Can the proceeds of sale of immovable property be repatriated out of NRO account? What is the process to repatriate such proceeds?

The proceeds of sale of property can be repatriated out of NRO account. The property’s registered sale deed (with the sub registrar’s stamp) and should be uploaded while raising the transaction online or copies to be submitted to the branch in case the transaction is initiated by branch. If the property was acquired as a gift/inheritance then gift deed or Will/Succession certificate/Certificate of probate/Legal Heirship certificate for the deed should be documented and copies submitted to the branch. If the documents are in any language other then English and Hindi, please submit a translated copy of the same along with the vernacular declaration duly notarized.

The amount sought to be repatriated should not exceed the sales proceeds and should be within the limit of USD 1,000,000 per financial year.

For more details kindly contact to your nearest ICICI Bank branch.

10. Are the NRI customers are eligible for Online Outward Remittance?

NRI customers are eligible to online outward remittance from NRE/FCNR/NRO accounts.

11. What is the online outward remittances limit from NRE account?

The limit for online outward remittance from NRE account on Money2World platform is as below:

• USD 2,50,000 or its equivalent per transaction: during working hours i.e. 10:00 a.m. IST to 03:59 p.m. IST on working days
• USD 1,00,000 or its equivalent per transaction: at all other times including Forex Holidays

12. What are the charges for online outward remittance request made from NRE account?

The charge per transaction is INR 500 plus applicable GST and for payments sent to USA in USD, the charge per transaction would be INR 1,000 plus applicable GST.

13. What should I do if I am not receiving the One Time Password (OTP) on the registered mobile number, while initiating the transaction?

If you are not receiving OTP on the registered mobile number, please click on ‘Call Phone Banking for OTP’ (on transaction page) and call on the toll free number of Phone Banking.

14. What are the steps for receiving the ‘OTP Over Phone’ through Phone Banking?

Post clicking on ‘Call Phone Banking for OTP’ (on the transaction page), you can call on the Phone Banking number mentioned on the OTP page through your registered mobile number. Phone Banking Officers (PBO) will validate your details and post successful validation, PBO will read out the OTP over call. The OTP provided by PBO needs to be entered by you on the transaction page. Hence, please remain on the transaction page.

15. What are the options to receive OTP on the registered mobile number, while initiating the transaction?

You will automatically receive the OTP on your registered mobile number, on reaching the OTP page. If you are unable to receive the OTP, please:

• Click on ‘Re-Generate OTP on registered Mobile’ option. This will regenerate the OTP and send it on the registered mobile number, OR
• Click on ‘Call Phone Banking for OTP’ option and call on the toll free number of Phone Banking to receive the OTP over Call.

16. Is OTP mandatory while submitting the transaction?

Yes, it is mandatory to enter the OTP while initiating the transaction. This is required to validate the customer.

17. What should I do if the session logs out while calling the Phone Banking team?

When you click on ‘Call Phone Banking for OTP’ option for receiving the OTP over call, the session time will automatically increase. However, if the session logs out while calling the Phone Banking team, you can initiate a new transaction while being on call with the Phone Banking officer and request the OTP for the new transaction over call.

18. Can the ‘OTP Over Phone’ service through Phone Banking be availed for all customers?

‘OTP Over Phone’ service is available for Money2World transactions for Resident customers, Non-Resident India customers, Foreign National and Non-ICICI Bank customers.

19. Can the ‘OTP Over Phone’ service be available for all stages where OTP is required?

‘OTP Over Phone’ service can only be used to receive OTP during transaction initiation.

20. What is the minimum transaction amount for initiating outward remittances through ICICI Bank?

‘The minimum transaction amount for initiating outward remittances through ICICI Bank is 1 Foreign Currency (FCY) value for all currencies, except JPY (Japanese Yen). For Japanese Yen currency the minimum transaction amount is JPY 2.

21. My bank account was debited but my transaction has not been processed yet. What should I do?

Please cross-check your account statement. In case your bank account has been debited, but you can't see the transaction in the ‘Remittances history’ section, please write to nri@icicibank.com or call our Customer Care.

