Friday, June 2, 2017

How to send money from USA or Canda to India instantly online in 1 hour? - ICICI Money2India express transfer

I recently come to know about ICICI bank's powerful service called express e-transfer which allows ICICI bank Money2India users to send money instantly to India from USA and Canada to India. ICICI bank claims that they will credit the money in just 1 hour compared to 5 days in case of regular electronic transfer if recipient account in India is another ICICI bank account and 2 hours if its a non ICICI bank account e.g. HDFC or Axis Bank. This is simply great and as fast as transferring money from one account to other in India itself.

On top of that, you can send money to anytime any day on year if recipient account is ICICI bank, which works 24 hours a day and 365 days a an year. Only catch is that this service is now available to some selected Money2India user who are eligible and invited by Money2India, I am sure this service will soon be extended to other users as well.

Advantages of ICICI Money2India express transfer Service

Here are some of the main advantages and features of express e-transfer service from ICICI bank and Money2India:

1) Zero service charge on money transfers above USD 1000 for USA or CAD 15000 for Canada.

2) The services takes 1 hour to credit the fund on India account if receiver is from ICICI bank otherwise 2 hours during Indian banking hours which is Monday to Friday, 9 AM to 5 PM IST excluding bank holidays.

3) The service is available 24x7 and 365 days on year for ICICI bank receiver.

4) The express e-transfer service is only available for Money2India customers from USA and CANDA.

5) You will get competitive exchange rate or confirmed exchange rates with Fixed Rupee Transfer facility.

6) You can track transfer status online also Email/SMS will be sent to recipient.

7) A nominal USD 2 (inclusive of service tax @14%) is charged for transfers valued upto INR 50,000. There are no charges for money transfer requests of more than INR 50,000.

8) Service tax will be levied on the converted gross INR amount in accordance with the Finance Act, 2015 and Service Tax (Amendment) Rules, 2015 of the Government of India w.e.f. June 1, 2015

9) Before sending money don't forget to compare and check exchange rates. You can check the currently prevailing confirmed exchange rates by using the Exchange Rates Calculator link on Money2India (available on Money2India website, login page as well as your logged in section).

How to send money from USA or Canda to India instantly online in 1 hour?

Further Reading
What is the limit and tax implication of sending money to India from USA? (answer)
What is the best time to send money from America to India? (answer)
Can you send money from abroad to a normal saving account in India? will it be taxable? (answer)
How to send money to India when receiver doesn't have a bank account? (answer)
10 ways to fund your NRE account in India (article)

That's all about how to instantly send money from USA to India in just 1 hour. This is the fasted and cheapest way to send money to India from USA and Canada. Though, if you are sending a large amount e.g. in excess of 20,000 USD, you may not be able to use this service due to hitting maximum fund you can transfer in one day. In that case you can use wire transfer method to send big sum of money to India from USA.

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