ICICI Bank: Transfer funds abroad

Information verified correct on March 24th, 2017

Send money to India and pay no fees when you transfer more than 65,000 INR.

India’s largest private-sector bank, ICICI Bank offers a range of financial products and services to its customers.

One of those services is Money2India.com, a convenient, affordable way to send money from the US to India.

Money2India offers a standard ACH transfer option that guarantees delivery within five business days and an express option that delivers your cash within an hour to ICICI Bank accounts and two hours to accounts at other Indian banks.

If you need to send weekly, monthly or quarterly payments to India, you can also schedule recurring payments.

How do other services compare to ICICI Bank?


Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds to India with our money transfer partners.

Rates last updated March 24th, 2017

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Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
Wyre International Money Transfers
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World First Foreign Exchange
Exclusive offer: $0 transfer fee ... Exclusive offer: $0 transfer fee
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USD 500 1 day
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WorldRemit International Money Transfers
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OFX International Money Transfers
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HiFX International Money Transfers
Transfer money into 20 currencies ... Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000.
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TorFX International Money Transfers
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Wells Fargo Bank
While more expensive than other ... While more expensive than other options, securely send money to 13 Latin American and Asian countries.
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How are ICICI Bank’s exchange rates?

ICICI Bank offers competitive exchange rates it updates regularly to reflect the changing market. It also confirms its exchange rates with the Fixed Rupee Transfer option, providing you with the security of knowing your exact rate before you send funds.

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How much will I pay to transfer money with ICICI Bank?

ICICI Bank’s Money2India structure is straightforward: a low $3 fee for transfers of up to 65,000 INR (about $975) and no fee for higher amounts. Keep in mind that in accordance with India’s Finance Act, you will need to pay a Conversion Service Tax will apply to your transfer — from about 50 cents to about $15 combined with a maximum equivalent of 0.0145% of your total for the largest transfers.

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How much can I send with ICICI Bank — and to where?

You can send up to $20,000 a day with ICICI Bank’s Money2India.

ICICI Bank allows for transfers to India in these countries and currencies:

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What types of transfers can I send with ICICI Bank?

Money2India offers two ways to send cash:

  • Express e-transfer. Allows for one-hour transfers to ICICI Bank accounts and two-hour transfers to accounts with other Indian banks.
  • Standard e-transfers. ACH transfer option that guarantees delivery within five business days.

If you need to send weekly, monthly or quarterly payments to India, you can also schedule recurring payments.

If you have questions about your transfer, phone, email and live chat support are available. And you can also search the online FAQ or request a callback from a customer service representative.

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How do I register and transfer money with ICICI Bank?

Before you can send funds with ICICI Bank, you’ll first need to register for a free Money2India account by providing:

  • Your country of residence.
  • Your name and date of birth.
  • Your address and contact details.

To send your money to accounts at more than 100 Indian banks:

  1. Log in to your Money2India account.
  2. Select the transfer option you’d like to use.
  3. Specify the person and account information you’d like to send to.
  4. Preview the exchange rate and any transfer fees.
  5. Review the details of the transaction and send your transfer.
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What are the pros and cons of using ICICI Bank?

Pros

  • India specialists. Money2India.com is designed to offer a secure and affordable way to send funds to India.
  • Speedy transfers. Funds can arrive in your recipient’s bank account in as little as an hour, offering a quick solution to your transfer needs.
  • Send to any account. You can transfer funds to any bank account in India.

 Cons

  • Transfers limited to India. If you need to send money to another, you’ll need to look elsewhere.
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What other products and services does ICICI Bank offer?

From loans and credit cards to saving accounts, ICICI Bank offers a wide range of financial products and services to its customers who are Indian residents. However, its Money2India.com service is focused solely on helping people around the world send cost-effective money transfers to India.

Bottom line

ICICI Bank’s Money2India service is worth considering if you need to send funds to India.

But make sure you compare its benefits with those of other money transfer providers to find the best value for your money.

Frequently asked questions

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

No, you can send the funds to more than 100 banks across India.

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 will need to sign up for a free Money2India.com account, which takes about five minutes online.

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

You will need to be at least 18 years old, and you’ll need to select a purpose for your remittance, for example gifts to family or friends.
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US International Money Transfers Offers

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HiFX International Money Transfers

Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000.

WorldRemit International Money Transfers

Use promo code FREE to send your first transfer for no fee, to over 110 countries for bank-to-bank deposit, cash pickup or mobile top-up.

World First Foreign Exchange

Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for more than 100 currencies.

TransferWise International Money Transfers

Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

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