transfering funds from icici

pwood

has anybody else had problems transfering funds from icici.
it appears that it takes 4 to 5 days for the funds to reach my account instead of the usual 3 days.
they also failed to transfer my funds on 1 occassion and have failed to reply to my email which was sent over a week ago.
anybody having similar problems or got any advice.

paulboy83

I had a problem last week with a transfer i'd set up some weeks ago. i emailed them but recieved no reply. I re requested it a few days back and the money was there within 3 days. All seems fine again I hope!

lolly5648

Yes, we had a problem with a transfer booked to arrive in my account on the 24th, it didnt arrive, although it said processed on the ICICI site. It eventually arrived on 26th, which was just enough time to send the money to HMRC before the 31st. In future I will allow much longer for transfers.

masonic

lolly5648 wrote:

Yes, we had a problem with a transfer booked to arrive in my account on the 24th, it didnt arrive, although it said processed on the ICICI site. It eventually arrived on 26th, which was just enough time to send the money to HMRC before the 31st. In future I will allow much longer for transfers.

Were the additional two days accounted for by a weekend?

Edit: Oh, and also, how do you book a transfer to arrive in your linked account on a specific date? When I go to the transfer page, the only option I have is to set the date the money leaves ICICI.

lolly5648

masonic wrote:

Were the additional two days accounted for by a weekend?

Edit: Oh, and also, how do you book a transfer to arrive in your linked account on a specific date? When I go to the transfer page, the only option I have is to set the date the money leaves ICICI.

I set the money to leave on the 19th, allowing 3 working days so it should have reached my account by the 24th. It didnt show 'processed' on ICICI until the 25th and reached my account on the 26th.

Moral of the story: allow a full 7 days for money to reach your bank

F_T_Buyer

I don't usually used scheduled transfer, but did try it for the first time last week (to test it) as I plan to use it when i'm on holiday. The cash should have left ICICI today, but has not.

I'll keep you posted.

F_T_Buyer

Update. As of this morning the scheduled transfer still did not go through, so I manually processed the transfer (as I needed the money in my current account). I could not cancel the scheduled transfer, despite not being processed, as the date was in the past.

When I get home this evening, the scheduled transfer has taken place a day late. Obviously I've sent an email to ICICI complaining about this.

Looking at the transfers, the references have changed. So it looks like the transfer was canceled and then put through under a different reference.


Anyone else used these scheduled transfers?

loobs40

online transfer facility is not working. I tried twice last night and when I called the call centre they advised to send an email to them through the website with details of the amount.

There is a banner today on the site saying 48 hours turnaround for emails becasue of the volume

scottjm

I recently opened an ICICI HiSave account, as recommended on this site, to replace one of my ING Direct accounts.
Took ages to get up and going, initial transfer from my current account was delayed, website was unreliable and options not always available, I finally managed to set-up a recurring transfer from my current account for the first of each month. This months transfer still has not happened and it's now 4/02/07
tried to contact them through email but they are quoting 48 - 72 hours responce times. I can't alter the transfer either as it is being "processed"
:mad:

I have been looking at my other ING accounts this morning and noticed something interesting, the AER is lower but the net rate is actually higher than ICICI at 4.65% compared to 4.41% with ICICI.
I have been with ING for a few years and I have to say there customer services are excellent, very friendly and helpful and the only reason I went for ICICI was the rate, which it turns out isn't actually better for a tax payer!
As soon as my transfer has gone through I'm switching back to ING!

Make sure you check the net rates before being tempted, like me, to another bank with poorer services!

Another important thing to remember is that you don't receive interest on payments in transit. e.g. if you transfer funds from your cheque account to another bank's savings account you loose upto 5 days interest whereas a savings account with the same bank as your cheque account's with may have a slightly lower interest rate but the transfer is instant in most cases and starts to earn interest straight away!

masonic

scottjm wrote:

I have been looking at my other ING accounts this morning and noticed something interesting, the AER is lower but the net rate is actually higher than ICICI at 4.65% compared to 4.41% with ICICI.

No, 4.65% is ING's gross rate. The net rate is 3.72%.

scottjm

Thanks for the correction masonic, my mistake, I was using the savings calculator on the ING Site.
Just goes to show that it's not that easy to see which rate actually applies!

Current ING standard rates are:

Effective from AER* Gross PA Net PA
01-09-2006 4.75 4.65 3.72