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 the 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 the recipient account in India is another ICICI bank account and 2 hours if it's 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 another in India itself.
On top of that, you can send money anytime any day on year if the recipient account is ICICI bank, which works 24 hours a day and 365 days a year. The only catch is that this service is now available to some selected Money2India users who are eligible and invited by Money2India, I am sure this service will soon be extended to other users as well.
Btw, If you are looking to send money abroad consider TransferWise. It’s a great tool for sending and receiving money internationally with low fees — much cheaper than using your local bank. You can also get your own local bank account details in Europe, the UK, the US, Australia, and New Zealand with the TransferWise Borderless account
On top of that, you can send money anytime any day on year if the recipient account is ICICI bank, which works 24 hours a day and 365 days a year. The only catch is that this service is now available to some selected Money2India users who are eligible and invited by Money2India, I am sure this service will soon be extended to other users as well.
Btw, If you are looking to send money abroad consider TransferWise. It’s a great tool for sending and receiving money internationally with low fees — much cheaper than using your local bank. You can also get your own local bank account details in Europe, the UK, the US, Australia, and New Zealand with the TransferWise Borderless account
And, If you are looking for alternatives, you can also check out CurrencyFair, which also have a promotion for all new customers that can be used that has 3 free transfer.
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 the USA or CAD 15000 for Canada.
2) The services take 1 hour to credit the fund on India account if the 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 receivers.
4) The express e-transfer service is only available for Money2India customers from USA and CANDA.
5) You will get a competitive exchange rate or confirmed exchange rates with the Fixed Rupee Transfer facility.
6) You can track transfer status online also Email/SMS will be sent to the recipient.
7) A nominal USD 2 (inclusive of service tax @14%) is charged for transfers valued up to 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 the Money2India website, login page as well as your logged-in section).
Further Reading
What is the limit and tax implication of sending money to India from the USA? (answer)
What is the best time to send money from America to India? (answer)
Can you send money from abroad to a normal savings account in India? will it be taxable? (answer)
How to send money to India when the 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 the USA to India in just 1 hour. This is the fasted and cheapest way to send money to India from the USA and Canada. However, 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 funds you can transfer in one day. In that case, you can use the wire transfer method to send a big sum of money to India from the USA.
P. S. - If you are looking to send money abroad consider TransferWise. It’s a great tool for sending and receiving money internationally with low fees — much cheaper than using your local bank. You can also get your own local bank account details in Europe, the UK, the US, Australia, and New Zealand with the TransferWise Borderless account.
P. P. S - And, If you are looking for alternatives, you can also check out CurrencyFair, which also has a promotion for all new customers that can be used that has 3 free transfers.
If you would like to send money through Bank ACH then Xoom ,Remit2India gives competitive rates for 0-4 hours transfer time. But when you are sending money using debit card/credit card (which is less advisable), then Worldremit,Ria,xoom, Remitly, Tranmsferwise provides the competitive rates. You can do comparison of all these money transfer companies on unique comparison website called "RemitAnalyst" (https://remitanalyst.com/).
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