Your guide to using Money2India for transfers from Canada to India

If you’re a non-resident Indian (NRI) in Canada, sending money home to family or managing finances in INR is highly likely to be a regular part of life. Money2India, ICICI Bank’s online remittance service, lets you send Canadian dollars (CAD) to Indian rupees (INR) through its website or app.

We’ll review how Money2India works for CAD‑to‑INR transfers — fees, exchange rates, limits and transfer times — and how Wise compares as an alternative, offering mid-market exchange rates and transparent fees for sending money to India.

What are the key features of Money2India in Canada?

Money2India is an online platform from ICICI Bank that lets you send money to India from Canada without even needing to open an ICICI Bank account. Customers can send money via the Money2India platform in two ways, either through their NRI ICICI Bank internet banking account or directly through the Money2India platform.

Non‑ICICI Bank customers will have to enter the bank account details they want to make the payment from, along with other required information, when setting up their transfer. Other Money2India features include:

• Transfer from any Canadian bank: Fund your transfer using a Visa or Mastercard debit card, or directly from your ICICI Bank Canada account
• Instant transfers to India: Transfers to Indian banks that support IMPS (Immediate Payment Service) transfers may be delivered instantly when available; otherwise, NEFT typically arrives in one to two business days.²
• Confirmed exchange rates: You’ll see the exchange rate when you initiate a transaction before you confirm the transfer, so you know exactly how many rupees will be received
• Convenient tools: Save beneficiaries, set up recurring transfers, and track your payments in the app or online
• Regulated and secure: ICICI Bank is India’s largest private sector bank, complying with Indian regulations and is a trusted service used by over a million customers

Money2India: Fees, exchange rates and limits in Canada

ICICI Bank Canada doesn’t publish a separate Money2India Canada fee chart and uses its standard Outgoing Money Transfers. That means the fees³ are the same whether you send CAD-INR via branch, call centre, online banking, or the Money2India service.

Fee structure

• ICICI Bank Canada account holders³:

• HiVALUE PLUS Chequing: 0 fee for CAD-INR transfers (branch, phone, or online)

• HiVALUE Chequing: 5 CAD online / 10 CAD by phone or branch

• HiSAVE Savings & Premium Savings: 5 CAD online / 10 CAD by phone or branch

• Non-ICICI Bank Canada account holders³: Maximum 6,000 CAD transfer requires branch-only service at 20 CAD per transfer

Exchange rate

Money2India uses a daily ICICI-set exchange rate, which includes a margin on top of the mid-market rate⁴. That means you get slightly fewer rupees per dollar compared to the real market rate.

The rate is locked in when you confirm your transfer and is clearly shown in the app or on the website.

Transfer limits

• Daily limits:

• 30,000 CAD perday from ICICI Bank Canada accounts⁵

• 6,000 CAD perday from other Canadian bank debit cards⁵

• Minimums: Not specified

Transfer durations and cancellation

Transfer speed is one of Money2India’s strong points. If your transfer is eligible for instant processing, the rupees can be deposited in the Indian bank account within minutes of you initiating the transfer. Transfers that don’t qualify for IMPS are usually sent through NEFT and take around 1–2 business days to arrive².

• Initial setup: It’s worth noting that your initial setup might add a bit of time. First-time users need to complete their profile and KYC verification⁶ which could take a day or two for approval.

• Cancellation: Once you submit a transfer request, cancelling it is only possible at ICICI Bank’s sole discretion. If you want to recall a payment, you’ll need to contact ICICI immediately and provide the original transaction receipt.

  Approval isn’t guaranteed, and if a cancellation is accepted, your refund will be calculated at the prevailing buying exchange rate for CAD (not the original sending rate), with all applicable costs, charges, expenses, and interest deducted⁴. So you may get a refund, but you might get back less than what you originally sent.

Compliance, reporting and tax rules

Sending money from Canada to India through Money2India requires compliance with both Canadian and Indian regulations. Here are a few key points to be aware of:

• Canada: ICICI Bank Canada has its headquarters in Toronto⁷ and is registered with FINTRAC, which means that by law, any single transfer of 10,000 CAD or more must be reported to FINTRAC⁸. The process is automatic so you don’t need to do anything, but be aware that large remittances are flagged as a standard
• India: NRIs can send money to their own accounts or family in India under the Reserve Bank of India’s Money Transfer Service Scheme (MTSS)⁹ and Rupee Drawing Arrangements, which Money2India utilizes. Money received by close family (like parents, spouse, siblings) is not taxed, but gifts to non-relatives above 50,000 INR in a year may be taxable⁹
• FIRC certificates: Sometimes, recipients ask for a FIRC (Foreign Inward Remittance Certificate) that acts as proof of a foreign transfer to India for record-keeping or proof (e.g. if you’re transferring money for a property purchase, a FIRC proves the money came from abroad). ICICI Bank can provide a FIRC upon request⁹

Send money at the mid market rate with Wise

Money2India offers a convenient service, but it’s not the only option for CAD to INR transfers. Wise isn’t a bank, but it’s a great alternative to cover your money management needs - including direct deposits, local currency transfers, and more, for minimal transfer fees.

Wise never charges a markup on your transfer - meaning you’ll only ever pay the mid-market exchange rate when sending your money abroad. The app ensures transparency by informing you of what you pay before you transfer money. There are no costs associated with opening an account. The only time you pay is when you convert money or send money abroad.

Whether you’re a business or a personal account user, Wise offers multiple transfer options to cover everything you need. Wise can even help you get started with your account, letting you send, spend, and receive your money across the world.

Money2India vs Wise: A closer look

Both Money2India and Wise let you send CAD to INR, but they work in different ways and have different costs, limits, and speeds. We’ve compared some of the key features side by side so you can easily see which might be the best fit for you.

Conclusion

Money2India is a reliable option for sending money to friends and family in India if you’re already an ICICI customer or want the reassurance of a bank-backed service.

Customers can use Money2India in two ways; through their NRI ICICI Bank internet banking account or directly via the Money2India platform. Transfers are fast, and fees can be low for certain account types, but the exchange rate includes a markup, which can reduce how much your recipient gets.

Wise offers a fresh alternative with real exchange rates, low fees, and more flexibility. You can track everything in the app, cancel easily, hold multiple currencies, and use your Wise card globally in India and 150+ other countries. If you want to make your money go further and get full control over your international finances, Wise is worth a look.

Our advice? Compare before you send. A quick rate check could save you, and your family in India, a lot in the long run.

Sources verified on 07 October 2025