Forex and Remittances

Quick and Easy way to transfer Money Overseas

Sending money to family and friends overseas is now easier than ever

ICICI Bank has tied up with several banks to enable non-resident Indians (NRIs) to send money to their friends and family in India, using a simplified and hassle-free process. These partner banks or Correspondent Banks allow people to conveniently and efficiently transfer money. Opt for Insta Transfer, Speed Transfer or Demand Drafts to avail of the attractive money transfer facility.

You can also ensure a quicker credit for foreign currency cheques issued abroad, into your ICICI Bank accounts. Ranging from immediately to 21 international working days, money is credited into your account. Demand drafts, cashier orders, bankers and travellers cheques, pay orders-- all of these are accepted.

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What's on offer

  • Forex- Currency Exchange Services- Avail of ICICI Bank's forex products and services when travelling overseas. You can also opt for the bank's online remittance services to send money to your friends and families abroad. Also, customers now have the option to BUY and Sell forex through the electronic trading platform FX-Retail platform, rolled out by the Reserve Bank of India (RBI) through the Clearing Corporation of India Limited (CCIL).
  • Currency Notes
  • Send Money Abroad
  • How to Buy Forex

Goods and Services Tax (GST) slabs

SLABS FOR VALUATION OF SUPPLY
Amount of currency exchanged Value of Supply GST @ 18%#
Up to Rs. 1,00,000 1% of gross amount exchanged, subject to minimum amount of Rs. 250 Rs. 180*
From Rs. 1,00,001 to Rs. 10,00,000 Rs. 1,000 plus 0.5% of gross amount exchanged Rs. 990*
Above Rs. 10,00,000 Rs. 5,500 plus 0.1% of gross amount exchanged, subject to maximum of Rs. 60,000 Rs. 1,170*

NOTE:

* 18% considered for the purpose of numeric understanding only
*Amount considered for exchange is Rs. 1,00,000
**Amount considered for exchange is Rs. 10,00,000
***Amount considered for exchange is Rs. 20,00,000

Fees and Charges

COLLECTION ARRANGEMENT CUSTOMER SEGMENT
NRI CUSTOMERS – (INDIVIDUAL) DOMESTIC CUSTOMERS - (INDIVIDUAL) DOMESTIC CUSTOMERS - (NON-INDIVIDUALS)
Instant Credit Rs 250 Rs 250 Not applicable
Cash Letter Arrangement (Credit on day 8) No charges 0.50%, subject to minimum of Rs.350. 0.50%, subject to minimum of Rs.350 or as per any specific agreement with the customer
Cash Letter Arrangement (Credit on Day 15) No charges 0.25% subject to minimum of Rs.250 0.25% subject to minimum of Rs 250 or as per any specific agreement with the customer.
Final Clearing Services No charges (Charges in Foreign currency might be levied by the correspondent bank) 0.125% subject to minimum of Rs 250 Additionally : charges levied by correspondent bank in original 0.25% subject to minimum of Rs 350 Additionally : charges levied by correspondent bank in original
Collection 1. Courier charges of Rs 400 0.125% subject to minimum of Rs 250 Additionally : Courier charges of Rs 400/-, and such other charges, as the overseas bank may levy. 0.125% subject to minimum of Rs 250 Additionally : Courier charges of Rs 400, and Such other charges, as the overseas bank may levy. Or as per any specific agreement with the customer.
2. Such other charges, as the overseas bank may levy.
Cheque Purchase Interest @17.5% p.a. from the date of credit to customer's account till the date of receipt of funds in the nostro. Interest @17.5% p.a. from the date of credit to customer's account till the date of receipt of funds in the nostro. Interest @17.5% p.a. from the date of credit to customer's account till the date of receipt of funds in the nostro or as per any specific agreement with the customer

The above charges are exclusive of any statutory taxes or fees like service tax, education cess etc. All percentage of charges stated above shall be applied on gross amount to be credited.

