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
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 |
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- Form A2 cum application and LRS declaration
- Self-attested copy of PAN (if applicable)
- Self-attested copy of Passport
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- 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
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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