Are you ever in a dilemma trying to ascertain exactly how much one is paying when sending or receiving money across borders? ICICI Bank is one of the largest private sector banks in India, but one must learn about all the possibly applicable fees one may incur with them. As an NRI looking after money or a resident transferring money abroad, are you sure not to overpay?
In this post, we will take a closer look at ICICI Bank’s fee structure for the conduct of transactions with international participants. How much does it really cost? And are there better, inexpensive alternatives? Stick around to find out as we help you figure out how to save when sending money abroad!
Remittance Charges for Resident and NRI Customers
| Mode of Remittance | Charges for Resident Customers (Account Holder and Non-Account Holder) | Charges for NRI Customers (From NRO/NRE Accounts Only) |
| Foreign Currency Demand Draft Issuance | INR 500 | INR 500 |
| Foreign Currency Demand Draft Cancellation / Reissue | INR 500 | INR 500 |
| Wire Transfer via ICICI Bank Branch (all currencies except USD to USA) | INR 1000 | INR 500 |
| Wire Transfer via ICICI Bank Branch (USD to USA) | INR 1500 | INR 1000* |
| Wire Transfer via Internet Banking / iMobile App (All currencies except USD to USA) | INR 750 | INR 500 |
| Wire Transfer via Internet Banking / iMobile App (USD to USA) | INR 1000 | INR 1000* |
| INR Transfers to Nepal & Bhutan | INR 2.50 per 1000, subject to a minimum of INR 75 | INR 2.50 per 1000, subject to a minimum of INR 75 |
ICICI Bank’s Currency Conversion Charges
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 | Charge/Fees | Currency | Charge/Fees |
| USD (Up to USD 1000) | USD 4 | INR (Up to INR 26,000 from Canada) | 2.99 CAD |
| USD (Above USD 1000) | – | INR (Above INR 26,000 from Canada) | – |
| INR (Up to 45,000 from the UK) | 0.65% | CAD (Below 500 CAD) | 2.99 CAD |
| INR (45,000 – 90,000 from the UK) | 0.60% | CAD (Above 500 CAD) | – |
| INR (Above 90,000 from the UK) | 0.50% | AUD (Australian Dollar) | – |
| GBP (Up to 500 GBP) | 0.65% | SGD (Singapore Dollar) | – |
| GBP (500 – 1000 GBP) | 0.60% | AED (United Arab Emirates Dirham) | AED 15 |
| GBP (Above 1000 GBP) | 0.50% | – | – |
Why Choose moneyHOP Over ICICI Bank?
While ICICI Bank offers a robust set of services for international transactions, there are still several limitations, especially when it comes to the fees associated with wire transfers and currency conversions. For instance, their charges for USD remittances to the USA or currency conversions for smaller amounts can accumulate and become a significant cost factor for customers.
In comparison, moneyHOP presents a much more cost-effective and user-friendly platform for international remittances, particularly for students and professionals sending money abroad. Here’s why moneyHOP stands out:
- Lower Fees: The remittance fee charged by moneyHOP is significantly lower compared to ICICI. It looks to keep overhead limited, thereby reducing fees compared with traditional banking transfers.
- Transparent Exchange Rates: Although ICICI Bank offers higher conversion fees for some types of currency, moneyHOP offers a competitive and transparent exchange rate. That way, you will always know what you will get.
- Streamlined User Experience: The platform of moneyHOP has been developed with the use of modern technologies; hence, cross-border money transmission is smooth. You can initiate a transaction directly from the app and track it effortlessly.
- Targeted for Students: As a fintech brand focused on international students, moneyHOP understands the unique needs of students, particularly when dealing with tuition fees, rent, or living expenses abroad. Their remittance process is fast, efficient, and tailored for educational needs.
Comparison of Fees: ICICI Bank vs. moneyHOP
| Comparison Criteria | moneyHOP | ICICI Bank |
| Outward Remittance Fees | Low flat fee (transparent and affordable) | Higher fees depending on the transfer amount |
| Exchange Rate Markup | Near zero markups | Higher markup on exchange rates |
| Processing Time | Faster (typically 1-2 business days) | Slower (typically 2-4 business days) |
| International Transfers via App | Yes, iMobile Pay | Yes, HOP Remit App |
| Specialized Services for Students | General Services | Targeted for Students |
Conclusion
In other words, though ICICI Bank offers a full-range service related to international money transfer, the related fees and charges are not particularly cheap, especially for students and those who send money abroad frequently. On the other hand, moneyHOP offers a modern, more transparent, and affordable solution in line with the needs of today’s citizens of the world. moneyHOP caters to everything-from students dealing with educational expenses to NRIs sending money to their families to professionals looking after international payments. Why pay more when you can pay less and transfer smarter with moneyHOP?
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