ICICI Bank International Transfers & Exchange Rates
Industrial Credit and Investment Corporation of India (ICICI) Bank Limited is an Indian multinational banking and financial services corporation. It was founded on January 5, 1994, and has its headquarters in Mumbai, Maharashtra. In India, the banks have 5275 branches and 15,589 ATMs. It has a presence in 17 countries across the world.
In this guide, we will cover the ICICI bank exchange rates, how to create an ICICI bank account and things to consider.
About ICICI Bank
ICICI Bank provides corporate and retail clients with a comprehensive range of banking products and financial services through a number of delivery channels and specialized subsidiaries in the fields of investment banking, life and non-life insurance, venture capital, asset management and also foreign currency exchange services.
ICICI Bank Exchange Rates and Fees
ICICI Bank makes profitfrom money transfers by charging fees and imposing a margin on the exchange rate. For this reason, we recommend you to calculate money transfer exchange rates for the country you would like to send money and the currency you would like to convert.
ICICI Bank Exchange Rate
The indicative rate and the locked-in or fixed ICICI Bank Exchange rate are available through the Money2India service. You may go with the latter option by setting up a transfer that only occurs when the rate you specified is met.
What is the ICICi Bank exchange rate? The ICICI Bank exchange rate for sending money abroad via international bank transfer varies from day to day and is established by ICICI Bank. You may check the ICICI Bank Exchange rates today at any branch or on the company's website.
ICICI Bank Transfer Fees
Fees differ depending on the type of account you have, the method you use, the type of account you're sending to, and the country you're sending to. The charge to send money to India using online banking from the bank's HiVALUE chequing account, for example, is $5. The charge for sending money to countries outside than India by phone or bank is $10.
Money2India from ICICI Bank has a simple cost structure: a modest $4 fee for transactions up to 72,330 INR (about $1,000) and no fee for greater sums. Keep in mind that, under India's Finance Act, you'll have to pay a Conversion Service Tax on your transfer, which ranges from around 50 cents to $15, with a maximum equivalent of 0.0145% of your total for the biggest transactions.
Additional Costs
Apart from the ICICI Bank Exchange rates and the international money transfer fees, the ICICI bank has the following additional costs:
Joining Fee: Rs. 250 + GST as applicable
Annual Fee: Rs. 250 + GST as applicable
Card replacement fee#: Rs. 199 + GST as applicable
Cash withdrawal from Non ICICI Bank ATM's: Rs. 20 per withdrawal + GST as applicable
Balance Inquiry from Non ICICI Bank ATM's: Rs. 8.50 per inquiry + GST as applicable
Inactivity fee: Rs. 25 + GST as applicable
How Do ICICI Bank Transfer Fees Compare to Using Other Money Transfer Providers?
ICICI Bank is a major Indian bank that specializes in international money transfers to and from India. However, for many expats, sending money to loved ones in another country has always been a difficult task. Many of you may have had problems in the past with fluctuating foreign currency exchange rates, money not arriving on schedule, or spending far more than you anticipated.
Many individuals use ICICI Bank for convenience, but with slow processes, hidden fees, and ICICI's high exchange rates, this may become a difficult and expensive transaction. It is always advisable to look for the greatest rates offered by private money transfer providers before sending money overseas, since this may save you a lot of money on each transaction.
ICICI Bank Pros and Cons
The following are ICICI Bank's strengths and weaknesses:
Pros
Cons
How to open an account and transfer money with ICICI Bank
Customers can open a savings account either in person at an ICICI Bank branch near them or online at the ICICI Bank webpage.
Opening an account
How to Open a Savings Account at ICICI Bank
Step 1: The applicant must fill out an application form, which can be done in person at a bank office or online. To avoid the application being rejected, all fields must be filled in while filling out the form. If a customer has trouble filling out the form, he or she can get assistance from any ICICI Bank official.
Step 2: If you're doing it online, go to the ICICI Bank homepage and click "New customer."
Step 3: The next step is to pick a savings account to open.
Step 4: Following that, he or she will be needed to provide the following documents:
Passport, driver's license, voter's ID card, and other forms of identification are acceptable.
Passport, driver's license, voter's ID card, etc. are all acceptable forms of proof of address.
Form 16 of the PAN card (only if PAN card is not available)
2 recent passport-sized photos
Step 5: Once the above-mentioned documents are ready and the form is filled out, the individual must go to the ICICI Bank branch of their choosing and submit the form and KYC documents. The applicant will be requested to upload the appropriate KYC papers if the process is conducted online.
Step 6: Following the verification procedure, the account holder will be required to make an initial deposit, which will be determined by the savings account's minimum balance requirement. At the cash deposit desk, you can make your first deposit.
Step 7: After the deposit is completed, the executive will provide you a debit card as well as the necessary bank paperwork for the savings account.
Transferring money
With ICICI Bank, you have plenty of choices for sending money abroad. You may complete a money transfer online, at a branch, over the phone, or using the mobile banking app. Depending on the country you're sending to, the procedure will vary.
Follow these procedures to transfer money online:
Step 1: Begin by logging into your ICICI Bank/Money2India account and entering the recipient's information, such as address and name.
Step 2: Enter the payment amount and method.
Step 3: You may pay for the transfer using a debit or credit card, as well as a local bank transfer.
Step 4: Your funds will be converted and transferred to the recipient using the manner you specify.
Your recipient's information will be kept, so you won't have to input it again if you need to send money in the future.
To make a phone transfer, you'll need to log in to your account the same way you would for online banking. It's as simple as picking up the phone and dialing the recipient's number. 1-888-424-2422 is the toll-free number.
It is possible to send a transfer in branch if you prefer a more personalized service. You can easily find a branch near you and walk in. The recipient's information is the same as it is for online and telephone banking.
It is required for senders who are not account holders to visit a branch. The following components will be required:
Application for a money transfer
Recipient information, including address and name, on two kinds of ID
Customer Service Details for Users of ICICI Bank
The following ways are available from ICICI Bank:
Phone: 1-888-ICICI-CA (1-888-424-2422) 24 available 24/7
Collect calls: 1-416-847-7979
By post: ICICI Bank Canada, PO Box 396, Don Mills, ON M3C 2S7
Can I Use ICICI Bank for International Bank Transfers?
Yes. ICICI Bank also offers Money to Other Countries, which includes bank accounts in Ghana, Bangladesh, China, Nepal, the Philippines, and Vietnam, in addition to its Money2India service.
Summary
ICICI Bank provides a comprehensive range of financial products and services to its Indian consumers, including loans, credit cards, and savings accounts. Money2India.com, on the other hand, is completely dedicated to assisting individuals all over the world in sending low-cost money transfers to India.
If you want to send money abroad, you should think about your alternatives. ICICI Bank is one of these possibilities. Before choosing if ICICI is the greatest option for international money transfers, make sure you know if it offers the best exchange rates and costs, or if Money2India is truly the finest option for transferring money to India.
Lastly, you may consider the overwhelming number of reviews for ICICI Bank to be in the "poor" and “terrible" categories before choosing its services.
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Answers to key questions about ICICI Bank
Here are some of the most commonly asked questions about ICICI Bank: