With the COVID-19 pandemic impacting the globe, there are a lot of people including students and travelers who are stuck abroad, as they did not have the chance of returning home. Due to travel restrictions and world-wide lockdowns, most of these people are dependent on finances from home. parents, families in India are trying to send them sufficient funds to ensure that they can sustain themselves during the lockdown.

ICICI bank customers can send money from India to overseas, using ICICI Bank Internet Banking. Resident savings bank account holders, Foreign National Account holders (repatriating their salary earned in India), NRI account holders, can send money through Money2World on ICICI Bank Internet Banking.

The benefit of this facility is that it has a faster turn around time for processing the requests. To protect from exchange rate fluctuation it offers confirmed exchange rates, wherein account holders can block their rates. It offers 19 currencies including – USD, GBP, EUR, AUD, CAD, CHF, SGD, AED, QAR, SAR, SEK, DKK, JPY, HKD, NOK, NZD, THB, OMR, and ZAR. Account-holders can also track their money transfer online. It is a safe and secured mode of transfer with OTP on registered mobile number and debit card grid validation.

Limit for sending money through Internet Banking

Per Transaction: USD 25,000 or its equivalent
Daily: USD 25,000 or it’s equivalent
Monthly: USD 50,000 or it’s equivalent
Per Financial Year: USD 225,000 or it’s equivalent

Here is how to transfer funds overseas through ICICI Bank Internet Banking

  • The account holder needs to login to ICICI Bank Internet Banking
  • Under Payments and Transfer option the account holder needs to click on ‘Fund Transfer’
  • Next, select the option – Overseas Transfer
  • Then click on ‘Send Money Now’, wherein a new page of Money2World would open
  • Under Quick Links, on the right side, the account holder needs to click on ‘Add Receiver’ and then click on the submit option
  • The account holder then needs to add the receiver details like name, address, country, etc.
  • He/she then needs to verify the receiver details once added through OTP received on the registered mobile number
  • Post addition of receiver, the account holder needs to click on ‘Transfer money’ tab
  • Before initiating the transaction, the account holder needs to mention the purpose of remittance, amount, currency, etc. After verifying the transaction details, the account holder then can complete the transaction by entering the OTP received on registered mobile number and the debit card grid.

The purpose for which one can remit money through ICICI internet banking

Education Abroad
Travel for Education
Fees for examinations (GRE/GMAT/TOEFL)
Maintenance of close relatives abroad
Medical treatment
Travel for medical treatment abroad
Other travel (Including holiday trips)
Remittance to own account abroad for placing of deposit
Employment Abroad
Immigration Abroad
Donation
Personal gift
Indian Portfolio investment abroad – in debt instruments
Indian Portfolio investment abroad – in equity shares and in debt instruments