Direct Transfer - Click2Remit

This mode uses the ACH (Automated Clearing House) network in United States and ACSS(Automated Clearing Settlement System) network in Canada that allows for inter-bank transaction clearing to process financial transactions electronically without using paper instruments

Choose to send money to India at a fixed exchange rate when you make a Direct Transfer. Select the Guaranteed rate option available on the Direct Transfer option to send money. This transfer can be done through your Click2Remit account, once you activate your overseas remitting bank account.

Benefits

• Fixed exchange rate guaranteed on your money transfer
• Track the status of the transfer in your Click2Remit account
• This mode uses the ACH (Automated Clearing House) network in United States and ACSS(Automated Clearing Settlement System) network in Canada that allows for inter-bank transaction clearing to process financial transactions electronically without using paper instruments
• Your money can be delivered to your receiver through a bank transfer (RTGS/NEFT) or directly to a Kotak Mahindra Bank Account.

Simply follow a one-time 3 step process to register your account for a Direct Transfer:

• Registration - Register yourself with a User ID on Click2Remit and register your US bank/Canadian Bank account for Direct Transfer
• Account Validation - Check your registered bank account in 2-3 working days for 3 sub dollar (cent) transactions in the form of 2 deposits and 1 withdrawal.
• Account Activation - Enter the amounts you see in your account statement in the corresponding boxes provided under the link in 'Activate for Direct Transfer' on Click2Remit.
• Once your account is activated, you can conveniently and economically remit USD/CAD to your bank account in India.

Steps for Account Registration (Addition of overseas)

• For account registration, log in to Click2Remit and Add a Bank Account by entering the required details like bank routing number, account number and type. Once you have added the bank details, you will need to click on the Activate for Direct Transfer link.
• Check your registered bank account in 1-2 Working days for 3 less-than-one dollar (in cents) transactions in the form of 2 deposits and 1 withdrawal. If successful, the transactions can be seen in your bank account statement as: Note: Amounts are indicative and will be different in your account.
  • Deposit 1 : Kotak2INDIA PYMT $ 0.15
  • Deposit 2 : Kotak2INDIA PYMT $ 0.35
  • Withdrawal 1 : Kotak2INDIA COLL - $ 0.50
• If your account details are incorrect, your bank will report the unsuccessful transaction to us.
  • Go to View Banks in your Click2Remit account on the same day when the transactions can be seen and select Activate for Direct Transfer link. Enter the amounts you see in your account statement in the corresponding boxes provided on this link.
  • As per the example above, you would have to enter 0.15 and 0.35 against the Amount Credited and 0.50 against the Amount Debited.
• Once your account is activated, select Direct Transfer as the mode to send money using this option.
• On receipt of instructions via our Correspondent Bank, the money is delivered to the receiver

Remember

• The Withdrawal amount is equal to the sum of the Deposit amounts, leaving your account balance unaffected by these transactions.
• If you see only one Deposit transactions in place of two, please contact your bank for the correct details of the Deposits and Withdrawals.
• You can enter the Deposit values in any sequence and the withdrawal amount in Amount Debited.
• As a security measure we allow only up to three attempts to enter Account Validation details after which you must initiate activation again.
• In case of incorrect details or failed registration or validation, restart the process.

• For Direct credits to Kotak Mahindra Bank accounts, transfers shall be made within 5 working days after instructions have been received by us.
  
• In case of Electronic credits to non-Kotak Mahindra Bank accounts through the RTGS / NEFT system facilitated by the Reserve Bank of India, funds will be transferred on the same day as the timeline mentioned above (Direct credit), however final credit is dependent on Receiver bank's timelines, generally within 1-3 working days.
  
• Payment to a Credit Card will take an additional 1 working day after the time line mentioned above (Direct credit); however final credit is dependent on the card issuing bank's timelines, generally within 3 working days.
• Working days do not include Saturdays, Sundays and Public Holidays in Remitting and Receiving countries.