Icici Forex Rates Calculator

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ICICI Forex Rates Calculator

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.
  • Above ₹10,00,000: ₹5,500 + 0.1% of amount exceeding ₹10 Lakh (Max ₹60,000).

Example Calculation

If you are buying 1,000 USD and the ICICI rate is 83.50 INR per USD:

  1. Base Amount: 1,000 x 83.50 = ₹83,500.
  2. GST: 1% of ₹83,500 = ₹835 (Since it's more than the minimum ₹250).
  3. Total Payable: ₹84,335.
function calculateForex() { // Current Indicative Rates (Base Market Rates) var rates = { "USD": { buy: 82.20, sell: 83.85 }, "EUR": { buy: 88.40, sell: 90.60 }, "GBP": { buy: 103.10, sell: 105.80 }, "AUD": { buy: 53.50, sell: 55.40 }, "CAD": { buy: 60.10, sell: 62.30 }, "SGD": { buy: 60.80, sell: 62.90 }, "AED": { buy: 22.10, sell: 23.05 }, "JPY": { buy: 0.54, sell: 0.58 } }; var type = document.getElementById("transactionType").value; var currency = document.getElementById("currency").value; var amount = parseFloat(document.getElementById("foreignAmount").value); var includeGst = document.getElementById("gstApplicable").value; if (isNaN(amount) || amount <= 0) { alert("Please enter a valid amount."); return; } var selectedRate = (type === "buy") ? rates[currency].sell : rates[currency].buy; var baseInr = amount * selectedRate; var gst = 0; if (includeGst === "yes") { if (baseInr <= 100000) { gst = Math.max(250, baseInr * 0.01); } else if (baseInr 60000) gst = 60000; } // Applying 18% GST on the service taxable value gst = gst * 1.18; } var finalTotal = (type === "buy") ? (baseInr + gst) : (baseInr – gst); document.getElementById("resultBox").style.display = "block"; document.getElementById("resLabel").innerText = (type === "buy") ? "Estimated Amount to Pay (INR):" : "Estimated Amount to Receive (INR):"; document.getElementById("resValue").innerText = "₹ " + finalTotal.toLocaleString('en-IN', {minimumFractionDigits: 2, maximumFractionDigits: 2}); var breakdownText = "Base Rate: " + selectedRate + " INR per " + currency + ""; breakdownText += "Gross Amount: ₹ " + baseInr.toLocaleString('en-IN', {minimumFractionDigits: 2}) + ""; if (includeGst === "yes") { breakdownText += "Taxes & Charges (Incl. GST): ₹ " + gst.toLocaleString('en-IN', {minimumFractionDigits: 2}); } document.getElementById("breakdown").innerHTML = breakdownText; }

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