ICICI Bank is one of India’s largest private banks and a trusted option for individuals and businesses that need to send or receive money across borders. It supports both outward and inward remittances, allowing residents to send money abroad under RBI’s Liberalised Remittance Scheme (LRS) and NRIs to transfer funds back to India.

This guide explains how ICICI’s international transfer system works, what fees apply, and what users should keep in mind before initiating a transaction.

Sending Money Abroad from India

ICICI Bank enables outward remittances through its online platform called Money2World. This service is open to both ICICI account holders and non-account holders. It can be used for a wide range of purposes, such as paying tuition fees, supporting family members abroad, or making investments overseas.

To begin, users need to complete a one-time verification process. They must visit a nearby ICICI branch with their PAN card, Aadhaar, and a registered mobile number. Once verified, the bank provides login credentials for Money2World. After logging in, users can initiate a transfer by selecting the country, currency, transfer purpose, and beneficiary details.

Under RBI’s LRS, Indian residents can remit up to USD 250,000 per financial year. For each transaction, the limit through Money2World is USD 25,000. All transactions must comply with RBI’s permitted categories of outward remittances.

Transfer Fees and Exchange Rates

ICICI Bank charges a commission for each outward remittance. The fee depends on how the transfer is sent.

• If the sender chooses Regular Delivery, intermediary banks may deduct their own fees, and the beneficiary may receive a slightly lower amount. The charge for this option is ₹750 plus GST when using Internet Banking, and ₹1,000 plus GST for branch transfers.
  
• If the sender selects Guaranteed Delivery, ICICI ensures the beneficiary receives the full intended amount. The sender bears all intermediary charges upfront. The fee for this service is ₹1,000 plus GST online and ₹1,500 plus GST at a branch.
  

In addition to these fixed charges, users should note that banks apply a markup on the exchange rate. This means the conversion rate offered is usually 2–3.5 percent higher than the mid-market rate, which can reduce the total amount received by the beneficiary. The exact rate depends on the destination currency and prevailing market conditions.

Transfer Time

Transfers made through Money2World are typically processed within one to four business days. Transactions initiated before 2:00 PM on working days are often processed the same day. Requests made after 3:00 PM or on weekends are completed on the next working day.
For certain countries and currencies, the timeline may vary depending on intermediary bank processing.

Receiving Money in India

ICICI also facilitates inward remittances through its Money2India service. This platform allows NRIs in countries like the United States, the United Kingdom, Canada, Australia, Singapore, and the UAE to send money directly to Indian bank accounts.

Recipients in India can receive funds in Indian Rupees without any charges from ICICI Bank. However, it is important to note that correspondent or intermediary banks may deduct their own fees before the funds are credited. The processing time for inward remittances usually ranges from a few hours to two business days.

Tax Collected at Source (TCS) on Outward Remittances

As per government regulations, ICICI Bank collects Tax Collected at Source (TCS) on outward remittances under the LRS. The applicable rates are:

• 0.5 percent on education or medical transfers when funded through a loan
  
• 5 percent on education or medical transfers not funded through a loan
  
• 20 percent on all other types of remittances once the total amount exceeds ₹7 lakh in a financial year
  

The tax is deducted automatically by the bank at the time of the transaction and can be claimed as a credit when filing income tax returns.

Currencies Supported

ICICI supports transfers in more than 20 major global currencies, including the US Dollar, Euro, British Pound, Canadian Dollar, Australian Dollar, Singapore Dollar, UAE Dirham, and Japanese Yen.

Exchange rates are displayed before each transaction for full transparency.

Conclusion

ICICI Bank provides a reliable and regulated way to send and receive money internationally. The process is straightforward and supported by a large network of correspondent banks. However, customers should be aware of transfer fees, exchange rate markups, and TCS deductions that may impact the final amount.

For frequent or high-value transfers, comparing total costs with alternative payment platforms can help identify more cost-effective options. But for users who value security and familiarity, ICICI Bank remains a dependable choice for managing international remittances.

A Simpler Way to Receive International Payments

For freelancers, exporters, and businesses that regularly receive global payments, traditional bank transfers can feel slow and costly. Platforms like BRISKPE are designed to simplify this process.

With Briskpe, users receive payments at live exchange rates: the same rate without hidden markups. Transfers typically settle in your Indian account within 24 hours, and compliance documents such as e-FIRA or e-BRC are generated automatically.

For those handling frequent international payments, this can mean faster turnaround times, transparent pricing, and better value on every transaction.