If you have an ICICI Bank Account you can use the ICICI Bank Internet Banking and transfer using Money2World platform The navigation path is mentioned below:

Login to www.icicibank.com> Payment & Transfer > Fund Transfer > Overseas Transfer> Send Money Now> Money2World Page will open

2. What are the eligible purposes for transferring funds through Money2world?

The eligible purposes for transferring funds through Money2world are as follows: 

• Studies Abroad
• Maintenance of relatives
• Travel
• Gifting
• Transfer to own account
• Others like Investments, Donation, Medical, etc
• To know more about these purposes (click here)e about these purposes (click here)

3. What is the process for making an online outward remittance from my resident savings account in ICICI Bank from Retail Internet Banking?

Outward remittances from resident savings account in ICICI Bank are permissible subject to satisfying the documentation requirements.

• Initiate the transaction by selecting remitter account, beneficiary account and purpose
• Upload self-attested copy of Passport
• Upload self-attested copy of valid Indian Employment Visa
• Upload self-attested copy of proof of Salary

Please note that only the funds from unutilized salary credit from the organizations directly to the ICICI Bank account can be used.

ICICI Bank will scrutinize all the submitted details and documents of transaction. In case of any discrepancy, ICICI bank will send an email to registered email ID and may request for additional information/documents to process your transaction. It is requested to provide the updated details and documents at the earliest.

4. Do I need to submit my KYC documents for every transaction request sent through Money2world service?

No, as an ICICI Bank account holder you are not required to submit any KYC documents for availing this service from ICICI Bank Internet Banking.

5. What are new features available through Money2World?

ICICI Bank account holders advantages of Money2World transfer as below:

• Convenience, as it eliminates the requirement of visiting the branch
• Round the clock service, as the remittance facility is available 24*7
• Faster turn around time for processing the requests
• Secured and faster mode of transfer of funds
• Receiver registration for recurring transfers

6. What is the limit for fund transfer for an ICICI Bank’s Resident Savings Account holder through Internet Banking?

The limit for fund transfer abroad for ICICI Bank’s resident Savings Account holder from ICICI Bank Internet Banking is up to

• USD 25,000 or its equivalent per transaction,
• USD 1,000,000 or its equivalent OR up to the net salary earned whichever is lower per financial year

subject to any purpose specific limit specified by Reserve Bank of India.

7. What would be required to avail Money2world service?

To avail of this service, you would be required to have your Indian mobile number, email id and PAN number registered with ICICI Bank.

8. When would my transaction get processed?

Transaction request received on bank working day (during weekdays) before 2:00 PM IST will be processed on the same day. Requests received after 3:00 PM IST on bank working day and during weekend will be processed on the next bank working day.

9. When would my ICICI Bank account be debited?

Your bank account would be debited at time of submission of request directly from your ICICI Bank Saving account selected. However processing of your request will be subject to FEMA regulations and RBI guidelines

10. Can I cancel my fund transfer request?

Any cancellation request received for fund transfer will be handled by the Bank on best effort basis.

11. Why do I need to register beneficiary prior to raising a transfer request?

You are requested to register your beneficiary prior to fund transfer for the security of your account and also to save your time for repeat remittances to the same beneficiary.

12. What is Receiver's bank charges?

When the remitter selects 'ME' - Full FCY amount entered by the remitter is sent to the Receiver's bank.

When the remitter selects 'Receiver' - The Intermediary bank may levy some charges and post deductions FCY amount will be credited to the Receiver's Bank

13. What are the processing charges for fund transfer request made through Money2World?

The charge per transaction is INR 750 plus applicable GST. For payments sent to USA in USD, in case the Remitter chooses that the intermediary bank charges are to be borne by him/her (Me) and not the receiver then the charge per transaction would be INR 1,000 plus applicable GST.

15. What should I do if I am not receiving the One Time Password (OTP) on the registered mobile number, while initiating the transaction?

If you are not receiving OTP on the registered mobile number, please click on ‘Get Code on Call’ and call on the toll free number of Phone Banking.

16. What are the steps for receiving the ‘OTP Over Phone’ through Phone Banking?

Post clicking on ‘Get code on call, you can call on the Phone Banking number mentioned on the OTP page through your registered mobile number. Phone Banking Officers (PBO) will validate your details and post successful validation, PBO will read out the OTP over call. The OTP provided by PBO needs to be entered by you on the transaction page. Hence, please remain on the transaction page.

17. What are the options to receive OTP on the registered mobile number, while initiating the transaction?

You will automatically receive the OTP on your registered mobile number as well as email ID, on reaching the OTP page. If you are unable to receive the OTP, please:

• Click on ‘Re-Generate OTP on registered Mobile’ option. This will regenerate the OTP and send it on the registered mobile number, OR
• Click on ‘Get Code on Call’ option and call on the toll free number of Phone Banking to receive the OTP over Call.

