Sending Money from Singapore to India Using Money2India

With over 6,50,000 Indians residing in Singapore, the country is home to one of the largest and most vibrant Indian communities abroad. Whether it is for supporting family back home, repaying loans or investing in Indian markets, sending money from Singapore to India has become a vital financial routine for many NRIs.

For these Non-Resident Indians (NRIs), secure, fast and cost-effective remittance is not just a convenience – it is a necessity. Traditional transfer methods often involve high fees, long processing times and limited visibility, making it essential to find a trusted and efficient alternative.

This is where ICICI Bank’s Money2India is a good choice. Designed specifically for NRIs, Money2India is a convenient online money transfer service that enables NRIs in Singapore to remit funds directly to bank accounts in India. With its user-friendly platform, competitive exchange rates and the trusted legacy of ICICI Bank, Money2India has become a go-to solution for seamless bank transfers to India.

In this blog, we explore how to send money from Singapore to India using Money2India, the benefits it offers, the available transfer modes and why it stands out as a secure and reliable remittance platform for NRIs in Singapore.

Remittance from Singapore to India: Understanding the Need

Understanding the various purposes for which NRIs in Singapore remit money to India, provides context for the growing demand for fast and secure money transfer services.

Common Reasons for Remittance:

• Family Maintenance: Many NRIs in Singapore regularly send money home to support parents, spouses or dependents in India.
• Loan and EMI Payments: Paying off Home Loans, Personal Loans or vehicle EMIs in India.
• Education: Covering tuition fees and living expenses for children or siblings pursuing education in India.
• Investments: Funding property purchases, Mutual Fund investments or other investments in India for long-term wealth creation.

Challenges with Traditional Transfer Methods:

Traditional methods such as physical agents or offline bank drafts can pose several challenges:

• High Fees: Conventional money transfer agents often charge significant service charges and commission.
• Delays in Processing: Transfers via cheques or demand drafts can take several days to reflect in the recipient’s account.
• Lack of Transparency: With minimal tracking or update options, senders often face uncertainty about the transaction status and exchange rates.

With increasing digital adoption and the need for better financial visibility, NRIs are seeking smarter solutions for secure remittances from Singapore - solutions like ICICI Bank’s Money2India.

Why Choose Money2India for Transfers from Singapore?

When it comes to remitting funds across borders, trust and efficiency are paramount. Money2India Singapore is a digital platform that has consistently earned the confidence of NRIs, thanks to its reliable service, speed and security.

Here is why it stands out:

1. Trusted by Millions of NRIs

As a service backed by ICICI Bank - one of India’s largest and most respected private sector banks - Money2India serves millions of NRIs across the globe, including a significant customer base in Singapore.

2. Fully Compliant with Regulatory Authorities

Money2India adheres to guidelines laid down by both:

● Monetary Authority of Singapore (MAS) – ensuring compliance with international remittance rules.

● Reserve Bank of India (RBI) – upholding India’s foreign exchange regulations.

3. Competitive and Transparent Exchange Rates

ICICI Bank’s Money2India offers real-time foreign exchange rates that are visible before transaction initiation. There are no hidden charges and customers can even lock the exchange rate while confirming the transaction.

4. Low or Zero Transfer Fees

Eligible customers can enjoy low or even zero transfer fees, making it an economical option for frequent remitters.

5. Bank-Grade Security

Built with ICICI Bank’s robust security infrastructure, Money2India ensures end-to-end data protection using 256-bit encryption and secure login authentication. These features make Money2India Singapore a smart, secure and seamless option for bank transfers to India.

Step-by-Step Guide: How to Send Money from Singapore to India Using Money2India

Money transfer via Money2India is designed to be simple, fast and user-friendly. The process on the portal is efficient and transparent. Here is a step-by-step walkthrough:

How to register online?

1) Select ‘Myinfo’ for auto populating personal data.

2) Give consent for retrieval of data and verify your personal data.

3) Upload documents - Singaporeans and permanent residents are not required to upload any documents using Myinfo. Foreigners, however, must upload proof of their residential address.

4) Complete the application.

How to initiate a transaction?

· Create your profile online on Money2India

· Add your Singapore bank details

· Add your beneficiary details

· Initiate a transaction

· Fund your transaction.

How to fund your transaction using FAST (Fast and Secure Transfers)

1. Log in to the online banking application of your bank in Singapore

2. Select the option that allows you to pay/transfer funds to another bank account via FAST

3. Select your bank account number and enter the mandatory transfer details

4. Confirm the third-party payment/ fund transfer to complete the money transfer request

5. Initiate a money transfer request to our bank account with the following details:

6. Fill in the tracking number in the ‘Message to recipient’ or ‘Purpose of payment’ or ‘Payment Reference’ field. To process your transaction, we need the complete tracking number with your funds. Please check with your bank about the field to be used to send a personalised message to the recipient.

