Hidden fees can quietly increase the cost of international money transfers, and you have to pay more than you signed up for. It is important to know ICICI Bank charges for international transactions if you transfer money overseas frequently to protect your savings from unnecessary charges. In this guide, we will clearly break down ICICI Bank’s remittance fees, currency exchange charges, and other fees so you can see where your money is going. Further, you will discover smarter and more economical alternatives like HOP Remit by moneyHOP, aimed at helping you save more with every transfer.
Are you set to gain control of your international payments and keep more funds in your pocket? Shall we dive into a straightforward comparison, allowing you to choose the best fit for your cross-border money transfer needs?
ICICI Bank International Transfer Charges
| Remittance Method | Resident Customers | NRI Customers (NRO/NRE) |
|---|---|---|
| Foreign Currency Demand Draft | ₹500 | ₹500 |
| Draft Cancellation/Reissue | ₹500 | ₹500 |
| Wire Transfer (Online, USD to USA) | ₹1,500 | ₹1,000 |
| Wire Transfer (Branch – Other Currencies) | ₹1,000 | ₹500 |
| Wire Transfer (Online: USD to USA) | ₹1,000 | ₹1,000 |
| Wire Transfer (Online – Other Currencies) | ₹750 | ₹500 |
| INR Transfer to Nepal/Bhutan | ₹2.50/₹1,000 (Min ₹75) | ₹2.50/₹1,000 (Min ₹75) |
Read more: Learn how to avoid hidden remittance fees
Need to pay your university fees and living expenses abroad?
Make international money transfers easier than ever! Enjoy no paperwork, secure & swift transfers, and real-time tracking.
ICICI Bank Currency Conversion Fees
Conversion charges differ according to the currency to be used and the country where the remittance was arranged for in the case of an international transfer. The following chart represents an overview of the foreign exchange charges by country/currency:
| Currency | Transfer Amount | Fee |
| USD | Up to $1,000 | $4.00 |
| Above $1,000 | No charge | |
| INR (from Canada) | Up to ₹26,000 | CAD 2.99 |
| Above ₹26,000 | No fee | |
| INR (from UK) | Up to ₹45,000 | 0.65% |
| ₹45,000 – ₹90,000 | 0.60% | |
| Above ₹90,000 | 0.50% | |
| GBP | Up to £500 | 0.65% |
| £500 – £1,000 | 0.60% | |
| Above £1,000 | 0.50% | |
| CAD | Below CAD 500 | CAD 2.99 |
| Above CAD 500 | No charge | |
| AED | Any amount | AED 15 per transaction |
ICICI Bank Inward Remittance Fees
ICICI Bank does not typically levy any direct fee for accepting inward remittances. It must be mentioned, however, that applicable Goods and Services Tax (GST) is levied on the currency conversion component of the transaction. Additionally, intermediary or correspondent banks that enable international transfers can levy their own handling or processing charges. These charges are beyond ICICI Bank’s control and are typically deducted from the amount transferred prior to crediting the funds to the beneficiary’s account. Always check with the sending bank or intermediary institutions to be aware of all probable costs in advance.
Affordable, Faster Alternative: HOP Remit by moneyHOP
Although ICICI Bank offers extensive international transfer services, frequent transactions or smaller payments can quickly become costly due to added fees and hidden charges. Why let these costs eat into your savings? Switch to a smarter alternative and keep more of your money where it belongs with you!
Check out: How HOP Remit by moneyHOP works?
Here’s why HOP Remit is a smarter choice:
- Flat Low Fees: Just ₹250 per transfer, with a minimal exchange rate markup (around 0.25%).
- Transparent Pricing: Always clear about how much you’ll pay and receive.
- Quick Processing: Transfers typically completed within 24-48 hours.
- Built for Students & Individuals: Ideal for international students and individuals frequently sending funds abroad.
Read more: Sending tuition fees to Germany? Here’s your guide
ICICI Bank vs. HOP Remit: Quick Comparison
| Criteria | HOP Remit by moneyHOP | ICICI Bank |
| Transfer Fees | ₹250 (flat) | ₹750 – ₹1,500 |
| FX Markup | ~0.25% | Higher (up to ~0.65%) |
| Speed | 24-48 hrs | 2-4 business days |
| App-Based Transfers | Yes (HOP Remit) | Yes (iMobile) |
| Specialization | Tailored for Students | General Services |
Why pay more for international money transfers when moneyHOP is here?
- NO hidden fees
- ZERO convenience fees
- Real-time updates
- Lowest exchange rates
Conclusion
In short, while ICICI Bank provides reliable international money transfer services, its high fees can burden students and frequent remitters. HOP Remit by moneyHOP offers a smarter, transparent, and affordable solution specifically designed for global citizens like you. Whether you’re paying tuition abroad, managing living expenses, or sending regular international payments, HOP Remit simplifies transfers while maximizing your savings. Why pay extra? Sign up with HOP Remit today and experience seamless, cost-effective international transfers.
Download the HOP Remit app now and start transferring smarter and saving bigger!
Leave a Reply