ICICI Bank Exchange Rates Review

ICICI Bank Exchange Rates Review
Margin Rate: 5%
Minimum Transfer: £5000
Transaction Fees: £25
FCA Regualted: FCA Regulated

Icici Bank may not be the most popular of the currency transfer banks out there. In fact, very few people will have heard of them, that being said, they do a few decent things, which I am going to highlight on this page.

Icici Bank is an Indian Bank. This means that right off of the bat they are different to most other currency transfer banks out there, most of which tend to be based in America and Europe. It is not all that easy to actually transfer cash online using Icici Bank. It is possible, but it is not easy. That being said, they do offer some of the most competitive exchange rates around and all of the big currencies tend to be represented. I find that Icici Bank is probably more suited to students and travellers i.e. those who will probably not be transferring money on a regular basis. Businesses will probably want to look elsewhere as transferring cash through Icici Bank can be quite cumbersome if you are not careful.

The only real problem that I have with Icici Bank is the fact that they are a bank based in a foreign country. This means that their support is not the greatest. In fact, you only have to head to their website to find that the vast majority of it is not translated correctly. This does scream ‘scam’, but don’t worry, it is not. This is why I only really suggest that you use Icici Bank for those low value transactions and not on a regular basis. This is because it is tough to get assistance when you need it if something is going to go wrong. Not that something is actually going to go wrong, but it is always best to be prepared, right?

So, what does Icici Bank account do right? Well, the currency transfer process tends to be pretty smooth. You will need to do the majority of currency transfers over the telephone, but there are a few automated processes that have been put in place for travellers. The rates on the transactions tend to be amongst the most competitive around too. I am willing to wager that most of this is down to the fact that they have yet to invest in a decent automated system and thus savings can be made. In addition to this, and I mentioned this before, most of the major currencies of the world tend to be fairly well represented, which is always a plus. Although let’s be honest, the majority of people are only going to be sending currency payments in one or two different currencies.

Icici Bank are not the best transfer company out there. Not by a long shot. However, if you are based in India, they are a brilliant company to use. They do like to make the whole transfer process a bit tricky, mainly because it is not their main business, but as soon as you start to wrap your head around it, the whole system should be fine for low value transactions.

Product Features

  • Banks offering International Payments: Banks offering International Payments
  • Buy Holiday Money Online: Buy Holiday Money Online
  • Cash Payments: Cash Payments
  • Make Instant Payments Under £1000: Make Instant Payments Under £1000
  • One off Large Currency Transactions: One off Large Currency Transactions
  • Remittance Providers in the UK: Remittance Providers in the UK
  • Send Regular Transfers Overseas: Send Regular Transfers Overseas
  • Commission Rate: 0%

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