ICICI Bank: Transfer funds overseas

As India’s largest private sector bank, ICICI Bank offers a range of financial products and services to its customers. In addition to helping its customers transfer funds to over 195 countries overseas, ICICI also coordinates Money2India.com, which allows you to send an international money transfer from Canada to India within 24 hours.

How much does it cost to transfer money with ICICI Bank?

• Exchange rates. When sending money to India, you have the choice to select between indicative rates and fixed rates. Fixed rates allow you to lock in a confirmed exchange rate for your transaction, while indicative transfers allow you to view an estimated exchange rate when you place a transfer request. The exchange rates that apply to your transfer are updated regularly to keep place with fluctuations in the foreign exchange market.
• Bank fees. Transferring money to other countries around the world will cost between $10 and $75, depending on the details of your transaction. If you’re an ICICI bank member, your transactions to any bank account in the world will cost $10 (unless you have a hi-value plus account) while non-members will pay $20. Costs further increase if the outgoing money transfer doesn’t involve a currency exchange. Sending less than $20,000 will incur a fee of $25, while transfers between $20,001 and $50,000 will incur a transfer fee of $50. Transfers over $50,001 come with a $75 price tag.
• Remit2India fees. Fees vary based on the type of exchange rate and the amount of money being sent, with most fees ranging between $0 and $4.

You can see the transfer fees for ICICI bank as of 26 August 2018 in the table below. Before taking an action, be sure to check the current fees and rates of exchange.

What types of transfers can you carry out with ICICI Bank?

ICICI Bank offers the following transfer options:

• Money2India. As mentioned above, you can send up to $6,000 in a 24 hour period to India using the ICICI transfer services of Money2India.com.
• Send money to Sri Lanka. You can now send money to over 1,600 bank branches in Sri Lanka, with services covering 24 different reputable banks across the country.
• Send money to over 195 other countries worldwide. You can use the services of ICICI to send money to hundreds of other countries around the world, incurring minimal transfer fees while still getting competitive exchange rates.

The registration and transfer process

If you’re sending money to countries worldwide (other than India) you don’t need to be an ICICI bank member. You can become a member to get cheaper transfer fees, or you can simply use the services as a non-member to send funds for an additional $10.

Compare money transfer services

What are the pros and cons of using ICICI Bank?

Compare ICICI Bank to other money transfer services

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Filter Values	Fastest Transfer Speed	Fees (Pay by Bank Transfer)
Wise (TransferWise) Finder Award		24 hours	From 0.48%	Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.	Go to site View details Compare product selection Compare	loading
RemitBee		Within minutes	From $0	View details Compare product selection Compare	loading
Xe Money Transfers		Within minutes	$0	Xe has fast transfers with low fees and a range of foreign currency tools.	Go to site View details Compare product selection Compare	loading
Instarem		Within minutes	From $0	Enjoy a special exchange rate and zero fees on your first transfer between 50 CAD and 2,500 CAD. Valid until June 30, 2026.. T&Cs apply.	Instarem offers zero transfer fees on all transfers.	Go to site View details Compare product selection Compare	loading
Africhange		Within minutes	From $0	Send money in CAD to Africa on this blockchain and P2P powered provider.	Go to site View details Compare product selection Compare	loading
Remitly		Within minutes	From $0	Special offers like free transfers and better exchange rates available for new customers. Remitly has quick, affordable transfers around the world, with both express and economy options.	Go to site View details Compare product selection Compare	loading
WorldRemit		Within minutes	From $0	View details Compare product selection Compare	loading
MoneyGram		Within minutes	From $0	Go to site View details Compare product selection Compare	loading
OFX Exclusive		24 hours	From $0	Finder exclusive: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee. T&Cs apply.	Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee. OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.	Go to site View details Compare product selection Compare	loading
Xe Money Transfers		Within minutes	$0	Xe has fast transfers with low fees and a range of foreign currency tools.	Go to site View details Compare product selection Compare	loading
Airwallex		Within an hour	$0 - $35	Get up to $500 in FX fees refunded for international money transfers sent within the first 3 months of opening a new account. T&Cs apply.	Go to site View details Compare product selection Compare	loading

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Bottom line

ICICI Bank’s Money2India service is an option well worth considering if you need to send funds to India from Canada. Conversely, you can use the services of ICICI to send money to 195 other countries worldwide, with minimal fees and competitive exchange rates.

Learn more in our detailed guide to sending an international money transfer.

Frequently Asked Questions about ICICI Bank

• Do I need to send a transfer to an account with ICICI Bank?

  No. You can send the funds to more than 100 different banks across India and to hundreds of accounts around the world.

• Do I need to be an ICICI Bank customer to use the service?

  No. You don’t need to be an ICICI Bank customer, but you’ll need to sign up for a free Money2India.com account if you’re sending money to India. It takes about five minutes to register for an account and can be done online.

• Are there other eligibility criteria for using the Money2India.com service?

  You’ll need to be at least 18 years of age and will be required to select a purpose for your remittance, for example gifts to family or friends.

• Are there physical ICICI branches in Canada?

  Yes, there are six branches located in and around Toronto, Surrey and Calgary. If you don’t reside near any of these cities, you can contact the bank online or via phone to register for an account. Money2India.com is solely an online service, meaning you can register for an account online and lodge your transaction online too.

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Written by

Emma Balmforth

Producer

Emma Balmforth is a producer at Finder. She is passionate about helping people make financial decisions that will benefit them now and in the future. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Emma has a degree in Business and Psychology from the University of Waterloo. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog. See full bio

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