18. Is OTP mandatory while submitting the transaction?

Yes, it is mandatory to enter the OTP while initiating the transaction. This is required to validate the customer.

19. What should I do if the session logs out while calling the Phone Banking team?

When you click on ‘“Get Code on call” option for receiving the OTP over call, the session time will automatically increase. However, if the session logs out while calling the Phone Banking team, you can initiate a new transaction while being on call with the Phone Banking officer and request the OTP for the new transaction over call.

20. Can the get OTP/Code Over Phone’ service through Phone Banking be availed for all customers?

‘Get Code on Call’ service is available for Money2World transactions for Resident customers, Non-Resident India customers, Foreign National and Non-ICICI Bank customers.

21. Can the ‘Get Code on Call’ service be available for all stages where OTP is required?

Yes “Get Code on Call” can be used for Transaction initiation stage as well as Receiver Addition

22. What is the minimum transaction amount for initiating outward remittances through ICICI Bank?

‘The minimum transaction amount for initiating outward remittances through ICICI Bank is 1 Foreign Currency (FCY) value for all currencies, except JPY (Japanese Yen). For Japanese Yen currency the minimum transaction amount is JPY 2.

23. My bank account was debited but my transaction has not been processed yet. What should I do?

Please cross-check your account statement. In case your bank account has been debited, but you can't see the transaction in the ‘Remittances history’ section, please write to nri@icicibank.com or call our Customer Care.

24. Where can I check status of my transaction?

You can check your transaction status on the Money2World page under Transactions tab or under the Remit tracker tab

1. Which customers are eligible to use Flywire-Money2World integrated payment solution?

The payment solution is offered to ICICI Bank’s resident account holders only. NRI Account holders will not be able to use this payment solution.

2. Do I need to submit my Know-Your-Customer (KYC) documents for every transaction request sent through Flywire -Money2World integrated payment solution?

No, as an ICICI Bank Account holder you are not required to submit any KYC documents for availing of this service on the ICICI Bank Internet Banking platform.

3. What are the features of the Flywire –Money2World integrated payment solution?

The advantages of this integration payment solution are:

1. Convenience, as it eliminates the requirement of visiting the branch
2. No requirement of additionally entering beneficiary and student details on Money2World platform
3. Faster turnaround time for completing the requests
4. Secured and faster mode of transfer of funds

4. Do I need to register the beneficiary details?

No, beneficiary details are not required to be added on the Flywire-Money2World integrated payment solution. The student name and student ID are pre-fetched basis the details entered on Flywire’s website.

5. Which currencies are available for use on the Flywire–Money2World integrated payment solution?

The customers can digitally pay tuition fee to all the universities enrolled on the Flywire portal in six major currencies – USD, GBP, EUR, CAD, SGD and AUD.

6. What is the process of raising the request in this Flywire-Money2World integrated payment solution?

Steps to initiate the payment request:

• Log in and register: Log in to the Flywire website and select your country of origin and desired method of payment.
• Make payment: Enter the amount owed to the university if not already pre-filled by the university, enter student details (name, student ID, DOB, etc.); confirm the details and select ICICI Bank.
• Log in to Money2World platform: After selecting ‘ICICI Bank’, you will be redirected to ICICI Bank’s Money2World platform; Login on the Money2World platform using your Internet Banking user ID and password and fill in the necessary details and complete the transaction by entering the OTP generated.
• Tracking: Post completion of the transaction, you will receive a confirmation message from Money2World platform, using which you can track the status of your payment on the Flywire portal.

7. What is the limit for fund transfer for an ICICI Bank’s resident savings account holder through Internet Banking platform?

The limit for fund transfer abroad for ICICI Bank’s resident savings account holder through ICICI Bank’s internet banking platform is up to

• USD 25,000 and equivalent per transaction and
• USD 250,000 and equivalent per financial year

Subject to any purpose-specific limit specified by Reserve Bank of India (RBI).

8. What are the charges for fund transfer request made through Flywire-Money2World integrated service?

There Apart from the applicable Goods and Services Tax (GST) and Tax collected at source(TCS) on the transaction, there are no additional charges levied by ICICI Bank

9. When would my ICICI Bank Account be debited?

Your Bank Account would be debited at time of submission of request directly from your ICICI Bank Savings Account selected. However, processing of your request will be subject to Foreign Exchange Management Act (FEMA) regulations and RBI guidelines.