* The courier charges will only be applicable for cheques that are sent under collection. Goods and Service Tax will be levied on the converted gross INR amount in accordance to GST Bill 2017 passed by the Government of India w.e.f. July 1, 2017. Please click here to know the slab wise GST structure. The charges for clearing favouring EEFC / RFC will be as per above schedule subject to minimum of following:
CURRENCY USD EUR GBP GBP CAD SGD
CHARGE 8 6 4 8 9 13

Forex service rules and documents checklist:

Limit of USD 2,50,000* or its equivalent per financial year is applicable for the below mentioned purposes of travel:

  • Private Visit (Leisure Travel)
  • Employment
  • Accompanying patient abroad
  • Business Travel from Individual/ Proprietorship account
  • Education
  • Emigration
  • Medical Treatment/ Person who has fallen sick after going abroad

*The overall limit available for an individual, under Liberalised Remittance Scheme for Resident Individuals (LRS) is USD 2,50,000 per financial year and the other limits as per Schedule III pertaining to travel, business, medical, education, immigration, etc have been subsumed under the LRS limit (within the overall limit of USD 2,50,000 per financial year). Hence the limit is the combined limit available for various purposes and products. Please note that any remittance exceeding USD 2,50,000 should be as per RBI guidelines. For more information, please contact the nearest ICICI Bank Forex Servicing branches.

PURPOSE OF TRAVEL DOCUMENTATION FOR ICICI BANK ACCOUNT HOLDER DOCUMENTATION FOR NON ICICI BANK ACCOUNT HOLDER
Private Visits (Leisure Travel)
Going abroad on employment
Business trip – Funding from Resident Individual Account or Proprietorship Account
Attendant accompanying a patient for medical treatment/ check-up abroad
Emigration
Education (Studies Abroad)
Medical Treatment/ Person who has fallen sick after going abroad
  • Form A2 cum application and LRS declaration
  • Self-attested copy of PAN (if applicable)
  • Self-attested copy of Passport
  • Form A2 cum application and LRS declaration
  • Self-attested copy of PAN
  • Self-attested copy of Passport
  • Self-attested copy of VISA.
  • In case VISA is on arrival then copy of air ticket to be taken

Note: In case the forex limit exceeds USD 2,50,000 or it’s equivalent for purposes of Emigration, Education and Medical treatment, additional supporting document is required. For emigration, the estimate from the country of emigration; for education - estimate from the institution abroad; and for Medical treatment – the estimate received from the Doctor in India or Hospital/doctor abroad would be required. For more information, please visit the nearest ICICI Bank Forex Servicing branch

Forex & Remittance FAQs

  • What are Correspondent Banks?

    To make it easy for NRIs anywhere in the world to send money to their loved ones in India, ICICI Bank has partnered with several banks to provide a variety of offline money transfer products. These options include:

    • ICICI Bank Transfer – Get direct credit into the beneficiary ICICI Bank account instantly*.
    • Non ICICI Bank Electronic Fund Transfer - Avail of electronic credits to the beneficiary maintaining account with over 100 banks in India, within the same day*.
    • Demand draft – Purchase a Rupee Demand Draft across the counter, from any of the specific partner bank locations. The remitter can physically carry the DD to India or courier to beneficiary

      • *Day excludes weekends (Saturday and Sunday), banking and public holidays in India. The Bank will process transactions received before the cut off time on the same working day. Transaction requests received after the cut off time will be processed on the next working day.

  • What is Foreign Currency Cheque?

    This is an easy and most convenient way to credit cheques drawn in foreign currency into your ICICI Bank account. You can approach any ICICI Bank branch to deposit your cheque.

  • What can you deposit?

    We accept cheques, traveller’s cheques, demand drafts, cashier orders, pay orders, and bankers' cheques etc.
    Please submit your cheques along with a signed Indemnity Letter cum deposit slip to the nearest branch. To download Indemnity Letter cum deposit slip, please click here
    Please ensure that instruments are deposited at ICICI Branch in India with proper acknowledgment in the specified deposit slip only. Do not deposit instruments in drop boxes.

    Cheques less than below mentioned amounts are not accepted:
    Currency Code FCC CURRENCY Account Type
    Savings Current
    USD US Dollar 10 150
    GBP Great Britain Pound 10 150
    AUD Australian Dollar 10 100
    CAD Canadian Dollar 10 300
    EUR Euro 10 100
    SGD Singapore Dollar 10 100
    CHF Swiss Frank 100 100
    KWD Kuwaiti Dinar 100 100
    OMR Omani Rial 100 100
    NZD New Zealand Dollar 100 100
    JPY Japanese Yen 10000 10000
    Others Other than above 500 500
    Time for credit into your account
    • Money will be credited into your account ranging from immediately to 21 international working days.
    • Credit in 8 days – Amount is credited within 8 international working days of lodging of your cheque with our correspondent bank. This facility is available for:
      Instruments having value upto USD 350 or equivalent.
      For value above USD 350 and below USD 10,000 or equivalent - only on specific request from the customer, provided the beneficiary is holding a savings account and fulfills the Bank's due-diligence criteria .

