FAQ Fixed Rupee Transfer

1. How does it work?


Fixed Rupee transfer facilitates you to remit fixed amount (in INR) to the beneficiary. At the time of initiating a transaction, we will provide you with information on the rate that will be applied to your transaction.

Fixed Rupee transfer is an add-on facility to Net Express money transfers to India.

To initiate a Fixed Rupee transfer request, you need to only log into your Money2India Europe account and follow these simple steps:

Step 1 - Select Net Express and choose your Country of Remittance. Click on the check box for availing the Fixed Rupee transfer facility to send money to your selected receiver.

Step 2 - Enter the rupee amount that you want to send to your selected receiver and select your remitter bank name from where you will be sending the funds.

Once you submit these details, for current dated transactions, we will inform the applicable exchange rate to your remittance, applicable validity date, and the EUR amount that you need to send from your local bank account to ICICI Bank, Germany.

Step 3 - Confirm the transaction details displayed, specifically the receiver details, purpose of remittance, transaction amount details in Rupee and EUR, exchange rate and validity date for applicability of the rate.

Step 4 - Transfer money from your local bank to ICICI Bank, Germany within the validity date.

Important: Please note that Fixed Rupee transfer request and the rate informed to you is applicable only if your funds are available to ICICI Bank, Germany for processing, on or before the validity date with complete and correct details. In case the funds are not available within the validity date, your request will be processed as a regular request and the rate will be applicable as per the date and time of conversion of your funds. The confirmed rate will no longer be valid. Upon confirmation, you will be shown the transaction tracking number.

Transaction fulfillment process followed is same as that for Net Express i,e., through your remitting bank''s internet banking platform in Eurozone to ICICI Bank Germany account.

Validity date: validity date is the due date for the funds to be available in ICICI Bank, Germany for processing and disbursal to receiver. While initiating the Fixed Rupee transfer request, you will be informed about the validity date of your transaction and you need to ensure that the funds are available to ICICI Bank for processing on or before this validity date.

2. What is a Validity Date?


Validity Date is the date when the funds are available to ICICI Bank for processing and disbursal to receiver. While initiating the Fixed Rupee transfer request, you will be informed about the Validity Date of your transaction and you need to ensure that the funds are available to ICICI Bank for processing on or before this Validity Date.

IMPORTANT: Please note that only if the funds are received by us on Working Day 0, before the clearing cut-off time, these funds will then be typically available for processing on the next working day.

In case the funds are not available to ICICI Bank for processing within the Validity Date, your request will be processed as a regular request and the rate applicable at the date and time of conversion of your funds will be applied to your transaction. The confirmed rate will not be valid for Fixed Rupee transfer requests where funds are available to ICICI Bank after the Validity Date.

3. Are there any charges for sending money through Fixed Rupee transfer facility?


Money2India Europe Fixed Rupee transfer facility is FREE of cost.

4. Are there any limits on the amount that I can send through this facility?


The minimum transfer amount is EUR 1 and the maximum amount is EUR 10000 for all transfers, except to a visa card account. For money transfers to a visa card account, the minimum amount is EUR 1 and the maximum amount is EUR 600 per transaction.

Besides the above limits, the use of this channel is subject to overall daily limits on the value and volume of transactions permitted as per internal operational guidelines. ICICI Bank may change these limits at its own discretion. In the event that any of these operational limits are breached or held up, remittance through this channel will be temporarily unavailable till the permissible limits are cleared.

Kindly Note: ICICI Bank shall in no way be held responsible and/or liable for any rejections, queries or delays arising due to the temporary unavailability of this facility.

5. I am unable to place a Fixed Rupee transfer request. While attempting to place the request, I am getting an error that states "We are currently unable to initiate your remittance request for sending Fixed INR amount to the receiver. Kindly try after some time. We regret any inconvenience."


The use of this channel is subject to overall daily limits on the value and volume of transactions permitted as per internal operational guidelines. ICICI Bank may change these limits at its own discretion. In the event that any of these operational limits are breached or held up, remittance through this channel will be temporarily unavailable till the permissible limits are cleared.

However if you are getting this message after the closing of the India forex markets, then you can avail the Fixed Rupee transfer feature on the next working day.

Kindly Note: ICICI Bank shall in no way be held responsible and/or liable for any rejections, queries or delays arising due to the temporary unavailability of this facility. Please note that even if you get this error, you can continue to use the regular NetExpress facility.

6. Are the exchange rates as displayed on the Exchange rate calculator applied to my Fixed Rupee transfer transaction?


The exchange rate that is displayed on the Exchange rate calculator would apply to your transfer instruction as long as we receive the funds within the Validity Date. If we receive the funds after the Validity Date then the exchange rate applicable on the date of the transfer would apply.

7. How much time does it take for the money to reach the beneficiary?


Please note that for a Fixed Rupee transfer request, the confirmed rate is applicable only if we receive the exact foreign currency on or before the Validity Date with complete and correct details. In case we do not receive the funds within the validity date, your request will be processed as a regular request and the rate as applicable at the date and time of conversion of your funds will be applied to your transaction. The confirmed rate will not be valid for Fixed Rupee transfer requests where funds are received after the validity date.

Once you initiate the fund transfer and the funds are available to ICICI Bank within the validity date with complete and correct details, further processing is carried out and disbursed within 24 working hours*.

If your beneficiary has an account with ICICI Bank, the money is directly transferred to the account within 1 working day* of ICICI Bank receiving the money. For electronic credit to non-ICICI Bank accounts or credit to a resident Visa Debit Card account or DDs, the money is sent for electronic clearing or a DD issued and dispatched in up to one additional working day*.

Please note that the timeline excludes banking holidays and weekends in your country, Germany and India.

You can track the status of your request by logging in to your Money2India Europe account and clicking on the 'Track Transfers' link.

8. Do I have to be an ICICI Bank account holder to avail this facility?


No, you may be banking with any bank in your country or India to avail this facility on Money2India. You need not have an ICICI Bank account to be able to avail this facility.

9. Does Fixed Rupee transfer allow me to send money to India on a regular basis by providing standing instructions i.e. future dated/ recurring transaction requests?


No, currently standing instructions/future dated/recurring transaction requests cannot be put for a Fixed Rupee transfer NetExpress transaction. Every time you need to send a fixed Rupee amount to your receiver in India, you need to initiate a new transaction on Money2India

10. How can I check the status of my money transfer request?


You can track the status of your request by logging in to your Money2India Europe account and clicking on the 'Track Transfers' link.

11. Can I cancel an initiated Fixed Rupee transfer request?


In case you do not wish to send funds for the Fixed Rupee transfer request initiated by you, simply do not initiate an internet banking funds transfer from your local bank. You can also send an email to us informing that you no longer wish to proceed with the Fixed Transfer Rupee request. Please mention your Fixed Rupee transfer unique tracking ID starting with G2N followed by 8 digits in the email. You need to write a mail from your Money2India Europe registered email ID only.

12. What happens in case money is not credited in beneficiary account or returned by beneficiary bank?


In case the beneficiary account is not credited, the funds will be returned to sender's account without any undue delay. Money2India Europe does not levy any fees for the return of funds. The money will be returned to your Euro account as per then prevalent exchange rates, but not exceeding the original transfer amount.