10. Can I cancel my fund transfer request?

Any cancellation request should be addressed to Flywire. A transaction request once raised cannot be cancelled from Money2World.

11. How will Flywire identify my fees payment?

Each case is assigned a unique reference number by Flywire which is pre-fetched and captured at the time of your payment in Money2World.

12. How can I track the payment?

Post completion of payment the customers will be redirected on Flywire portal where they can track the payment.

13. What is the minimum transaction amount for initiating outward remittances through ICICI Bank?

The minimum transaction amount for initiating outward remittances through ICICI Bank is 1 Foreign Currency (FCY) value for all currencies.

14. My bank account was debited but my transaction has not been processed yet. What should I do?

Please cross-check your account statement. In case your bank account has been debited, but you can't see the transaction in the ‘Remittances history’ section, please write to nri@icicibank.com or call our Customer Care.

1. What is Tax Collected at Source (TCS) under Section 206C(1G) (a) – TCS on remittance through Liberalised Remittance Scheme (LRS)?

 The Finance Act, 2020 has a provision of TCS under Section 206C(1G)(a) i.e. TCS on remittance through Liberalised Remittance Scheme (LRS). LRS permits a resident individual to send a certain amount of money to another country for investment or expenditure purpose. TCS will be applicable for transactions which are covered under LRS based on remittance purposes like education related payments, medical, investment, travel payments etc.

2. What are the recent changes in the Tax Collected at Source (TCS) under Section 206C(1G)(a) – TCS on remittance through Liberalised Remittance Scheme (LRS)?

 The Finance Act 2023 has increased the Tax Collection at Source (TCS) for Forex withdrawals / remittances under LRS (other than education and medical purposes) from 5% to 20% from Oct 1, 2023. Before this proposal, 5% TCS was applicable on LRS transactions above Rs 7 lakh in a financial year for all purposes other than the purchase of overseas tour programme packages. In case of medical / education purposes, the existing thresholds and rates will continue to apply.

Below are the revised TCS rates applicable for various types of remittances:

3. What is the date from which the higher rate of TCS of 20% is effective?

 The higher rate of TCS of 20% on remittances under LRS (other than education and medical purposes) is effective from Oct 01, 2023.

4. Will Forex Prepaid Cards be exempted from TCS for amount up to Rs 7 lakh?

Yes, Forex Prepaid cards will also be exempted from TCS for amount up to Rs 7 lakh. TCS of 20% will be applicable above Rs 7 lakh on LRS transactions (other than education and medical purposes).

5. Is TCS applicable for Non Resident Indians and Foreign Nationals working in India?

No, TCS is not applicable for Non Resident Indians holding NRE / NRO Accounts and Foreign Nationals working in India. In case, a Resident Individual has moved to an overseas geography and is settled for more than 182 days, it is advisable to convert the account into an NRO to avoid any TCS being levied on repatriation proceeds from NRO Accounts.

6.On what amount will I have to pay the 20%, 5% or 0.5% tax?

For all remittances (other than education and medical purposes), TCS of 20% will be applicable on the total amount of remittance above Rs 7 lakh in a financial year. If the remittance is sent for education and medical purposes, 5% TCS will be applicable on remittances above Rs 7 lakh in a financial year.

However, in cases where the amount is remitted for the purpose of pursuing education through a loan obtained from any specified financial institution in India (covered under Section 80E of the Income Tax Act, 1961) the rate of TCS shall be 0.5% on amount of remittance exceeding Rs 7 lakh.

 Below are some of the examples of TCS calculation for your reference:

7. Will GST be applied on TCS collected on the amount remitted under LRS?

The GST will not be applicable on the TCS collected for remittance under LRS. However, GST will continue to apply on currency conversion and on remittance service charge.

8. Can I claim the tax credit for TCS?

Yes, tax credit can be claimed by the remitter for the tax collected by the Bank where PAN of the remitter has been provided.

