ICICI Bank Remittance: All About ICICI International Transfers in 2023

In the 29 years of its existence, ICICI Bank has emerged as a trusted name in the banking sector, offering a wide range of financial products and services to individuals and businesses. This bank offers a comprehensive solution for international money transfers with its ICICI International transfer service. When it comes to international money transfers, security is of paramount importance. ICICI ensures the safety of your funds through advanced encryption technology and robust security measures.

As a regulated bank, it adheres to strict anti-money laundering (AML) and Know Your Customer (KYC) guidelines, providing you with peace of mind knowing that your transactions are conducted in a secure environment.

However, you may also wish to compare other services and make informed decisions on international money transfers. This is where we at Monito will provide you with a one-stop solution for all the aforementioned problems.

Monito's comparison tool allows you to compare the fees and exchange rates offered by different money transfer providers, including SBI, Bank of Baroda, and Axis Bank, to find the best deal for your needs. Save money and time now by finding the cheapest and fastest alternative with Monito's live comparison engine below:

ICICI Bank International Transfer Charges

Wire transfer is a quick and simple way to make a remittance transaction to and from India via ICICI Bank. ICICI allows customers to send international transfers up to the applicable RBI maximum, which is currently $250,000 per year. There may be restrictions on the purposes for which funds can be transferred out of India under RBI regulations. ICICI Bank supports multiple currencies for international transfers.

The charges for resident customers are as follows:

• Wire Transfer initiated through ICICI Bank internet banking: RS. 750
• Wire Transfer initiated through ICICI Bank branch or any other channel: RS. 1,000

For NRI customers, the charges are the same for both modes of remittance:

• Wire Transfer initiated through ICICI Bank internet banking: RS. 500
• Wire Transfer initiated through ICICI Bank branch or any other channel: RS. 500

It's important to note that these charges are applicable for repatriation from NRO/NRE accounts only.

ICICI Bank's exchange rates typically include a mark-up, which is an additional percentage charge embedded in the exchange rate used to convert your funds from Indian rupees to the desired currency. This mark-up is commonly around 3% or higher. Let's see how this mark-up affects different transfer amounts:

• Sending Rs. 50,000: A 3% exchange rate mark-up adds Rs. 1,500 to the total.
• Sending Rs. 100,000: A 3% exchange rate mark-up adds Rs. 3,000 to the total.
• Sending Rs. 500,000: A 3% exchange rate mark-up adds Rs. 15,000 to the total.

It's important to note that this percentage mark-up on the exchange rate can often be the highest fee you incur when sending money internationally, surpassing the upfront transfer fee charged by the bank.

To recap the total costs, here's what you would pay if you set up your payment online and send Rs. 100,000 to a GBP-denominated account:

Rs. 750 + exchange rate mark-up + any relevant third-party charges.

On the other hand, other cross-country money transfer providers can look more favourable in terms of costs. For instance, for using Wise to transfer the same amount, you need to pay Rs. 1,816.60 transfer fee and no mark-up on the mid-market exchange rate. Moreover, in the case of Western Union, you would incur no transfer fee, but a mark-up will be added to the mid-market exchange rate.

Continue reading to know more about your alternative options, as we delve into them later in the article.

How to Transfer Money to International Bank Account from ICICI Bank

You can make an international transfer with ICICI online or in-branch. Online transfers are more convenient, and the process involves logging into your internet banking, selecting an overseas account through Money2World, ICICI’s international money transfer platform.

You can then enter the beneficiary's bank account details, confirming the amount and currency, and funding the transfer. To arrange an international transfer with ICICI, you will typically need the beneficiary's name, bank account number, beneficiary bank name and address, and additional information based on the country of the transfer.

When receiving an international payment into your ICICI account (inward remittance), you need to provide your full name, bank account number, and the ICICI SWIFT code (hold the thought). Fees may apply depending on your account type and transfer details.

Now, ICICI Bank has a specific SWIFT code, ICICINBBXXX, which is generally used for international payments. However, different branches and transfer types may have varying SWIFT codes, so it's necessary to double-check the exact details through your online banking.

Time Taken for Funds to Go Through in Case of ICICI Remittance

The time taken for ICICI international transfers to arrive in the destination accounts is typically 1-3 working days, depending on currencies and banks involved.

In comparison, services like Wise and Western Union offer faster transfer times, which brings us to the next part of the article, your alternative options.

