SEPA Money Transfer to India
SEPA: Transfer funds from any country Europe with SEPA transfers
Introducing SEPA Money Transfers : As part of a Europe-wide banking initiative, SEPA (Single European Payment Area) enable you to make payments in Euros from your local bank account to anywhere within the Single European Payment Area.
SEPA Funds Transfers are available across 31 countries in and around Europe. See a full list of the participating SEPA countries.
The benefits of SEPA Funds Transfers:
- Send money to any bank account in Europe
- Funds arrive with the beneficiary bank within 3 banking days. (Please check with the beneficiary bank to check availability of funds).
- Banks levy same charges as domestic funds transfer.
Frequently Asked Questions
1. What is SEPA?
SEPA (Single Euro Payments Area) is the area where private customers, companies and other economic entities can make and receive domestic and cross-border payments in euro under the same basic conditions, rights and obligations, regardless of their location.
2. What is the role of SEPA for my money transfer to India through Money2India Europe?
Money2India Europe is a remittance tracking service, which enables you to track remittance request for your money transfers to India. After, you have placed an online request and obtained Money2India Tracking number, you are required to make actual funds transfer from your local bank account to ICICI Bank Frankfurt. SEPA will enable you to make this transfer in cost effective and timely manner.
3. How do I transfer money from my local bank account to ICICI Bank Germany?
You can transfer money from your local bank account to ICICI Bank in following ways:
- If your local bank account is in Germany, you can use local credit transfers (Überweisung) to transfer money from your local bank account to ICICI Bank Germany.
- If your local bank account is outside Germany in other Eurozone country, you can use SEPA credit transfer to transfer money to ICICI Bank Germany. SEPA credit transfers are available on online banking as well as through bank branches.
- Using Wire Transfer (SWIFT), you can make credit transfer to ICICI Bank Germany.
- How much time does it take for my money to reach ICICI Bank Germany through SEPA transfer?
4. How much time does it take for my money to reach ICICI Bank Germany through SEPA transfer?
SEPA transfers usually takes upto 3 days.
5. Will SEPA transfer cost more than regular domestic bank transfer?
No. According to Regulation No 2560/2001 of the European Parliament and of the Council of 19 December 2001 on cross-border payments in euro, the providers of payment services must equalise the prices of domestic and cross-border credit transfers in euro.
6. Can I make SEPA transfer through my online banking account?
Yes, usually banks offer SEPA transfer facility through their online banking system. You may contact your bank in case it is not available for you.
7. Do I need to open a new bank account for making SEPA transfer to ICICIBank?
No, there is no requirement of opening a bank account with ICICI Bank to send money from your local bank to ICICI Bank Germany through SEPA.