9. What are the scenarios under which the provision under Section 206C(1G)(a) (TCS on LRS) will not apply?

The provision will not apply in case the remitter is liable to deduct tax at source under any other provision of the Income Tax Act, 1961 and the amount has been deducted. It will also not apply if the remitter is the Central Government or any State Government, an embassy, a high commission, a legation, a commission, a consulate, the trade representation of a foreign state or a local authority as defined under Section 10(20) of the Income Tax Act, 1961 or any another person notified by the government. 

10. In case of rejection of a transaction from an intermediary bank or beneficiary bank, will the TCS be refunded?

In case, transaction is processed successfully from ICICI Bank and later it is rejected / returned by the Intermediary Bank or Beneficiary Bank, TCS will not be refunded. The tax credit can be claimed by the remitter for the tax collected while filing in ITR.

11. How will TCS be charged and maintained in the Bank’s system?

TCS will be maintained at the PAN level. The PAN should be valid and operative. The Bank will check the validity of the PAN, specifically whether Aadhaar is linked to PAN or not. In case PAN is inoperative, TCS will be charged at the rate applicable for a non-PAN case.

12. What are the scenarios under which the TCS levied will be higher?

In accordance with Section 139AA of the Income Tax Act, 1961, rule 114AAA, it is mandatory to link PAN with Aadhaar. If PAN is not linked with Aadhaar, the PAN will become inoperative and TCS will be charged at the rate applicable in accordance with Section 206CC of the Act.

Resident Individuals falling under the *‘Specified Person’ category / Non-PAN case / Inoperative PAN case will be levied double the normal TCS rate or 5%, whichever is higher. However, the TCS rate will not exceed 20%.

*‘Specified Person’ means a person who satisfies both conditions:

1. He / She has not furnished ITR for the assessment year, relevant previous year immediately preceding the financial year in which Tax is required to be deducted / collected. The previous year for this purpose will be a year for which the return filing date under sub-section (1) of section 139 of the Act has expired.

2. The aggregate of Tax Deducted at Source and Tax Collected at Source is Rs 50,000 or more in that previous year.

13. Will TCS be applicable for International Credit Card spends as well?

No, TCS will not be applicable for International Credit Card spends outside India.

14. Why should I link my PAN and Aadhaar?

As per section 139AA of the Income Tax Act 1961 and in accordance with the guidelines dated Jun 27, 2017 and Mar 31, 2021 (“Guidelines”) issued by the Central Board of Direct Taxes, it is mandatory to link your Permanent Account Number (“PAN”) with your Aadhaar number. As per the Guidelines and Act, if not linked, the PAN provided, will become inoperative.

15. How do I check if the Aadhaar and PAN is linked?

To check the status of the linkage of your PAN with Aadhaar, click here.

16. How does one link their PAN with Aadhaar?

Click here to link your PAN with Aadhaar.

To know more on how to link PAN with Aadhaar, click here.

17. What will happen if the PAN is not linked to Aadhaar?

If the PAN is not linked to Aadhaar, the PAN provided by you will be considered inoperative and might also impact certain bank transactions, where PAN is required.

18. Will I be able to do an Outward Remittance if my PAN and Aadhaar are not linked?

No. If your PAN is not linked to your Aadhaar, the PAN provided by you will be considered inoperative. For Outward Remittance by Resident Individuals, the PAN is mandatorily required.

*Terms & Condition apply

19. What will happen if I have not filed the return of income and the aggregate of tax deducted at source and tax collected at source is more than Rs 50,000 in any / each of the two previous year(s)?

In this case you need to pay a higher rate of TCS. You will be levied double the normal TCS rate or 5%, whichever is higher. However, the TCS rate will not exceed 20%.

20. If I have not filed the Income Tax return or filed the return after its due date, only for the previous year, will I be charged a higher rate of TCS?

Yes, as per guidelines under section 206CCA, a remitter has to file the return or income for both the previous years within an applicable time limit under section 139(1) of the Income Tax Act, 1961, else he / she will be charged a higher rate of TCS.

1. What is iMobile Pay?

iMobile Pay is ICICI Bank's Mobile Banking app that can be downloaded on your mobile phone.

You can register for E-statement facility by applying Online through an option available through Internet Banking.

Alternatively, you can click here to download the 'Registration Form' and mail it to our India address:

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072
INDIA

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

You can also visit any ICICI Bank branch in India and submit the registration form.To refer to the updated list of our branches please, Click here

For any clarification or more information, please call us on our 24-hour Customer Care or write to us through "Email us" option, at our website iMobile Pay you can check your balance, transfer funds, pay utility bills, recharge your mobile phone, DTH connection, broadband, and much more on the go.