Options for ICICI International Transfer Alternatives

When arranging an ICICI international transfer, you need to consider different costs, including the transfer fee, exchange rate mark-up, and potential intermediary and agent bank fees. Additionally, the time taken for the money to reach its destination is another factor to consider. The full costs of your payment may not be known in advance, as additional charges can be deducted by intermediary banks during processing. This creates the need to weigh other options.

This is where Monito’s comparison tool comes in. The tool shows us various services that tend to have more transparent charges, are quicker, or both.

Remitout

Remitout is a highly recommended money transfer service, especially for students. While the exact fees and charges may vary, Remitout generally provides competitive exchange rates and offers low or zero transfer fees specifically for student transfers. They are well-aware of the financial challenges students often encounter and strive to offer affordable and convenient solutions for international money transfers. It's important to note that there is a maximum limit of $250,000 for sending money in a single financial year.

Transfer Details

• Nostro (an account used by banks to hold foreign currencies) charges between $15 - $30 per transaction.
• GST of 18%
• Merchant service charge of approximately 2% of the transaction amount
• Payment methods: bank transfers, debit/credit cards, and mobile wallets such as Paytm or Google Pay.
• Time: The money typically reflects in the recipient's account within 2 business days (same day if the transaction is done before 1 pm).

Wise

Wise, formerly known as TransferWise, is a popular choice for international money transfers. They offer transparent and competitive exchange rates, often close to the mid-market rate, which is the real exchange rate without any mark-up.

Transfer Details

• A fixed fee of Rs. 127.98
• A variable fee of 2.03% per transfer
• Payment methods: Bank transfer and credit/debit card payments
• Time: 2 business days

Instarem

Instarem is another alternative that provides international money transfer services. They promote low transfer fees and competitive exchange rates. While the exact fees can vary based on factors such as the transfer amount and destination country, Instarem aims to offer cost-effective solutions for cross-border transfers. They have a clear fee structure, allowing customers to easily calculate the total cost of their transactions.

Transfer details

• Transaction fees between 0.25% and 1%
• Approximately 4% including hidden charges like margins on foreign exchange rates, bank charges, and service charges
• Fixed fee of Rs. 1,200
• Payment methods: Debit/credit card, bank transfers, and wire transfers
• Time: 1-2 working days (2-5 business days for the first transfer)

Halo Financial

Halo Financial specializes in catering to large transfers, such as property purchases or investments, making them well-suited for such transactions. The minimum amount for a transaction is £2,000, and transactions exceeding £5,000 are not subject to any fees. They prioritize providing personalized services tailored to the unique needs of each individual, offering competitive exchange rates. While their fees may be comparatively higher than other alternatives, they frequently assign dedicated account managers to customers. These account managers play a crucial role in guiding customers through the transfer process and assisting them in navigating potential currency risks. By offering expert advice and personalized support, Halo Financial strives to deliver value for large international transfers. Their exchange rate margins typically range from 0.1% to 1%. For more detailed information on costs, payment methods, and transfer times, click here.

Conclusion: Is ICICI Remittance a Worthwhile Option for International Transfers?

When considering ICICI Bank for international transfers, it is important to weigh the pros and cons to determine if it is a worthwhile option. ICICI Bank is a popular and reliable bank, offering convenient online and in-branch services for sending money abroad.

Despite the brand name, ICICI Bank international transfer comes with its own challenges. One common concern with international money transfers is the cost associated with fees. ICICI Bank charges fees for international transfers, including a transfer fee and an exchange rate mark-up. The exchange rate mark-up can significantly impact the total cost of the transfer.

Additionally, there may be additional intermediary and agent bank fees that are not known in advance, potentially reducing the amount received by the recipient. In comparison to specialist services like Wise, ICICI Bank's fees may be higher, and the exchange rates may not be as competitive.

Also, while ICICI Bank has a significant global presence, there may be certain countries or regions where their international money transfer services are limited or not available.

Moreover, fluctuations in exchange rates can also impact the final amount received by the recipient, it's important to note that exchange rates can vary and may not always be as favourable as those offered by specialized currency exchange services or other banks. The speed of international money transfers can also be a potential issue.

Taking all these concerns into account, it is advisable to explore alternative options with the help of Monito. This will ensure you find the most cost-effective and efficient solution for your international transfers.