Wire transfer is the fastest mode of receiving money in your ICICI Bank (Singapore) account from abroad. You can receive money into your ICICI Bank account from a foreign country via International wire transfer. The transaction is initiated by the sender through a financial institution, however, you need to provide your banking details to the sender for successful transfer of money.
International Wire Transfer to ICICI Bank
International wire transfer is one of the fastest way to receive money from foreign countries. Banks use SWIFT network for exchanging messages required for performing international wire transfer. Usually, the receiving bank (in Singapore) and the sending bank (in other country) need to have a direct arrangement in place to start the swift transfer – this is sometimes referred to as correspondent banking.
Incoming International Wire Transfer Instructions
To receive international wire transfer in your ICICI Bank account, please provide the following wire instructions to the sending financial institution:
|Bank Name:||ICICI Bank Singapore|
|SWIFT BIC Code for ICICI Bank:||For ICICI Bank, this code is ICICSGSG|
|Beneficiary Account Number:||Your complete ICICI Bank account number|
(including leading zeros, if any)
|Beneficiary Name:||The full name of your account as it appears on your statement|
|Beneficiary Address:||Your complete address|
Note of Caution on Fees: If your money transfer involves currency conversion, there is a high chance you will get a poor exchange rate from the banks and as a result pay high hidden fees.
Outgoing International Wire Transfer Instructions
To send international wire transfer from your ICICI Bank account, You need to know the following information about the person or company receiving the money:
1. The recipient’s account name and address
2. The recipient’s IBAN or account number
3. The name and address of recipient’s bank – including the BIC (Business Identifier Code) / SWIFT code / clearing code
Incoming Wire Transfer Fees for ICICI Bank Singapore
International Incoming Wire Transfer Fees for ICICI Bank is as follows:
|Credit to account||Free|
(Unless otherwise specified by remitter)
|For Non-Personal accounts||10 currency units|
Outgoing Wire Transfer Fees for ICICI Bank Singapore
International Outgoing Wire Transfer Fees for ICICI Bank is as follows:
|Individual Remittances||20 currency units|
|Business Remittances (With Conversion)||20 currency units|
|Business Remittances (Without Conversion)||40 currency units|
Apart from the wire transfer fees, if the transfer involves currency conversion, banks make money on currency conversion as well by giving retail conversion rates to you which is usually 1-2% lower than the market rate. We recommend using services like TransferWise for getting best conversion rates with lower wire transfer fees.
Wire Transfer Cutoff Time for ICICI Bank Singapore
1. The Cut-off Times for Wire Transfer for ICICI Bank in Singapore is 4 pm.
2. Any requests received after cutoff time will normally be processed the next working day.