2. Are there any charges for using iMobile Pay services?

No, ICICI Bank provides iMobile Pay service at no cost. However, data usage charges may be applicable, as per your service provider.

3. How can I avail iMobile Pay services?

ICICI Bank Resident & NRI Savings Account customers who have registered for Internet Banking, registered their mobile numbers, enabled mobile data on their mobile device and enabled the Indian number (for Resident)/international number (for NRI) related SMS can avail the iMobile Pay app services. The iMobile Pay app needs to be downloaded from the Play Store/App Store.

4. Can I use iMobile Pay app for transferring money overseas/to any country aboard?

Yes, ICICI Bank Resident Savings Account holder and NRE Account holder can now transfer money overseas using the iMobile Pay app. Log in to iMobile Pay and click on Fund Transfer > Transfer Overseas.

5. Which handsets are compatible for downloading the iMobile Pay app?

The iMobile Pay app is compatible with Android devices running on Android 6.0 and above and with iOS devices running on OS 10 and above.

6. Will Outward Remittance/Overseas Transfer work in both Android & iOS ?

Yes, Outward Remittance/Overseas Transfer work in both Android & iOS.

7. Can an NRI Customer use the iMobile Pay app for Overseas Transfer?

A customer holding an NRE Account and having iMobile Pay app installed in his registered mobile number can use the iMobile Pay app for overseas transfer.

8. What are the benefits of using Remittance services through iMobile Pay for overseas transfer online?

We promise a convenient and secure online overseas money transfer service on the iMobile Pay app, including the following benefits:

• Convenience, as it eliminates the requirement of visiting the branch or logging in online

• Round the clock service, as the remittance facility is available 24x7

• Available in 21 different currencies

• Confirmed exchange rate

• Faster turnaround time for processing the requests

• Secured and faster mode of transfer of funds

• Guaranteed delivery of full credit to your payee for USD currency

• One-time Receiver registration for recurring transfers.

9. How do I send money overseas through iMobile Pay?

Below are the steps:

• Log in to the ICICI Bank iMobile Pay app

• Click on the ‘Fund Transfer’ option, go to the ‘Transfer Overseas’ tab

• Click on the ‘Add Payee’ option to add a new payee, in case the payee is added already, select the same from the drop-down option

• Once the payee has been submitted, enter the transaction details, like amount, purpose, source of funds, etc. & accept the Terms & Conditions

• Authenticate the transaction using an OTP sent on the registered Mobile Number and the Debit Card grid values.

Once the transaction is submitted, funds will be debited immediately from the account and the transaction will be processed within 1 working day, subject to all verifications being successful.

10. How do I add a beneficiary/payee for overseas transfer on iMobile Pay?

Post login to the iMobile Pay app, you are required to add a new overseas payee, before initiating an overseas payment. Please keep the required details handy, like the payee full name, Account Number, bank details etc. to add the overseas payee.

Please ensure that you have downloaded and logged into the iMobile Pay app at least once before adding a new overseas payee.

Once the payee is set up, your newly added payee will be saved in your payee list, thus saving time to enter them all over again on your next transfer.

11. How is my Overseas Money Transfer request funded?

Once you have placed the Overseas Transfer request on ICICI Bank’s iMobile Pay app and the transaction is submitted, your Savings Account will be debited with the equivalent INR amount, as shown on the transaction confirmation details.

12. Under what circumstances will the Overseas Transfer request get rejected?

Below are the scenarios, due to which the transaction may get rejected:

• Account not having sufficient funds

• Amount of transaction exceeding USD 25,000 or equivalent

• Annual LRS limit of USD 250,000 or its equivalent has been utilised

• If the beneficiary country is not a part of the “Permitted Country List”

• If the beneficiary is not a part of the “Permitted Beneficiary List”

• If incorrect or partial details of the beneficiary/beneficiary’s bank has been provided

• Unauthorised/non-permissible transactions are not allowed, as per RBI Regulations.

13. What documents do I need to send money overseas?

Usually there are no documents required for transferring funds overseas, as the required payment details and declaration are collected digitally, while submitting the Overseas Transfer request on ICICI Bank’s iMobile Pay app. Please go through the Terms & Conditions (T&C) and FEMA declaration during transaction submission. You will have to agree to and confirm the applicable T&Cs and declaration before transaction submission, and by virtue of you accepting these, it would be deemed that you agree to these.

