Understanding ICICI Bank charges for international transactions is essential for anyone who receives or sends money across borders. Transfers include multiple cost layers beyond a single transfer fee, including bank service charges currency conversion markups and intermediary deductions. This article sets out the outward remittance fee structure that ICICI publishes, the way conversion margins affect effective cost and practical alternatives that provide greater pre-transaction transparency.
By the end you will understand ICICI Bank charges for international transactions and be able to compare total cost across providers so you can choose the most cost-effective and transparent option for your corridor and transfer size.
Understanding What Shapes ICICI Bank Charges for International Transactions
Why It Matters to Know ICICI Bank’s True Charges
Most people look at a single “transfer fee” and assume that’s the total cost. In reality, international money transfers can carry:
- A remittance or service charge
- A foreign exchange margin or currency conversion markup
- Intermediary bank/correspondent deductions
- GST or taxes on conversion
- Possible hidden charges from routing via multiple banks
If you ignore any of these, you lose money. A well-informed sender anticipates every cost and compares alternatives. This is especially important for students, remittance-heavy users, or frequent senders.
Must read: How to Avoid TCS on Foreign Remittances
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ICICI Bank Charges for International Transactions – Outward Remittance Fees
Based on ICICI’s outward remittance schedule:
| Mode | Resident Customers | NRI Customers (NRO / NRE) |
| Foreign currency demand draft | ₹ 500 | ₹ 500 |
| Cancellation/reissue of draft | ₹ 500 | ₹ 500 |
| Branch-initiated wire transfer (non-USD corridors) | ₹ 1,000 | ₹ 500 |
| Branch-initiated wire transfer (USD → USA) | ₹ 1,500 | ₹ 1,500 |
| Online wire transfer (non-USD) | ₹ 750 | ₹ 500 |
| Online wire transfer (USD → USA) | ₹ 1,000 | ₹ 1,000 |
| INR remittance to Nepal / Bhutan | ₹ 2.50 per ₹ 1,000 (min ₹ 75) | Same |
Notes/caveats:
- These charges do not include any fees charged by intermediate or correspondent banks.
- GST is levied on the service charges and/or the conversion component per existing Indian tax rules.
- For outward remittance from an NRO Savings Account via online channel, ICICI’s official FAQ says the charge is ₹ 500 + GST.
- If you initiate before 2:00 PM (India time) on a working day, processing is same day; requests after business hours or on a weekend will be processed the next working day.
Read more: Learn how to avoid hidden remittance fees
Currency Conversion Markup & Foreign Exchange Charges
Currency conversion markup is frequently the largest invisible component of total transfer cost. ICICI applies a margin above the mid-market rate that varies by corridor amount band and sending market. The effective cost for any transfer equals the sum of the service charge and the implicit conversion margin. To estimate the markup, compare the offered exchange rate at execution with a reliable mid-market benchmark at the time you transact.
| Corridor/Currency | Transfer Amount/Band | Conversion/Markup Charge |
| USD | Up to $1,000 | Flat $4 |
| USD | Above $1,000 | No fixed fee; markup applies |
| INR from Canada | Up to ₹ 26,000 | CAD 2.99 |
| INR from Canada | Above ₹ 26,000 | No extra fee |
| INR from UK | Up to ₹ 45,000 | 0.65% |
| INR from UK | ₹ 45,000 to ₹ 90,000 | 0.60% |
| INR from UK | Above ₹ 90,000 | 0.50% |
| GBP | Up to £500 | 0.65% |
| GBP | £500 to £1,000 | 0.60% |
| GBP | Above £1,000 | 0.50% |
| CAD | Below CAD 500 | CAD 2.99 |
| CAD | Above CAD 500 | No fixed extra |
| AED | Any amount | AED 15 per transfer |
Important points:
- The markup is often embedded invisibly in the exchange rate you see at execution time.
- These conversion fees frequently appear in your GSC secondary-keyword data like “ICICI bank forex markup.”
- The published rates are indicative — the final rate may vary slightly as forex markets move.
- Always check ICICI’s live forex rates for remittances on the day you transact.
Inward Remittance Fees & Handling
If someone sends money to your ICICI account from abroad:
- ICICI Bank generally does not charge a separate inbound remittance fee.
- However, GST is applicable on the conversion portion if the funds are converted through ICICI.
- Crucially, intermediary banks in the fund flow path may deduct fees, reducing the net amount you receive.
- Always ask the sender to check if the transaction includes “OUR” or “BEN” routing (i.e., who bears the intermediary cost).
Hidden Costs & Common Pitfalls to Be Aware Of
Even after accounting for remittance fees and FX markup, you could lose more to:
- Correspondent bank fees not disclosed to you
- Poorly favorably negotiated spreads disguised as “bank rate”
- Currency fluctuations between initiation and credit time
- Cancellation or amendment fees
- Exchange‐control regulatory fees or taxes in destination country
- Charges in less common currency corridors due to routing inefficiencies
Your aim should be to minimize unknowns. Transparency is your best friend.
Know more: FEMA Guidelines for Foreign Remittances
ICICI vs HOP Remit: How They Stack Up
Here’s a comparative view to see exactly where HOP Remit can deliver value and transparency:
| Feature | HOP Remit (moneyHOP) | ICICI Bank |
| Transfer/service fee | Nominal and transparent flat fee displayed at checkout significantly lower than typical bank charges | ₹ 750 to ₹ 1,500 depending on mode and corridor |
| FX markup or conversion margin | ~0.25% (transparent) | Up to ~0.65%, or fixed markups in some corridors |
| Transfer speed | 24 – 48 hours | 2 – 4 business days (or more in some corridors) |
| Method/channel | App/web | Internet banking, branch, iMobile |
| Suitability | Students, freelancers, frequent transfers | Large transfers, general banking clients |
| Transparency | Rate and fees shown before sending | Complex schedule, hidden deductions possible |
If you switch to HOP Remit, you may save significantly, especially on medium or frequent transfers.
Smart Tips to Lower Your Total Remittance Cost
- Always choose the online channel — branch‐based transfers usually cost more.
- Split large sums tactically — some markup bands reduce marginal cost.
- Pick stable, high-volume corridors (USD, GBP, AED) — spreads tend to be tighter.
- Send at times when forex markets are stable (avoid weekends or holidays).
- Validate the routing path (intermediate bank names) — avoid surprise deductions.
- Compare alternatives like HOP Remit or other fintechs for price transparency.
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 are typically completed within 12-24 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
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Final Words & Call to Action
ICICI Bank is a trusted and powerful banking institution. Yet, its international transfer structure contains multiple cost layers that eat into your funds without often being visible. By contrast, HOP Remit offers clarity, low fees, and consistency.
Do not let hidden costs reduce the value of your transfers. Compare live pricing and the delivered amount for your corridor before you send. Use the HOP Remit app to view the applicable fee and delivered amount at checkout or consult ICICI Bank official channels to verify bank fees and conversion rates. Evaluate live pricing now and choose the option that provides the predictability you need.
Start your first transfer now via HOP Remit
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