How to Transfer Money Through an ICICI Bank Branch

Eligibility, Limits and Documentation for International Transfers

  • Purpose of Remittance

    Transfer money overseas for education, medical, travel and other permissible purposes

  • Regular updates

    Get regular transaction status updates on the registered email id or mobile number

  • Transfer Limits

    For transfers from Resident Savings Account under Liberalized Remittance Scheme (LRS): Up to USD 250,000 or its equivalent per year.

     

    Citizens of foreign countries, having an ICICI Bank Salary Account, can transfer their salary earned in India after taxes, to an overseas account.

     

    For NRO to overseas account or NRO to NRE account: Up to USD 1 million or its equivalent per year, subject to the limits as per source of funds.  No limit on transfers from NRE account.

  • Documentation

    Documents required include remittance request form, supporting documents depending on the purpose of remittance and source of funds along with applicable Annexures. Form 15CA or 15CB depending on the purpose of remittance may be applicable.

  • Modes of Transfer

    Money can be sent abroad through the following modes:

    Wire Transfer

    Foreign Currency Demand Draft

  • Charges for Overseas Money Transfer

    Click here to know the charges for overseas money Transfer.GST on currency conversion and above charges will be applicable additionally.

Foreign Currency Demand Draft

ICICI Bank offers foreign currency demand drafts to be drawn in favour of the beneficiary. You can send the foreign currency demand draft to the beneficiary who will receive the funds upon banking the draft into their account abroad.

Benefits:

  • Low cost: You can get a Foreign Currency Demand Draft for a fee of ₹500 plus applicable service tax.
  • Remittance limit: The draft can be drawn up to any amount subject to limits prescribed by FEMA.For purpose wise limits click here
  • Exchange Rate: ICICI Bank offers attractive exchange rates for your transactions.
  • Currencies offered: ICICI Bank offers the Foreign Currency Demand Draft in the following currencies: USD, GBP, SGD, EURO, CAD, AUD.

FAQs on overseas money transfer

Can NRIs or Resident Indians track offline international money transfers from a branch?

Yes, both NRIs and Resident Indians can track an offline Overseas Money Transfer initiated through a branch. After the request is processed, updates are shared on the registered e-mail ID. These notifications include transaction status and confirmation once the funds are credited to the beneficiary’s account. Customers may also visit the branch or reach our Customer Care team by phone for further assistance, ensuring transparency and clarity throughout the transfer process.

In how many currencies can I send money overseas?

Overseas money transfer facility is available in the below currencies : USD (US Dollars), EURO (Euro), GBP (British Sterling Pound), SGD (Singapore Dollars), CAD (Canadian Dollars), AUD (Australian Dollars), CHF (Swiss Franc), HKD (Hong Kong Dollars), JPY (Japanese Yen), AED (Arab Emirates Dhiram), SAR (Saudi Arabian Riyal), DKK (Danish Kroner), NOK (Norwegian Kroner), SEK (Swedish Kroner), QAR (Qatari Riyal), NZD (New Zealand Dollar), PLN (Polish zloty), BHD (Bahraini Dinar), OMR (Omani Riyal), THB (Thai Baht), ZAR (South African Rand).

What is the Liberalised Remittances Scheme (LRS)? Who is eligible to avail the facility under this scheme?

The Liberalised Remittance Scheme is a facility available to all resident individuals making remittance up to USD 250,000 per financial year for permissible current or capital account transactions or a combination of both. It is mandatory to have a PAN number to make a remittance under this scheme.

What are the purposes for which remittance can be made under the Liberalised Remittance Scheme?

Under LRS, remittances can be made for any permissible current account transactions (like Studies Abroad, Maintenance of relatives, Leisure Travel, Gift, Donation, etc) or capital account transactions (like Investments in equity shares, debt instruments, immovable property, etc) or combination of both.

What are the limits for transferring funds overseas?

Below are the limits for transferring funds overseas :

  • For resident Indian – Under LRS, up to USD 250,000 (or its equivalent) per financial year.
  • For foreign nationals working in India- Transfer up to the salary earned in India after deduction of taxes
  • For NRI customers – Transfer up to the balance available in the NRE account and for NRO account up to USD 1 million or its equivalent, subject to limits as per source of funds:

    • Current income (rent, dividend, interest etc) – No limit
    • Capital assets (sale of assets, property, shares, Gift from relatives etc.) – USD 1 million or it’s equivalent

What are the documents required for money transfer?

Below are the documents required for money transfer :

  • Form A2 – Retail Outward Remittance Application
  • Supporting documents for the purpose of remittance (as applicable)
  • Supporting documents for source of funds (as applicable)
  • Form 145/146 as applicable for Non-LRS transactions
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