Estimate your foreign currency conversion including GST and service charges.
USD – US Dollar
EUR – Euro
GBP – British Pound
INR – Indian Rupee
AED – UAE Dirham
CAD – Canadian Dollar
INR – Indian Rupee
USD – US Dollar
EUR – Euro
GBP – British Pound
AED – UAE Dirham
CAD – Canadian Dollar
Conversion Result
Converted Amount:
Estimated GST on Forex:
Total Payable/Receivable:
*Note: GST is calculated based on the gross amount of currency exchanged as per Indian Tax Laws. Actual bank charges may vary.
Understanding ICICI Bank Exchange Rates
When you transfer money abroad or receive funds in India using ICICI Bank, the exchange rate used is not just the market rate. ICICI Bank applies a "Spread" or margin over the interbank rate. This ICICI Bank Exchange Rate Calculator helps you determine the final value of your transaction after considering the conversion rate and the mandatory Government of India Service Tax (GST).
How to Calculate GST on Foreign Exchange?
In India, GST on foreign currency conversion is calculated on a slab basis rather than a flat percentage of the total amount. Here is how the calculator processes the tax:
Up to ₹1,00,000: 0.18% of the gross amount (Minimum ₹45).
₹1,00,001 to ₹10,00,000: ₹180 + 0.09% of the amount exceeding ₹1,00,000.
Above ₹10,00,000: ₹990 + 0.018% of the amount exceeding ₹10,00,000 (Maximum capped at ₹10,800).
Example Calculation
If you are converting $1,000 USD to INR at an ICICI rate of 83.00:
Gross Amount: 1,000 * 83 = ₹83,000.
GST Calculation: 0.18% of ₹83,000 = ₹149.40.
Final Amount: ₹83,000 – ₹149.40 (if selling) or ₹83,000 + charges (if buying).
Factors Affecting ICICI Forex Rates
Several factors influence the daily rates published by ICICI Bank:
Market Volatility: Rates fluctuate throughout the day based on global demand.
Transaction Type: Rates differ for Telegraphic Transfers (TT), Demand Drafts (DD), and Currency Notes.
Customer Segment: Wealth management or Privilege banking customers may receive preferential rates.
function calculateIciciExchange() {
var amount = parseFloat(document.getElementById('icici_amount').value);
var rate = parseFloat(document.getElementById('icici_rate').value);
var fromCurr = document.getElementById('icici_from_curr').value;
var toCurr = document.getElementById('icici_to_curr').value;
if (isNaN(amount) || isNaN(rate) || amount <= 0 || rate <= 0) {
alert("Please enter a valid amount and exchange rate.");
return;
}
// Basic conversion
var convertedAmount = amount * rate;
// Determine the value in INR for GST calculation
var inrValue = 0;
if (fromCurr === "INR") {
inrValue = amount;
} else if (toCurr === "INR") {
inrValue = convertedAmount;
} else {
// Cross currency – usually calculated on the INR equivalent
// For simplicity in this tool, we assume the rate provided results in the target amount
inrValue = convertedAmount;
}
// GST on Forex Conversion Logic (Standard Indian Rules)
var gst = 0;
if (inrValue 100000 && inrValue 10800) gst = 10800;
}
// Update Display
document.getElementById('icici_result_box').style.display = "block";
document.getElementById('res_converted').innerText = toCurr + " " + convertedAmount.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('res_gst').innerText = "INR " + gst.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
var finalTotal = 0;
if (toCurr === "INR") {
finalTotal = convertedAmount – gst;
document.getElementById('res_total').innerText = "INR " + finalTotal.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
} else {
// If sending from INR to Foreign, GST is added to the cost
document.getElementById('res_total').innerText = toCurr + " " + convertedAmount.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}) + " (+ Tax Charges)";
}
}