ICICI International Transfer

Looking to understand more about how the ICICI international money transfer process works? This guide is for you. We’ll cover the ICICI international bank transfer process, plus how much it costs, the exchange rate and limits in place when you transfer money abroad with ICICI.

ICICI Bank is very popular - and the second largest bank in India - but it might not be the best choice if you’re sending an overseas transfer. Specialist services like Wise and Western Union may be able to offer a faster and more convenient option.

ICICI international money transfer comparison

When you arrange an ICICI international money transfer there are a few different costs to consider:

• Transfer fee - often the lowest fee of all, and easy to spot

• Exchange rate markup - a fee added to the exchange rate which can be trickier to see

• Intermediary and agent bank fees - you may not know in advance what these are

To give an idea of how ICICI compares with other payment services, let’s look at an example. Here’s what you’d pay if you were sending a standard online transfer of 100,000 INR to a GBP denominated account, with ICICI and a few specialist services.

When you send an ICICI international money transfer you may not know in advance what the full costs of your payment will be - extra charges may be deducted from the amount being sent by intermediary banks as it’s processed. That means that the recipient may get less than you expect in the end. Specialist services like Wise and Western Union tend to have more transparent charges, and are also easy to use with an intuitive online and in-app service.

ICICI international transfer fees

Here’s what you need to know about ICICI international remittance fees:

ICICI exchange rate

Before you arrange your international transfer with ICICI Bank, it’s useful to know that bank exchange rates usually include a markup. That’s a percentage charge rolled up in the exchange rate applied to convert your funds from INR to the required currency. This markup can commonly be about 3% or more - here’s how that would add up up for different transfer amounts:

• Sending 50,000 INR - a 3% exchange rate markup adds 1,500 INR to the total

• Sending 100,000 INR - a 3% exchange rate markup adds 3,000 INR to the total

• Sending 500,000 INR - a 3%  exchange rate markup adds 15,000 INR to the total

This percentage markup on the exchange rate can often end up being the highest fee you pay when sending money internationally - far higher than the upfront transfer fee charged by your bank.

Here’s a reminder of the total costs - including exchange rate markups - from the providers we looked at earlier. This is what you’ll pay with each if you set up your payment online and send 100,000 INR to a GBP denominated account:

• ICICI:  750 INR + exchange rate markup + any relevant third party charges
• Wise: 1,816.60 INR transfer fee and no markup on the mid-market exchange rate. Click here to learn more about Wise fees.
• Western Union: No transfer fee, but a markup is added to the mid-market exchange rate

ICICI additional fees

ICICI Bank warns that agent or intermediary bank fees may also apply when sending an international payment. These costs are deducted as the transfer is processed, which means that your recipient may get less that you’re expecting.

Intermediary fees usually apply when a payment is processed using the SWIFT network. In this system, a transfer is passed through 1 - 3 intermediary banks to move it on its way to the destination - much like taking a series of connecting flights. Each intermediary can deduct a processing fee, which pushes up the costs overall.

How long does an ICICI international money transfer take

ICICI international transfers take 1 - 3 days to arrive in the destination accounts. However, the final processing time will depend on the currencies and banks involved in the process. Here’s how that compares with the other providers we looked at earlier:

• ICICI: 1 - 3 working days
• Wise: 80% of payments arrive in 24 hours
• Western Union: 0 - 1 business days

Pros and cons of transferring money abroad with ICICI

Pros:

• Convenient online payments

• In branch service if you’d rather transact in person

• Reliable and familiar

Cons:

• Higher fees for in branch payments

• Exchange rates are likely to include a markup

• Limited currency availability

Instead of using ICICI, take a look at specialist online services like Wise or Western Union, which may be able to offer an easier and faster service online or in-app.

How to make an international transfer with ICICI

Sending a payment overseas with ICICI can be done online or in a branch. Branch payments have higher fees - but a member of the service team can guide you through the process. For an easy online service you can send your transfer by taking the following steps:

• Log into your internet banking

• Click on An overseas account through Money2World

• Enter your beneficiary's bank account details

• Follow the prompts to confirm the amount and currency you want to send

• Fund the transfer from your bank account

What information do you need to make an international transfer with ICICI?

The exact information you need to arrange your payment will depend a little on the currency and country you’re sending to. You can expect to need:

• Beneficiary name

• Beneficiary bank account number

• Beneficiary bank name and address

• Additional information based on the country - like a sort code for the UK or routing number for the US

• Reason for payment

Transfer limits and available countries

ICICI allows customers to send international transfers to the applicable RBI maximum, which at the time of writing stands at 250,000 USD/year. Under RBI regulations restrictions may apply on the purposes for which funds can be transferred out of India.

You can send an ICICI Bank international money transfer in USD, GBP, EURO, SGD, CAD, AUD, CHF, HKD, JPY, AED, SAR, DKK, NOK, SEK, QAR, NZD, ZAR, OMR, THB and BHD.

Receiving money from abroad with ICICI

To receive an international payment into your ICICI account, give the sender:

• Your full name

• Your bank account number

• The ICICI SWIFT code

There may be a fee to pay depending on your account type and the specific detail of the transfer.

ICICI SWIFT code

SWIFT codes are used when sending international payments, to guide your money to the right international bank. If you’re receiving a payment you’ll need to give the sender the ICICI SWIFT code for your specific branch and for the specific transfer type.

The general ICICI SWIFT/BIC code is: ICICINBBXXX. However, as ICICI uses varying SWIFT codes for different branches and different payment types, you’ll need to double check the exact details required by logging into your online banking.

Conclusion

ICICI international money transfers can be made online and in branch, with a relatively low upfront transfer fee. However, once you take into account the exchange rate markup that’ll likely apply, plus agent or intermediary fees, the costs may not be the best on the market. Compare the convenience and fees for sending an ICICI payment against using a specialist online and in-app service from a company like Wise or Western Union, to see if you can save.