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16th December 2015, 08:12 AM
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Join Date: May 2012
Re: Wire Transfer to ICICI Bank from US

ICICI Bank is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra, India. It was established in 1994.

Wire Transfer

Wire Transfer is one of the easiest offline modes of sending money to your friends and family in India.

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 any money can be credited to any ICICI or Non-ICICI Bank in India within 1-2 working days.

Charges-

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.

Service tax will be levied on the converted gross INR amount in accordance with the Service Tax (Amendment) Rules, 2012 of the Government of India w.e.f. 1st April 2012.

Service Tax Rules-

Gross amount of currency exchanged Rate

Upto INR 1,00,000/- 0.14 % of the gross amount of currency exchanged subject to the minimum tax of INR 35
INR 1,00,000/- to INR 10,00,000/- INR 140 + 0.07 % of the gross amount of currency exchanged for an amount of rupees exceeding INR 100,000
INR 10,00,000/- and above INR 770 + 0.014 % of the gross amount of currency exchanged for an amount of rupees exceeding 10,00,000, subject to maximum amount of INR 7000

Charges for demand draft - 0.2% (making charges) + INR 35 (courier charges).

The amount charged is sum of the making charges and courier charges or INR 85—whichever is higher.

The Card Rate prevailing on the date of credit to customer account would be the applicable exchange rate.


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