Credit Card International Transaction

When you use your Credit Card for international transactions, charges may include a foreign transaction fee or markup applied on the converted amount. These charges are calculated on the transaction value after currency conversion. Customers should review applicable Credit Card international transaction charges and fees before making overseas purchases.

 

APPLY ONLINE

 

What is an international transaction?

  • Any transaction made at Point of Sale (POS) overseas

  • Cash withdrawal at overseas ATMs.

  • E-com transactions on all global websites like iTunes, Netflix, payments for GRE, GMAT, Airbnb, Agoda, Emirates and many more

 

Are these transactions secure?

Yes, it is secure to use your card globally.

 

  • ICICI Bank issues Europay Mastercard and Visa (EMV) Chip Credit and Debit Cards for international usage. These cards have all card data encrypted in a microchip, which is difficult to duplicate. Hence, it protects your card from skimming.

  • Second factor authorisation is not mandatory on international transactions i.e., OTP

 

What are the ICICI Bank credit card international transaction charges?

The following are the ICICI Bank credit card international transaction charges:

 

Forex Markup fee of  3.5%+Goods and Services Tax (GST

 

Exception:

 

  1. Markup of 2% will be levied for Emeralde Private Metal Credit Card, Emeralde Private Credit Card and Emeralde Credit Card (w.e.f. 15 November 2024)

  2.  

  3. Markup of 0.99% will be levied on the MakeMyTrip ICICI Bank Credit Card

  4.  

  5. Markup of 1.49% will be levied for Times Black ICICI Bank Credit Card

 

A refund initiated by the customer on similar foreign currency transactions will also attract a 3.5% Markup fee.

 

ATM Cash Withdrawal Fee overseas – ₹125+GST

 

Balance Enquiry overseas – ₹25+GST

 

Always make your international payments in the local currency of the country you are travelling to, to avoid excessive surcharge.

 

Charges in foreign currency:

If a transaction is done in a currency other than Indian Rupees, that transaction will be converted into Indian Rupees. The conversion will take place on the date the transaction is settled with ICICI Bank, which may not be the same date on which the transaction was done. If the transaction is not in US Dollars, the conversion will be made through US Dollars, by converting the charged amount into US Dollars and then by converting the US Dollar amount into Indian Rupees.

 

Unless a specific rate is required by applicable law, the conversion rate from US Dollar to Indian Rupees will be at the rates provided by Visa, Mastercard or Amex, as the case may be, on the settlement date, increased by a Currency Conversion Factor assessment (currently 3.50%) on such transactions.

 

How to calculate foreign transaction fees?

Foreign transaction fees on an ICICI Bank Credit Card are calculated by applying a foreign currency markup (Forex markup) on the value of the transaction after it is converted into Indian Rupees (INR).

 

How the fee is calculated?

  • When a transaction is made in a foreign currency, the amount is first converted into INR using the exchange rate provided by the card network, such as Visa, Mastercard or Amex, on the settlement date.

  • After the currency conversion, the bank applies a foreign-currency markup fee to the INR amount.

  • For most ICICI Bank Credit Cards, the markup is around 3.5% + GST, though some variants may have lower rates.

 

Example

If you make an international purchase worth ₹10,000 (after conversion) and the card has a 3.5% markup fee:

 

  • Forex markup = ₹10,000 × 3.5% = ₹350

  • GST is charged on the markup amount

  • Total payable amount = ₹10,000 + markup + GST

Credit Card International Transaction FAQs

How can I avoid or reduce Credit Card foreign transaction fees?

You can reduce foreign transaction fees by choosing a Credit Card with a lower forex markup, avoiding dynamic currency conversion and reviewing applicable international transaction charges before spending overseas.

Are ATM withdrawals overseas charged differently?

Yes, overseas ATM withdrawals may attract additional charges such as cash advance fees, foreign transaction markup and interest from the withdrawal date. Customers should review the card’s fee schedule in the card MITC to understand the applicable charges before making overseas ATM withdrawals.

Disclaimer

PROCEED