ICICI Bank International Money Transfers Review

To learn more about ICICI Bank and its financial products, consult our guide below.

As India’s largest private bank, ICICI Bank has established itself as one of the most trusted financial services for international money transfers to India. The company has several popular money transfer services for sending money into India and out of the country. All products are efficient and fast delivery systems, with funds delivered within 24 hours to recipients.

  • ICICI Bank are specialists in money transfers to India
  • Fast transfers – less than 24 hours
  • Send cash to any bank account in India
  • You can only send funds to India, no other international destinations

How does ICICI Bank international money transfers work?

ICICI Bank offers three international money transfer services to send and receive money out of India:

  • Fund Transfer Abroad
  • Money2World
  • Money2India

Fund transfer abroad

Fund Transfer Abroad works by transferring your funds abroad to recipients through ICICI Bank online banking. You can start the process of issuing a Fund Transfer Abroad request by first opening an account with ICICI Bank.

All new accounts receive a welcome kit – which contains your user ID and password. New users must also register their mobile number to complete the process.

Once all that is complete, you must fill out the Fund Transfer Abroad request form. Include the currency, name of the recipient, amount of the transaction, and purpose.

The mode of the international fund transfer will be only through the wire or telegraphic transfers only.


Money2World is an online service by ICICI Bank that allows resident Indians to send money from any bank within the country overseas.

With Money2World, you must first register online to start your international money transfer. Then add your bank details, as well as your recipient’s bank information.  Money2World even allows you to lock the current exchange rate to prevent your cash transfer from fluctuating.

You can place your transfer order anytime, anyplace. And when the transaction is complete, you can track your order from start to finish.


Here is your guide to sending money to India with Money2India:

  1. Money2India requires that you be registered to send any international money transfers. You'll need your name, DOB, address, contact details and all bank account information.
  2. Once you provide those details, the system will ask you to determine the end location of your transfer. Next, select the money transfer option that you need from the menu.
  3. Click ‘Initiate Transfer’ and receive your tracking number.
  4. Next, log-in to online banking for the institution you are using to transfer your funds. Apply ICICI Bank’s information as well as your recipient’s bank account number.
  5. Review the details of your transaction – then send it abroad.
  6. Your funds should now be en route to the recipient.

Money2India also offers two additional transfer services:

  • NetExpress Fixed Rupee Transfers allows you to lock in an exchange rate for your transaction.
  • NetExpress Indicative Transfers helps you view any indicative exchange rates as you place a request to transfer funds.

ICICI Bank provides wire transfers to designated areas in India through the Power Transfer service. With this product, your funds can arrive in India in 48 hours.

ICICI Bank and international transfer fees

With ICICI Bank, there are no fees or charges for any international money transfers when you send funds to India.


According to the Finance Act, 2015 and Service Tax Rules, 2015, service taxes will be placed on any final amount of Indian Rupees. All fees from this will be taken from the final amount delivered to the recipient.


To learn how to transfer money to an overseas bank account without high fees, watch our video on the subject.

What are my international transfer payment options with ICICI Bank?

ICICI Bank offers bank-account-to-account transfers, cash deposits, and wire transfers.

How safe is ICICI Bank?

ICICI Bank regards client safety and convenience with great importance. Their “i-safe” application is designed to enhance the overall protection of the site. This strengthens the security of your online account with further authentication, passwords, and verification sent to the client’s mobile number.

When ICICI Bank detects wrongdoing — such as unusual account activity — it will send an alert to your mobile number on file. These warnings will prompt a one-time password for reentry.

You can view the privacy commitment of ICICI Bank here.

What exchange rates will I get from ICICI Bank?

ICICI Bank understands the unpredictable nature that foreign markets can have on currency exchanges. As a result, the institution offers competitive rates for your international money transfer needs. With the Fixed Rupee Transfer option, you can secure an exchange rate for a future money transfer.

And if you are just interested in watching the markets, ICICI Bank provides real-time updates on the foreign exchange market.

How do I send money from India to ICICI Bank?

International money transfers from ICICI Bank to abroad can be done with the Money2World service.

Here are some of the benefits of using Money2World:

  • It’s a simple and quick way to send cash deposits around the globe
  • You can send payments of fees, such as gifts, donations, or to support loved ones
  • Choose from sixteen countries to deliver your funds.

What currencies and countries can I transfer to ICICI Bank?

The Money2India service with ICICI Bank offers a simple, efficient, and affordable international money transfer service for a variety of currencies and countries, such as:

  • 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

Use our currency converter to learn how your cash compares to the market.

What business services does ICICI Bank offer?

ICICI Bank offers loans, credit cards, and saving accounts for Indian customers and businesses.

Compare money transfer services like ICICI

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XERead ReviewTotal (AUD)$13,876.07Exchange Rate1.3876Transfer Fees$0.00Transfer Time2-3 DaysLearn MoreTotal (AUD)$13,876.07Rate Updated just nowGO TO SITE

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review


  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.


  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.

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  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options


  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
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  • No fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments


  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
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About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review


  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products


  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers
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About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.


  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service


  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers