ICICI Bank Money Transfer Review
Exchange rates, Payment methods, How to, Transfer fees and much more
ICICI Review
If you're looking to send money abroad you need to consider your options. One of these options is ICICI Bank Canada. Before deciding if ICICI is your best choice for international money transfers, there are questions that need to be answered. Does the bank offer the best fees? What about the exchange rate? And is Money2India really the best choice for sending money to India? All of these questions will make a difference to both you the sender and your recipient overseas. If you’d like to know more, keep reading to find out everything you need to know about international money transfers with ICICI Bank.
History Of ICICI Bank
While it is an international bank, ICICI has been operating in Canada since 2003. As of December 31, 2023, ICICI Bank Canada reported an asset base of approximately CAD $6.1 billion. While the Canadian branch of the group is more recent, the bank was born in India and has a long history there.
What is ICICI Bank today started in 1955. It used to be known as the Industrial Credit and Investment Corporation of India Bank. It was an early adopter of technology, introducing internet banking before the turn of the millennium, in 1998.
How Does ICICI Bank Money Transfer Work?
To send money online, follow these steps:
Your receiver will be saved, so if you want to send money in future you don’t need to enter the details again.
Transfers by phone
Transfers in branch
Money transfers by non-account holders
For senders who are not account holders, it is also necessary to visit a branch. The following will be needed:
ICICI Bank Exchange Rates
ICICI Bank Canada offers competitive exchange rates for international transfers, with the exchange rate for sending CAD to INR being approximately ₹60.9058 per CAD. Rates vary depending on the destination country and currency involved. ICICI Bank provides a Rate Lock feature, allowing you to set a minimum exchange rate for your transfer, which will only process if the rate meets or exceeds your set rate within 15 days. Transfers can be made via online banking, mobile, branches, or phone, and recurring payments can be set up for regular transfers. For the most accurate rates, it's best to check their FX Rate page .
How Much I Can Transfer With ICICI Bank?
ICICI Bank does not impose a maximum transfer limit for its customers. That applies only if you hold an account with the bank. For non-account holders there is a $6,000 limit per 24 hours.
ICICI Bank Transfer Fees
Fees vary according to the type of account you hold, the method you use, the type of account you are sending to, and the destination country.
For sending to India, the fee will be CAD $5
Sending money to countries other than India, the fee is $10
A charge of $20 for sending from a branch
How To Open An Account With ICICI Bank
Banking with ICICI comes with many benefits. In addition to money transfer services, customers have access to their accounts through mobile apps, ATMs, phone banking, online services, and in-branch visits. You’ll also get free unlimited online bill payments and an Interac debit card.
With the Hello Canada account, you can even send funds from your home country to your Canadian bank account before arriving in Canada.
To sign up for the account, you can easily complete the process through ICICI Bank's mobile app or online. You’ll need to provide your name, email address, and a password to create an account. Additionally, a copy of your passport and visa will be required for verification. Once your application is submitted, the bank will notify you of the status through your secure message inbox.
Is ICICI Bank Secure?
The bank is a CDIC (Canada Deposit Insurance Corporation) member. This means deposits are protected. When users log on to their account through online banking, the bank advises to look for the security padlock to make sure their connection is secure.
Best rates with RemitBee
Transfers are secure, with top-level encryption protecting your data and funds. Whether you're sending money to family or handling business transactions, RemitBee ensures a smooth, reliable experience every time.
Pros And Cons Of Using ICICI Bank
Can set up recurring transfers to India through online banking
Competitive fees and exchange rates
Do not need to bank with ICICI Bank to use their transfer services
Cons
Outdated online banking interface
Website can be hard to navigate
ICICI Profit
How Does ICICI Bank Make Money?
ICICI Bank makes money from its money transfer services by charging fees for each transfer. Additionally, the bank earns a profit by adding a margin to the exchange rate offered to customers. These two methods—fees and exchange rate margins—are the main revenue sources for ICICI Bank’s transfer services.
Platforms where ICICI Bank is available
What Countries Does ICICI Bank Allow You To Send Money To?
Alternatives to ICICI Bank money transfer
Traditional banks are seen by most as a safe and secure option for transfers. For sending money overseas, though, they are rarely the cheapest or fastest option. Like other banks, ICICI Bank makes money on fees and exchange rates. If you prefer the convenience of doing all your financial activity in one place, though, a traditional bank may be for you.
For those who need basic banking services and don’t want to pay high fees, the Canadian online banks are a great choice. These include Simplii Financial, EQ Bank, and Tangerine. These banks are operated completely online, which may be hard to get used to if you prefer going into a branch. However, since they operate online, they have low account fees and usually low costs for international transfers.
Another alternative to ICICI Bank is a traditional money transfer company such as Western Union, MoneyGram, or Ria. Often the receiver will have a branch near them, so it’s convenient for them to pick up the transfer. They can also receive the money in minutes, so this is a good option if it is needed urgently. The drawbacks to companies like these are that they make you pay a high price for convenience. Their fees and exchange rates are far from competitive.
In contrast to banks, online transfer companies such as Transferwise, RemitBee, TransferGo, and Remitly do not operate with high overheads from branches and management salaries. Since transferring money is their only business, they are able to operate efficiently and cheaply. Many offer a variety of payout methods. You are likely to find at least one that works for your receiver. If you are interested in sending this way, it’s easy to compare rates and fees by getting a quote on these companies’ websites.
How to contact ICICI Bank?
1-888-ICICI-CA (1-888-424-2422) 24 hours and 7 days a week
ICICI Bank Canada, PO Box 396, Don Mills, ON M3C 2S7
So What Is ICICI Bank In A Nutshell?
For customers familiar with ICICI Bank in India, it can be comforting to use a familiar name for money transfers in Canada. For senders who want to transfer money to other countries, the bank can also be a good choice. However this has to be weighed against how easy the bank’s transfers are and how accessible their payout options are to your receivers. To read more about the pros and cons of different money transfer options, check out the Remitbee website for more reviews.