    NOTE:
    This is only available for instruments which are drawn in the following currencies and countries: USD instruments drawn on a bank in US; GBP in UK; SGD in Singapore; CAD in Canada.

    • Credit in 15 days – Credit is available after 15 international working days from the day the cheque is logged by the central processing center for cheques upto 10000 USD or equivalent favoring savings account.
    • USD cheques payable in USA and GBP cheques payable in UK of value greater than 10,000 currency units for savings accounts and for any value for current accounts are sent under collection arrangements with correspondent banks in USA and UK. For USD cheques drawn on New York, Philadelphia and Pennsylvania, the confirmed credit is provided to ICICI Bank after 6 international working days from the date of receipt of cheque in the US. For other states the credit is received after 15 international working days from the day the cheque is received by the correspondent bank in US. For GBP cheques the credit is received after 15 International Working days from the time that the cheque is received by the correspondent bank in UK
    • Any cheque not meeting the above criteria (for eg. SGD 15000, USD 8000 payable in UAE) is sent for collection to the drawee bank or collecting bank under Pure Collection Basis. The credit is given when the bank realises the same.
    • For currencies where ICICI Bank does not have nostro arrangements with correspondent banks the funds would be received in our USD nostro for subsequent conversion to INR.
    • Card Rate prevailing on the date of credit to customer account would be the applicable exchange rate.
    • ICICI Bank has nostro arrangement in the following currencies: USD, CAD, GBP, EUR, CHF, SGD, AUD, NZD, AED, HKD, JPY and ZAR
    Charges:
    Collection Arrangement Customer Segment
    NRI Customers – (individual) Domestic customers - (individual) Domestic Customers - (Non-individuals)
    Instant Credit Rs 250 Rs 250 Not applicable
    Cash Letter Arrangement (Credit on day 8) No charges 0.50%, subject to minimum of Rs.350. 0.50%, subject to minimum of Rs.350 or as per any specific agreement with the customer
    Cash Letter Arrangement (Credit on Day 15) No charges 0.25% subject to minimum of Rs.250 0.25% subject to minimum of Rs.250 or as per any specific agreement with the customer.
    Final Clearing Services No charges (Charges in Foreign currency might be levied by the correspondent bank) 0.125% subject to minimum of Rs.250 Additionally : charges levied by correspondent bank in original 0.25% subject to minimum of Rs.350 Additionally : charges levied by correspondent bank in original
    Collection 1. Courier charges of INR 400/-.
    2. Such other charges, as the overseas bank may levy.     		0.125% subject to minimum of Rs.250 Additionally : Courier charges of INR 400/-, and such other charges, as the overseas bank may levy. 0.125% subject to minimum of Rs.250 Additionally : Courier charges of INR 400/-, and Such other charges, as the overseas bank may levy. Or as per any specific agreement with the customer.
    Cheque Purchase Interest @17.5% p.a. from the date of credit to customer's account till the date of receipt of funds in the nostro. Interest @17.5% p.a. from the date of credit to customer's account till the date of receipt of funds in the nostro. Interest @17.5% p.a. from the date of credit to customer's account till the date of receipt of funds in the nostro or as per any specific agreement with the customer

    The above charges are exclusive of any statutory taxes or fees like service tax, education cess etc. All percentage of charges stated above shall be applied on gross amount to be credited.
    * The courier charges will only be applicable for cheques that are sent under collection. Goods and Service Tax will be levied on the converted gross INR amount in accordance to GST Bill 2017 passed by the Government of India w.e.f. July 1, 2017. Please click here to know the slab wise GST structure. The charges for clearing favoring EEFC / RFC will be as per above schedule suject to minimum of following:

    The charges for clearing favoring EEFC / RFC will be as per above schedule suject to minimum of following:
    Currency USD EUR GBP AUD CAD SGD
    Charge 8 6 4 8 9 13