What is the Best and Cheapest Method to Transfer Money from ICICI Account INR to Any Foreign Bank Account USD?
Transferring money from an Indian ICICI Bank account to a foreign bank account in USD can be achieved through various methods. The best and cheapest options include ICICI Bank's own remittance services, online money transfer platforms like TransferWise and Remitly, and established services such as Western Union and MoneyGram. Furthermore, ExTravelMoney offers competitive exchange rates and lower fees.
ExTravelMoney: A Premier Solution for Foreign Exchange
ExTravelMoney is a top Indian online foreign exchange marketplace partnered with leading banks and forex vendors. For sending money abroad from an ICICI account, partnering with ExTravelMoney allows you to bypass bank charges and benefit from better foreign exchange rates. As illustrated in the image below, the exchange rate offered by ExTravelMoney for INR to USD at ICICI Bank can be notably more favorable.
Comparison of Transfer Methods
1. ICICI Bank's Own Remittance Services: Money2World
ICICI Bank's Money2World service facilitates international money transfers at competitive exchange rates and low fees. By sending money directly to a foreign bank account, you can enjoy a seamless transfer process. While fees may include a flat fee plus a margin on the exchange rate, it is recommended to verify the latest fees on their official website or by contacting customer service.
2. Online Money Transfer Services: TransferWise, Remitly, and Revolut
TransferWise, formerly known as Wise, offers low fees and uses the mid-market exchange rate without a markup, making it an attractive option for transferring INR to USD directly to a foreign bank account. Remitly provides various delivery methods, including bank deposits, often at lower costs than traditional banks. Revolut is another useful service for international transfers with competitive rates, although users will need to set up an account first.
3. Western Union or MoneyGram
These renowned services are widely available and offer international transfer options. While they can be a tad more expensive, they are known for their convenience and speed. Fees for these services vary based on the amount and destination.
4. Foreign Currency Demand Drafts
A less commonly used method is to request a foreign currency demand draft from ICICI Bank, which can then be sent via post to the recipient. This method is slower and may involve additional postal charges.
5. Forex Cards
For users with a Forex card, loading it with INR and using it for transactions in USD is another option. This method is particularly useful for travel or online purchases, but it may not be the most suitable for direct bank transfers.
Recommendations
Compare Rates: Always compare the total cost, which includes transfer fees and exchange rates, before making a decision. Regulatory Compliance: Ensure you comply with the Reserve Bank of India's regulations regarding foreign remittances, including the limits on the amount you can send.Conclusion
In conclusion, for a balance of cost-effectiveness and convenience, TransferWise is often recommended for international transfers due to its transparent fee structure and favorable exchange rates. Alternatively, using ICICI Bank's Money2World service can be a good option if you prefer to stay within your existing financial institution. Always check for the latest fees and exchange rates before proceeding.
Further Reading
For more information on the best practices and tips for international money transfers, consult the official websites of ICICI Bank and TransferWise. Additionally, financial advisors and online forums can provide valuable insights and advice.