Over 17 million Indians worked abroad in 2017, according to the United Nations, and many of those workers sent money home. In 2018, Indian-origin workers sent $79.5 billion in remittances—a higher amount than any other country in the world.
If you’re working overseas, you know there are several reasons to send money back to India. You may want to save for the future, invest in education, pay a parent’s medical bills, or help a friend start their business.
But it can be expensive and time-consuming to transfer money abroad, especially if you need to send a large sum. Whether it’s your first time sending money to India or you just want to find better rates, Remitly is committed to helping you send money to India safely and easily. Unlike bank-specific money transfer services, you can use Remitly to send to ICICI and 139 other banks across India, all from the same app.
In this article, we’ll cover key facts about ICICI Bank and the rupee. We’ll also review everything you need to know about your options for sending money to India.
What to know about ICICI Bank in India
As one of the largest banks in India, ICICI Bank is a popular choice for sending money from overseas. It was established in Gujarat in 1955 and has over 5,200 locations in India, with nearly 16,000 ATMs that account holders can use to withdraw cash.
Popular with Indians abroad, you can also find an ICICI branch or subsidiary in 17 other countries, including the USA, the United Kingdom, Germany, and Singapore.
ICICI Bank uses modern technology to serve its customers, including voice recognition for banking transactions and a “Safe Vault” for automated security.
Fast facts about the Indian rupee
The Indian rupee (INR) is one of the world’s oldest currencies, with a history that dates back over 2,000 years. The current form of the rupee is issued by the Reserve Bank of India and denoted by the symbol ₹.
Residents of India can enter or leave the country with up to 25,000 INR, but non-resident Indians (NRIs) are prohibited from carrying rupees into or out of India. Of course, sending money to India using an ICICI Bank account is much safer and more convenient than carrying banknotes.
The exchange rate between the rupee and other currencies changes over time. The only currencies that don’t change in relation to the rupee are the Nepalese rupee and the Bhutanese ngultrum, which are pegged to the Indian rupee.
Send money to ICICI in India in 4 easy steps
Sending money to an ICICI Bank account in India is easier than you think. In fact, it only takes about four steps to submit the transfer:
- First, download the Remitly app, and create an account.
- Tell us how much you want to send and select “Bank Deposit.”
- Choose ICICI. Enter your recipient’s name, address, and bank account number. You can also add their phone number so they can get SMS updates.
- Add your payment information.
Once you’ve added your payment information and submitted your transfer, your money will be on its way and you can track it using the mobile app.
Why should I use Remitly to send money to ICICI?
Every dollar, pound, or euro counts. That’s why we offer great exchange rates for the Indian rupee, whether you’re sending USD, AUD, or other major currency. If it’s your first time using Remitly, you’ll get a promotional exchange rate for your first transaction.
In addition to being fast and affordable, we offer a high level of security to protect your personal information and prompt customer care when you need it.
With over 10 years of experience in the industry, we’ve earned our customers’ trust to send money online without hidden fees and service charges.
How quickly will my money arrive?
At Remitly, we offer two delivery speeds for sending money to India. If you need to send money urgently, our Express service will deliver it within hours or even minutes. If you can wait 3-5 days, we offer an Economy option with a slightly different exchange rate.
Regardless of the option you choose, you will always be able to track your transfer on our app.
When you use an online money transfer service like Remitly, there’s no need to visit a physical location or wait for a check to clear. You can simply transfer funds with your attached bank account, debit card or credit card, just as you would with an in-country payment app like Venmo or Apple Pay.
Keep in mind that credit card transactions typically incur a processing fee—3% in the U.S.—so it’s cheaper to use a debit card or bank account when possible.
How much money can I send to ICICI Bank with Remitly?
When you first sign up with Remitly, you can send up to $2,999 in 24 hours without any additional paperwork. If you’d like to send more, we’ll ask for a few more documents in order to comply with international regulations and keep your account safe.
You can send the following amounts without increasing your spending limit:
- $2,999 in 24 hours
- $10,000 in 30 days
- $18,000 in 180 days
Why do we have these limits? In short, to meet our obligations under international banking laws and to protect our customers from fraud and scammers. We take the security of our customers seriously when sending money across borders.
You can visit our FAQs page to learn more about our verification process and see what documents may be required in your region. We have a list of acceptable documents for the U.S., Australia, Canada, seafarers, and more.
Is it safe to send money to ICICI Bank with Remitly?
Yes, it is safe to send money to ICICI Bank in India with Remitly. Not only can you track your transfer online or via SMS, but we also have an in-house data security team that’s dedicated to keeping your information safe.
We have many behind-the-scenes protocols to protect our customers:
- We always verify your account.
- We use bank-level encryption to send information.
- We monitor every account for suspicious activity.
Your peace of mind is important to us, every day.
Of course, you should still follow online safety practices to keep your data safe. You can take steps to protect your account by setting up two-factor authentication, using a strong password, and storing your account details in a safe place.
By using a reputable online money transfer service like Remitly, you can be confident that your money will get where you want it to go.
Is ICICI Bank the only Indian bank I can send to?
No, ICICI Bank is one of the most popular banks in India, but it isn’t the only bank you can use. Other major banks include HDFC Bank and the State Bank of India, both of which are headquartered in Mumbai.
When you use the Remitly app to send money to India, you can send money to any of the major Indian banks, including ICICI Bank, and track it every step of the way. You’ll also get low transfer fees and a competitive exchange rate every time..
Choose the right money transfer service
Sending an online money transfer to ICICI Bank in India is faster and safer than sending a check or carrying cash, and more convenient than going to a money agent. Once you’ve set up your first transfer to ICICI Bank with Remitly, you can quickly repeat the process any time you need to send moneySimply log into the app.
Of course, when you send money home to India, you want to know the fund transfer arrived safely and on time. With Remitly, you can get that peace of mind—and save money due to our low transfer fees and competitive exchange rates.