Wire Transfer to India
What is Wire Transfer?
- Wire Transfer is one of the easiest offline modes of sending money to your friends and family in India.
- Available in 40 currencies for transfer from your local bank account to your ICICI Bank Account.
- ICICI Bank has a vast network of correspondent banks through which money can be credited to any bank account in India.
- No matter where you are in the world, just issue Wire Transfer instructions to your local bank and money can be credited to any ICICI Bank or Non-ICICI Bank in India within 1-2 working days.
How does Wire transfer work?
For smooth and timely processing of the transaction:
- For smooth and timely processing of the transaction: Please ensure that your Name, overseas bank account number, email ID, overseas address / contact number and Purpose of Remittance is mentioned in the wire transfer message sent by your local bank. Kindly mention Charges as "OUR" in the wire (swift) remittance form.
- For credits to any other bank in India please provide the complete beneficiary bank branch address and preferably the IFSC code
- Please note that the SWIFT code / BIC of the intermediary bank mentioned above is currency specific and is common for all branches
- Do not mention account number for opening a FCNR fixed deposit, kindly ensure your Customer ID is mentioned.
- For timely credits to your account you must provide the purpose of remittance.
- While remitting funds for FCNR deposit, do not mention your NRE/NRO savings account number to avoid the funds getting converted to INR.
- RFC deposits can be opened in USD and GBP currencies only.
- FCNR deposits can be opened in USD, GBP, AUD, CAD, and SGD currencies only.
- Minimum amount for opening RFC/FCNR account: USD 1000, GBP 1000, AUD 2000, CAD 2000, and SGD 2000.
- FCNR Deposits without tenure mentioned in SWIFT would be made by default for 1 year 1 day.
- In case, your local bank’s wire transfer form does not have an option to enter correspondent bank details, then you may kindly check with your local bank in order to include the correspondent bank details as provided in Wire Transfer /SWIFT details.
1. Ensure that your local bank mentions your account number, name address and purpose of remittance in the payment message to avoid any delay in processing your transaction.
2. Swift / BIC Code for ICICI Bank for retail remittances is: ICICINBBNRI.
Features & Benefits of Wire Transfer
- Super convenient offline mode – all you need to do is issue International Wire Transfer instructions to your local bank.
- Quick – Amount transferred to beneficiary account within 24 working hours of ICICI Bank receiving funds in its account held with the correspondent bank.
- Wide range of currencies - Inward remittance is accepted for the following currencies:- UAE Dhiram (AED), Australian Dollar( AUD), Canadian Dollar (CAD), Swiss Francs (CHF), Singapore Dollar (SGD), Japanese Yen (JPY), United States Dollar (USD), Norwegian Krone (NOK), New Zealand Dollar (NZD), Qatari Riyal (QAR), Danish Krone (DKK), Euro (EUR), Great Britain Pound (GBP), Hong Kong Dollar (HKD), South African Rand (ZAR), Saudi Riyal (SAR), Swedish Kroner (SEK), Omani Rial(OMR), Polish Zloty(PLN), Thai Baht(THB), Bahraini Dinar (BHD), Kuwaiti Dinar(KWD),
- Other miscellaneous currencies* - Bulgarian Lev(BGN), Botswana Pula(BWP), China Yuan (CNY),Czech Koruna(CZK), Ghanaian Cedi(GHS),Croatian Kuna(HRK), Hungarian Forint(HUF), Israeli new shekel (ILS),Kenyan Shilling(KES), Sri Lankan Rupee(LKR), Moroccan Dirham(MAD), Mexican New Peso(MXN), Romanian New Leu (RON), Russian Ruble(RUB), Serbian dinar(RSD), Turkish New Lira(TRY), Ugandan Shilling(UGX), Zambian kwacha(ZMW).
*This currency will be received in equivalent USD. The USD Card Rate prevailing on the date of credit to customer account would be the applicable exchange rate.
Charges of Wire Transfer
- ICICI Bank does not charge anything for Wire Transfers except for Service Tax on Foreign Currency Conversion. The remitting bank/correspondent bank may levy charges for the wire transfer.
- Goods and Service Tax will be levied on the converted gross INR amount in accordance to GST Bill 2017 passed by the Government of India w.e.f. July 1, 2017. Please click here to know the slab wise GST structure.