Things you should know before sending money overseas

  • Liberalised Remittance Scheme (LRS)

    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.

  • Transaction limits

    For resident Indian - Up to USD 250,000 (or its equivalent) per financial year.

    For foreign nationals - Up to the salary earned in India after deduction of taxes

    For NRI customers – 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

  • Purposes available under LRS

     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.

     

     

  • Documents required to send money abroad from India

    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 or 146 as applicable for Non-LRS transactions

     

     

How to transfer money overseas using ICICI Bank's iMobile app?

Who can transfer money overseas?

  • Resident indian account holders

    Under the Liberalised Remittance Scheme (LRS), all resident individuals are allowed to freely remit up to USD 250,000, per financial year.

  • Foreign citizens earning salary in India

    Citizens of foreign countries, having an ICICI Bank Salary Account, can transfer their salary earned in India, to any country abroad. Note: Copy of passport, visa and proof of salary will be required.

  • Non-resident indian account holders NRI:

    An NRI may remit an amount up to USD 1 million, per financial year, from the balance held in their ICICI Bank NRO Account (subject to the limits applicable as per the source of funds).

    Note: Additional documents may be required for different purposes and source of funds

Overseas Education Fee payment to Convera using ICICI Bank

Convera UK Limited is an overseas non-bank cross-border payments company registered in England and Wales. They have multiple entities across the globe who have partnered with universities, colleges & schools to provide students, parents & sponsors a smart, simple & secure way to pay their fees online.

 

ICICI Bank is one of the payment channel partner of Convera to pay education fees to the universities/colleges overseas. For More Information Click here.

FX Retail

Reserve Bank of India (RBI), through Clearing Corporation of India Ltd (CCIL), has rolled out an electronic trading platform ‘FX-Retail’. Now customers have the option to BUY and SELL foreign exchange through FX Retail platform, currently offering Cash/Tom/Spot deals in USD/INR. For more information Click here.

About Money2World – ICICI Bank’s Overseas Money Transfer Service

Overview of Money2World Outward Remittance Service

Money2World is an online overseas money transfer service that enables the transfer of funds overseas conveniently and securely. It offers 24x7 access via ICICI Bank’s iMobile app and Net Banking for ICICI Bank Savings Account holders, allowing customers to initiate transactions at anytime from anywhere. The service supports transfers in 21 currencies and provides confirmed exchange rates, providing complete transparency. With key features like two-factor authentication, credit confirmation upon receipt of funds by the receiver and full value credit in USD, AUD and GBP, it ensures a secure and smooth experience for various purposes such as education fee payments, leisure travel, investments or family support.

Charges, Exchange Rates & Transfer Transparency

Money2World provides a seamless, convenient way to transfer money to an international bank account. Exchange rates are confirmed at the time of the transaction and all the applicable charges and taxes are shown upfront for full transparency. Secure authentication, transparency in rates and charges and timely notifications ensure you have a smooth money transfer experience.

FAQs on outward remittance

What is Money2World used for?

Money2World is ICICI Bank’s secure online overseas money transfer platform to send money overseas from your ICICI Bank Savings or Salary Account using Net Banking or the ICICI Bank's iMobile app.

Who can use Money2World to send money abroad?

Resident Indians, NRIs and foreign citizens with an eligible ICICI Bank account can transfer funds overseas.

Non ICICI Bank customers can walk-in to ICICI Bank Forex enabled branch to give the remittance request.

What currencies and countries can I transfer money to?

 Overseas Money Transfer can be initiated in 21 currencies.

These include 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).

How do I know the exchange rate for my transfer?

ICICI Bank offers competitive and confirmed exchange rates. You can also set up personalised Rate Alerts to monitor INR to foreign currency rates. The rate alerts will be sent via e-mail and SMS.

Can I send fees to a university abroad with Money2World?

With our pre-added and pre-verified universities feature, you can pay overseas universities securely in just a few clicks, to select universities in USA, UK and Australia. Below are the simple steps :

  • Login to Net Banking or ICICI Bank's iMobile app
  • Click on ‘Fund Transfer’ under Payments and Transfer or ‘Send Money'
  • Select ‘Make international transfers’ > ‘Overseas Transfer’ > ‘Send Money Now’ (a new page of Money2World will open)
  • Enter the Country, Currency, Amount to be transferred, Purpose of remittance e.g. ‘Studies Abroad’ and reason as ‘Payment to School/College/University/Professional institute’ etc.
  • Enter Student Name (mandatory) and Student ID (optional)
  • Click on ‘Add New Receiver’, select the receiver category as ‘Educational Institutions’.

    Note: If you can’t find your University Bank Account, select the ‘Add New’ option

  • Finally, select the source of funds and confirm the transaction by entering the Debit Card grid values and OTP.
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