Buy Forex from Bank (Outward Remittance)
Sell Forex to Bank (Inward Remittance)
USD – US Dollar
EUR – Euro
GBP – British Pound
AUD – Australian Dollar
CAD – Canadian Dollar
SGD – Singapore Dollar
AED – UAE Dirham
JPY – Japanese Yen
Yes (Statutory Charges)
No (Base Rate Only)
Estimated Net Payable (INR):
₹ 0.00
*Note: Rates used are indicative. ICICI Bank applies real-time market rates at the time of transaction. GST is calculated as per the slab-wise rules for foreign exchange conversions in India.
Understanding ICICI Forex Rates
ICICI Bank provides a wide range of foreign exchange services, including Multi-Currency Forex Cards, Outward Remittances, and Currency Notes. Whether you are a student paying tuition fees abroad or a traveler heading for a vacation, understanding the ICICI Forex Rates is crucial for effective financial planning.
Buy vs. Sell Rates
When dealing with forex at ICICI Bank, you will encounter two primary rates:
Bank Sells (Outward Remittance): This is the rate applied when you want to convert your INR into a foreign currency (e.g., buying USD for a trip). This rate is higher as the bank "sells" the currency to you.
Bank Buys (Inward Remittance): This is the rate applied when you bring foreign currency back and want to convert it to INR. This rate is typically lower.
How GST is Calculated on Forex Transactions
In India, the government levies GST on the gross amount of currency exchanged. The slabs are generally as follows:
Up to ₹1,00,000: 1% of the gross amount (Min ₹250).
₹1,00,001 to ₹10,00,000: ₹1,000 + 0.5% of amount exceeding ₹1 Lakh.