Icici Conversion Rate Calculator

ICICI Conversion Rate Calculator

Estimate your Net INR for International Money Transfers

Usually 1% to 3.5%

Calculation Results

Effective Exchange Rate:
–

Total Markup Cost (INR):
–

Total INR Received:
–

Understanding ICICI Conversion Rates

When you receive money from abroad into an ICICI Bank account, the bank does not apply the “mid-market” or “interbank” rate you see on Google. Instead, they apply a conversion rate which includes a spread or margin.

How the Calculation Works

The final amount you receive is calculated using this formula:

• ICICI Applied Rate = Interbank Rate – (Interbank Rate × Markup Percentage)
• Gross INR = Transfer Amount × ICICI Applied Rate
• Net INR Received = Gross INR – Fixed Transaction Fees – GST on Services

Example Scenario

If you are transferring 1,000 USD and the current market rate is 83.00:

1. With a 1.5% ICICI markup, your effective rate becomes 81.755.
2. The gross amount is ₹81,755.
3. After deducting a hypothetical ₹500 fee/GST, you receive ₹81,255.

Tips for Better Rates

ICICI Bank offers different rates based on the account type (e.g., Privilege, Wealth, or Regular). You can often negotiate the markup percentage if you are transferring large sums (typically above $10,000 USD) by contacting your relationship manager before the funds arrive.

function calculateConversion() {
var amount = parseFloat(document.getElementById(‘fcyAmount’).value);
var interbank = parseFloat(document.getElementById(‘interbankRate’).value);
var markup = parseFloat(document.getElementById(‘iciciMarkup’).value);
var fixedFees = parseFloat(document.getElementById(‘fixedFees’).value);
if (isNaN(amount) || isNaN(interbank) || isNaN(markup) || isNaN(fixedFees)) {
alert(“Please enter valid numerical values in all fields.”);
return;
}
// ICICI applies markup by reducing the rate for inflows (buying the foreign currency from you)
var markupAmountPerUnit = interbank * (markup / 100);
var effectiveRate = interbank – markupAmountPerUnit;
var grossInr = amount * effectiveRate;
var totalMarkupCost = (interbank – effectiveRate) * amount;
var netInr = grossInr – fixedFees;
if (netInr < 0) netInr = 0;
// Display Results
document.getElementById('resultsArea').style.display = 'block';
document.getElementById('resEffectiveRate').innerText = effectiveRate.toFixed(4) + " INR";
document.getElementById('resMarkupCost').innerText = "₹" + totalMarkupCost.toLocaleString('en-IN', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('resTotalInr').innerText = "₹" + netInr.toLocaleString('en-IN', {minimumFractionDigits: 2, maximumFractionDigits: 2});
}