ICICI International Money Transfer: Process and Charges

By /
Table Of Contents
  1. Can I Send Money Abroad via ICICI Bank Without an ICICI Account?
  2. How to Transfer Money Internationally with ICICI Money2World from India?2
  3. How Much Does ICICI Bank Charge for International Transfers?
  4. What are ICICI Bank Wire Transfer Charges from India to USA?
  5. How Much Time Is Taken for Wire Transfer in ICICI?
  6. What is the ICICI International Money Transfer Limit?
  7. How Can I Check the Status of My ICICI International Transaction?
The caption "Send Money Worldwide with ICICI, Even Without an Account," emphasizing that ICICI Bank allows international remittances even if the sender doesn't have an ICICI account. The design includes a world map with coins symbolizing global money transfers and an illustration of a person using a mobile device to send money. The brand "extravelmoney.com" is prominently displayed at the top left corner.

Money2World is the online platform of ICICI Bank for international money transfer from India. Whether you are a resident Indian or an NRI looking to remit funds internationally or want to know the costs and time involved, this guide will walk you through everything you need to know about ICICI Bank’s Money2World international money transfer services.

Can I Send Money Abroad via ICICI Bank Without an ICICI Account?

Yes, resident Indians who do not have an ICICI Bank account can do outward remittances via ICICI Money2World. This facility is unavailable for NRIs. Resident Indian Non-account holders can only perform non-trade transactions using this facility.1 

To access Money2World services, initially, they must visit their nearest ICICI branch and present their identity and residence proofs such as PAN, Aadhaar, and mobile number. On submitting these documents, they shall be provided with a User ID and Password for the Money2World login. They can also opt for offline outward remittance at the bank with this one-time registration process.

How to Transfer Money Internationally with ICICI Money2World from India?2

The login page for ICICI Bank's Internet Banking platform. On the right side, there is a login form where users can enter their User ID and Password to access their accounts.

1. Log in to ICICI Bank Internet Banking with your User ID and password.

The user interface of ICICI Bank Internet Banking dashboard shows various options and menu items available to a logged-in customer. At the top, there's a navigation bar with options such as "Payments & Transfer," "Investments & Insurance," and "Exclusive Offerings." The "Payments & Transfer" dropdown menu is expanded, displaying options like "Fund Transfer,"

2. Click on ‘Payments & Transfers’ and select ‘Fund Transfer’.

The ICICI Bank Internet Banking interface with a focus on the "Overseas Transfer" section. It also outlines the process of sending money abroad in three steps. A prominent "Send Money Now" button is visible, encouraging users to proceed with their international money transfer.

3. Select ‘Overseas Transfer’ and click ‘Send Money Now’.

the ICICI Bank Money2World dashboard, showing a list of recent international money transfer transactions. The top menu includes tabs for Home, Transactions, Receivers, and FAQs, with a prominent "Send Money" button highlighted in orange.

4. On landing the Money2World webpage click on ‘Send Money’.

The screen asks, "How much do you wish to send?" and allows the user to select the destination country (in this case, the United States of America) and enter the amount they wish to send in USD. The equivalent amount in INR is calculated below, showing the user how much they need to pay. There's an option to apply promo codes and view the detailed break-up of the costs.

5. Select the destination country, currency and the amount you wish to send.

the step of ICICI Bank Money2World's international money transfer process, asking the user to select the purpose of the transfer, with options like Studies Abroad, Maintenance of Relatives, Travel, Gifting, Transfer to Own Account, and Others.

6. Opt for the remittance purpose and provide the necessary proofs.

The step of the ICICI Bank Money2World international money transfer process, asking the user, "Who would you be sending this money to?" The user is prompted to select or add a receiver for the transfer. A previously added receiver labeled "DEBT" with a US flag icon is shown, and there's an option to "Add new Receiver."

7. Add a new receiver or choose an existing receiver.

ICICI Bank Money2World international money transfer process, where the user is asked to specify the source of the money being sent. The screen displays the amount to be sent in INR, along with options to select the source of funds, such as "Savings." There are checkboxes for the user to confirm various declarations, including confirming that the beneficiary is not a resident Indian, agreeing to potential deductions for TCS (Tax Collected at Source), and confirming that the funds are their own. An important note advises that using an education loan may help save on TCS charges.

8. Specify the source of the funds to calculate the applicable GST and TCS.

The image shows the payment confirmation screen for an ICICI Bank Money2World international transfer, summarizing the transaction details, including the amount, recipient, purpose, and payment information, with a "Continue to Payment" button to finalize the process.

