BEST FOR

Secure Wire Transfers to India

  • Secure & convenient

  • Track your remittance with ease

  • Available in 41 currencies

  • Zero charges levied by ICICI Bank

  • No limit for such remittances

Mandatory details to book an FCNR (B) Deposit via Wire Transfer

  • Customer ID

    Customer ID for which the deposits have to be created

  • Deposit Currencies

    USD, GBP, AUD, CAD, and SGD

  • Minimum Deposit Amount

    USD & GBP – 1,000 foreign currency units

    AUD, CAD & SGD – 2,000 foreign currency units

  • Tenure

    Specify the tenure for which the deposit is to be booked. Else, FCNR (B) will be automatically booked for 1 year and 1 day.

  • Interest rates

    Click here to know more

  • Interest Payout Options

    Traditional - Interest is paid out half-yearly. Simple interest is used to calculate interest.

     

    Cumulative - Interest is compounded half-yearly and paid on maturity along with principal.

     

    Note: If the interest payout option is not specified while initiating the wire transfer, the FCNR (B) Deposit will be booked under Cumulative scheme.

About

Wire Transfer

Wire Transfer is a secure, electronic method for transferring funds between banks globally using the SWIFT messaging platform. It's commonly used by banks worldwide for transferring funds across borders.

Secure & safe

Completely safe and secure transfers through SWIFT messaging platform.

Transfer time

Wire remittances are generally processed within 1–2 working days, if both the payment instructions and funds are received from the sender bank.

Goods and Services Tax (GST)
GST

Amount of currency exchanged 

Derived Value on which GST will be charged 

GST on derived Value ( for rate@ 18%* ) 

Up to ₹100,000 

1% of gross amount exchanged, subject to minimum amount of ₹250 

₹180 ( For exchange amount of ₹1,00,000) 

From ₹100,001 to ₹10,00,000 

₹1000 for Exchange amount of ₹ 1,00,000 plus 0.5% on remaining amount exchanged 

₹990 (For exchange amount of ₹10,00,000) 

Above ₹10,00,000 

₹5500 for Exchange amount of ₹10,00,000 plus 0.1% on remaining amount exchanged, subject to maximum of ₹60,000 

₹1170 (For exchange amount of ₹20,00,000) 

*The applicable GST will be levied on the converted currency in accordance with the provisions of the GST Act. Applicable Central Goods and Services Tax (CGST) / State Goods and Services Tax (SGST) or Integrated Goods and Services Tax (IGST) will be basis the Recipient’s GST number or address registered with ICICI Bank.

FAQs

What is the SWIFT Code of ICICI Bank for retail remittances?

The SWIFT code for ICICI Bank is ICICINBBNRI.

Why is it important to mention the correspondent bank details of ICICI Bank’s nostro account?

By mentioning the correspondent bank details, the remittance gets directed in the intended foreign currency and the risk of getting rerouted by the sending bank/ intermediary bank is avoided.

Where can I find the correspondent bank details of ICICI Bank’s Nostro account details?

Click here for list of the details of ICICI Bank's correspondent banks as per the currency selected.

Which currencies are acceptable?

Currently, the following currencies have been enabled for receiving the remittances as inward remittances through SWIFT Wire Transfer.

Currencies with direct Nostro Accounts:

AED, AUD, CAD, CHF, SGD, JPY, USD, NOK, NZD, QAR, DKK, EUR, GBP, HKD, ZAR, SAR, SEK, OMR, PLN, THB, BHD, KWD

Currencies where funds are received in USD through arrangements with correspondent banks.

BGN, BWP, CNY, CZK, HUF, ILS, MXN, RON, RSD, TRY, UGX, ZMW, PEN, BBD, BSD, ISK, JMD, CRC, and CLP

Note: The USD Card Rate prevailing on the date of credit to the customer's account would be the applicable exchange rate.

How can I track my incoming Wire Transfer?

You can track/locate your international Wire Transfer in a simple and convenient way through Net Banking by following these steps:

  • Log in to Retail Net Banking
  • Navigate: Payments & Transfers
  • Click: My Transactions > Wire Transactions
  • Select Account Number > Click on: Track My Wire
  • View status of transaction or act on hold transaction

You will need the following details to track the same:

SWIFT GPI tracking/reference number (which consists of numbers and letters)

SWIFT copy or payment reference number of sender bank. 

In case the status is not available, you may ask the sender to check with its sending bank.

How can I know about the receipt of my remittance through Wire Transfer?

The Bank sends an e-mail on receipt of the SWIFT message and funds in the Nostro Account, to the registered e-mail ID.

If my Wire Transfer has been put on hold by the Bank, how can I submit any additional details required by the Bank to process the remittance?
  • Log in to Retail Net Banking
  • Navigate: Payments & Transfers > My Transactions > Wire Transactions
  • Select Account Number > Click on: Track My Wire
    You can check status and submit response /declaration online

Can one send the required documents or declarations for Wire remittance by email?

You can send declaration / documents to remitassist@icicibank.com or nri@icicibank.com from your registered e-mail ID.

Can I open an FCNR (B) Deposit by remitting funds from abroad through wire transfer?

Yes. The FCNR (B) Deposit can be booked by remitting funds from abroad through Wire transfer.

Mandatory details to book an FCNR (B) Deposit via Wire Transfer –

  • Customer ID: Customer ID for which the deposit is to be created.
  • Deposit Currency: USD, GBP, AUD, CAD, or SGD
  • Minimum Deposit Amount: USD & GBP – 1,000 foreign currency units; AUD, CAD & SGD – 2,000 foreign currency units.
  • Tenure: Specify the desired deposit tenure. If not specified, FCNR (B) Deposit will be booked for a default tenure of 1 year and 1 day.
  • Interest Payout: Specify the interest payout option – Traditional or Cumulative. If interest payout option is not specified while initiating wire transfer, the FCNR (B) Deposit will be booked under Cumulative scheme.
    • Traditional - Interest is paid out half-yearly. Simple interest is used to calculate interest.
    • Cumulative - Interest is compounded half-yearly and paid on maturity along with principal.

Disclaimer

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