7. Please ensure that you transfer funds only via FAST, no other mode of payment will be accepted.

8. Track your transfers anytime, anywhere.

With a variety of options, ICICI Bank’s Money2India ensures flexibility, control and speed for secure remittances from Singapore.

Benefits of Sending Money via Bank Transfers vs Other Methods

When transferring funds internationally, NRIs often compare several remittance methods such as agents, fintech apps and traditional wire services. However, bank transfers via Money2India remain one of the most secure and efficient ways to send money from Singapore to India.

Key advantages of using bank transfers:

• Lower Risk: With no need to carry physical cash or visit third-party agents, bank transfers reduce the risk of fraud or loss.
• Faster Processing: Money2India enables quick processing, particularly when the recipient banks are pre-verified.

• Compliance and Audit Trail: Every transfer is recorded, traceable and compliant with the Monetary Authority of Singapore (MAS) and the RBI guidelines. This ensures peace of mind and easier documentation for tax or legal purposes.

• End-to-End Digital Journey: Unlike walk-in agents or traditional paper-based processes, the Money2India platform enables NRIs to initiate, track and manage transfers fully online

While alternative methods may offer convenience, ICICI Bank’s secure bank transfer system via Money2India combines the benefits of speed, regulatory compliance and user-friendly technology, making it a reliable choice for NRIs in Singapore.

Things to Keep in Mind Before Transferring Money from Singapore to India

Before initiating a money transfer request from Singapore to India through ICICI Bank’s Money2India, here are a few key aspects to consider:

• Eligibility - The customer should be a National Registration Identity Card (NRIC) or Foreign Identification Number (FIN) holder in Singapore with valid ID proof and address proof. Foreigners visiting Singapore for a short duration, such as for tourism on a short-term visa, are not eligible to register on this platform.

• Accurate Beneficiary Details: Enter correct bank account numbers, IFSC codes and full names to avoid failed transactions or delays.

 

• Exchange Rate Lock-In: Money2India offers real-time exchange rate visibility and lock-in features. Confirm the rate before authorising your transaction.

 

• Transfer Purpose: Be clear about the reason for the remittance (e.g. family support, education, medical expenses) as required for regulatory compliance

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• Regulatory Limits: The transfer must adhere to guidelines laid down by the MAS in Singapore and the RBI in India. ICICI Bank ensures compliance, but customers should stay aware of applicable limits.

 

• Processing Timelines: While most transfers are processed within 24 to 48 hours, holidays or bank-specific downtimes may cause slight delays. Always initiate transfers in advance for time-sensitive payments. Same-day fund transfers are subject to an operational cut-off of 4.00 p.m. (SGT), provided that it is a working day in both Singapore and India.

By keeping these factors in mind, you can ensure a hassle-free and secure remittance from Singapore using the Money2India platform.

Charges, Limits and Exchange Rates

ICICI Bank’s Money2India Singapore service offers transparent pricing, competitive rates and flexible transfer limits that suit varied remittance needs.

1. Transfer Fees:

• Money transfers from Singapore to India do not have any transfer fees and hidden charges.

   

2. Transfer Limits:

• Fully verified customers can have a transfer limit of up to SGD 20,000 in a day.

3. Exchange Rates:

• ICICI Bank offers real-time, competitive exchange rates, visible upfront before you authorise the transaction.

   

• Rates are refreshed frequently and can be monitored via dashboard. The exchange rate lock-in feature ensures the recipient gets the exact promised amount.

   

Whether you are sending SGD 1,000 or SGD 20,000, Money2India ensures cost-effective, transparent and compliant remittance from Singapore to India.

ICICI Bank's Local and Global Support

ICICI Bank backs its Money2India service with a robust support ecosystem that caters to NRIs living in Singapore and across the globe.

• Toll-Free Assistance: ICICI Bank provides dedicated toll-free number, i.e. 8001012553 for Singapore-based customers who are calling from Singapore, offering help in real-time for queries related to transfers, KYC or platform usage.

   

• E-mail: Customers can also reach out via e-mail sg.service@icicibank.com for service requests or queries.

   

• Global Expertise: With years of experience in NRI Banking, ICICI Bank combines local understanding with global compliance and digital innovation.

   

This blend of tech-backed convenience and human support ensures that you always have assistance during your bank transfer to India.