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  • Forex & Remittances Loan

Introduction

Transfer money abroad safely and swiftly.

As an NRI, you can now send money to family and friends at low rates, speedily.

In partnership with several correspondent banks, ICICI Bank empowers customers in India to send money to their friends and family in abroad. Make use of our simplified and hassle-free process to conveniently and efficiently transfer money abroad.

Attractive options for money transfer facilities:

Instant Transfer

Instant Transfer

Speed Transfer

Speed Transfer

Demand Drafts

Demand Drafts

Features & Benefits

Forex and Remittances

Quicker credit for foreign-currency checks

Forex and Remittances

Transfers ranging from immediate to 21 international working days

Forex and Remittances

Accepts demand drafts, cashier orders, bankers and travellers checks and pay orders

Check out our wide range of financial products.

Forex Service Rules and Documents Checklist

forexs service rules and documents

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

Private Visits (Leisure Travel)

Going abroad on employment

Business trip – Funding from Resident Individual Account or Proprietorship Account

Self-attested copy of Passport Attendant accompanying a patient fo medical treatment/ check-up abroad

Emigration

Education (Studies Abroad)

Medical Treatment/ Person who has fallen sick after going abroad

DOCUMENTATION FOR ICICI BANK ACCOUNT HOLDER

Form A2 cum application and LRS declaration

Self-attested copy of PAN (if applicable)

Self-attested copy of Passport

DOCUMENTATION FOR NON ICICI BANK ACCOUNT HOLDER

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

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.

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.

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 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 .