9. Confirm the transaction by reviewing the details and entering the provided OTP.

How Much Does ICICI Bank Charge for International Transfers?

Apart from the foreign exchange rate fixed according to the ICICI published forex rates, the bank also charges international transaction fees.

Regular Delivery/BEN Charges 

Overseas money transfers to any country can be done via regular delivery. In regular delivery or BEN option, the amount is credited to the beneficiary after the deduction of intermediary bank charges and GST from the total amount.3

The ICICI Bank charges for regular delivery is as follows:

Mode of RemittanceFees for Resident IndiansFees for Repatriation from NRE or NRO Account
Internet BankingINR 750INR 500
Bank Branch or Other ChannelsINR 1000INR 500

What are ICICI Bank Wire Transfer Charges from India to USA?

Guaranteed Delivery/OUR Charges

International outward remittance to the USA can be executed via the guaranteed delivery/OUR option. In this method of payment, the intermediary bank charges and GST is paid by the sender and therefore the beneficiary receives the full amount sent.4

The ICICI Bank charges for guaranteed delivery are as follows:

Mode of RemittanceFees for Resident IndiansFees for Repatriation from NRE or NRO Account
Internet BankingINR 1000INR 500
Bank Branch or Other ChannelsINR 1500Nil

Regular Delivery/BEN Charges 

You can also complete money transfers to the USA through regular delivery. With regular delivery or BEN option, the recipient receives the amount after the intermediary bank charges and GST deductions from the total amount.

The ICICI Bank charges for regular delivery is as follows:

Mode of RemittanceFees for Resident IndiansFees for Repatriation from NRE or NRO Account
Internet BankingINR 750INR 500
Bank Branch or Other ChannelsINR 1000INR 500

How Much Time Is Taken for Wire Transfer in ICICI?

You can typically complete international wire transfers through ICICI within 24 to 96 hours. Offline processes take longer. If you provide all required documents and verification timely, the bank usually processes both online and offline transactions within one working day. The remittance currency selected also decides the duration of a transfer.5

Currencies available for ICICI Money2World services6: US Dollar (USD), British Pound (GBP), Euro (EUR), Singapore Dollar (SGD), Canadian Dollar (CAD), Australian Dollar (AUD), Swiss Franc (CHF), Hong Kong Dollar (HKD), Japanese Yen (JPY), UAE Dirham (AED), Saudi Riyal (SAR), Danish Krone (DKK), Norwegian Krone (NOK), Swedish Krona (SEK), Qatari Riyal (QAR), New Zealand Dollar (NZD), South African Rand (ZAR), Omani Rial (OMR), Thai Baht (THB), Bahraini Dinar (BHD), and Polish Zloty (PLN).

The bank will process transaction requests received before 2:00 PM IST of a working day on the same day. The bank will process requests received after 3:00 PM IST or during weekends on the next working day.

What is the ICICI International Money Transfer Limit?

ICICI Bank’s resident Savings Account holders can transfer up to USD 25,000 (or equivalent) per transaction. In accordance with the RBI’s LRS Scheme, you can send up to USD 250,000 (or equivalent) abroad per financial year through ICICI Bank Internet Banking.

NRE account balances can be freely repatriated without any limit, except for specific restrictions set by the Reserve Bank of India. For NRO accounts, repatriation is limited to USD 1,000,000 per financial year, including both current income and capital receipts from the current financial year.

The minimum transaction amount for outward remittances through ICICI Bank is 1 Foreign Currency (FCY) unit for all currencies, except for Japanese Yen (JPY), where the minimum is JPY 2.7

How Can I Check the Status of My ICICI International Transaction?

Senders can track overseas money transfers on the Transactions tab and Remit Tracker tab of the Money2World portal. This enables them to ensure the timeliness and effectiveness of fund transfers.8

Also Read: HDFC RemitNow Overseas Money Transfer: Factors to Consider

Send Money Abroad with ExTravelMoney
  1. ICICI outward remittance ↩︎
  2. Money2World ↩︎
  3. ICICI wire transfer charges ↩︎
  4. ICICI USA wire transfer charges ↩︎
  5. ICICI wire transfer process duration ↩︎
  6. ICICI wire transfer currencies ↩︎
  7. ICICI FAQs ↩︎
  8. ICICI foreign outward remittance FAQs ↩︎

Comments

Scroll to Top