14. What are the permissible purposes considered for transferring funds through the iMobile Pay app on Money2world from an ICICI Bank Resident Savings Account?

The permissible purposes for transferring funds through iMobile Pay app on Money2World from an ICICI Bank Resident Savings Account are as follows:

• Education Abroad, including travel for education, fees for examinations like GRE/GMAT/TOEFEL

• Medical treatment abroad, including travel for medical treatment

• Immigration abroad

• Maintenance of close relatives abroad

• Employment abroad

• Other travel (Including holiday trips)

• Personal gift & donation

• Indian Portfolio investment abroad - in Equity shares and in Debt instruments

• Remittance to own account abroad, for placing of deposit.

15. When will the overseas receiver/payee receive the funds?

The payee account usually gets credited within 1-2 working days, however, depending on the destination country and beneficiary bank it may take 3-5 working days. Please note that the overseas transfer may get delayed due to compliance/other checks at the payee's bank as well.

16. How can I track the status of my transaction?

You will receive a transaction confirmation SMS and E-mail on your registered mobile number and e-mail ID once the overseas transfer request is placed on ICICI Bank’s iMobile Pay app. You can track the status on the ‘Transaction History’ page, which will be updated once your payment is successfully processed by us. The payee account usually gets credited within 1-2 working days, however, depending on the destination country and the beneficiary bank it may take 3-5 working days, if no discrepancy is found in the transactions. In case, your transaction has not been completed as per the 'Estimated Arrival' mentioned, please write to nri@icicibank.com or call our Customer Care.

17. Is there any minimum or maximum limit on the overseas transfer initiated through iMobile Pay?

There is a minimum limit of Foreign Currency 50 per transaction and a maximum transaction limit of USD 25,000 per transaction. Also, the per day limit is INR 20 lakh and INR 1 crore per month, for the transaction initiated through iMobile Pay. For transactions greater than this, the customer can initiate the transaction either through ICICI Bank Internet Banking or visit the nearest ICICI Bank Forex enabled Branch.

The maximum limit of USD 2,50,000 or equivalent, per financial year for transferring money abroad, under the Liberalised Remittance Scheme (LRS) is applicable for a customer, for all transactions routed through all permissible channels/Authorised Dealer Banks (subject to any purpose specific limit specified by the Reserve Bank of India).

18. What are the processing charges for online Outward Money Transfer requests through iMobile Pay?

The charges are similar to ICICI Bank Internet Banking. The applicable charges along with the taxes are displayed on the transaction page just before the confirmation, for complete transparency. Please note, Intermediary banks/beneficiary banks may levy a charge on such transfers depending on the destination country and the prevailing practice there.

19. My bank account was debited but my transaction has not been processed yet. What should I do?

Please cross-check your account statement. In case your bank account has been debited, but you can't see the transaction in the ‘Remittances history’ section, please write to nri@icicibank.com or call our Customer Care.

20. What is ‘Rate Alert’ on the iMobile Pay app under ‘Transfer Overseas’?

 Using the Rate Alert feature, you can get personalised Rate Alerts to monitor your exchange rate from INR to Foreign Currency. When ICICI Bank’s rate card reaches your desired rate/lower than desired rate, we will send you an e-mail/SMS alert. The tracking of the rates will be valid for 30 calendar days.

21. Can I set up Standing Instructions for my transactions through iMobile Pay?

No. Standing Instruction facility is not provided through the iMobile Pay app, currently. Customers can set Standing Instructions either through ICICI Bank Internet Banking or visit the nearest ICICI Bank Forex enabled Branch.

22. How can I get the Payment Confirmation copy of my Transactions?

You can download the Payment Confirmation Copy by logging into ICICI Bank Internet Banking ? Payments & Transfer ? Funds Transfer ? Overseas Funds Transfer ? Send Money now? Money2World ? Track Transfer tab.

23. Will I be able to view my previous receiver/payee, added through ICICI Bank Internet Banking on iMobile Pay?

Yes. All the receiver/payee added previously will be available in the Payee drop-down option on iMobile Pay.

24. My bank account was debited but my transaction has not been processed yet. What should I do?

Please cross-check your account statement. In case your bank account has been debited, but you can't see the transaction in the ‘Remittances history’ section, please write to nri@icicibank.com or call our Customer Care.