Business Forex

Forex Solutions

The Business Banking Current account provides benefits for organisations that require foreign exchange services such as:

  • Facilitating payments in a range of currencies
  • Remit Indian Rupees to more than 4000 branches of ICICI Bank Ltd (India) through Business Internet Banking & through the Branch Network
  • Remit Indian Rupees to through the Branch Network to more than 55,000 bank branches in India
  • Bespoke Online Forex Payment Service for currencies other than Indian Rupees
  • Trade and working capital requirements
  • Treasury offerings including Indian Rupee forwards
  • A dedicated relationship manager will handle your account and you have online access 24/7 through Business Internet Banking to your Business Current Account

 

Important Information:

  1. These products and services are subject to terms and conditions, a copy of which you can collect from the branch/relationship managers/treasury dealer.
  2. Exchange rate fluctuations impact foreign currency payments.

 

 

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Product Details - Online Forex Payment Service

At ICICI Bank UK PLC we are focused on developing our relationships with Business Banking clients. As such we are pleased to introduce to you a bespoke Online Forex Payment Service to enable you to make international payments through your account online.

 

We are committed to understanding your business and tailoring flexible solutions that work for you and meet your needs as your business continues to evolve.

 

When your business is trading internationally and whether you’re paying suppliers based overseas in a range of currencies or funding an overseas office, ICICI’s Online Forex Payment Services can help you manage your costs, with competitive and real time exchange rates.

Product Summary - Online Forex Payments Service

The Online Forex Payment Service platform does not provide access to Business Internet Banking or Personal Internet Banking services. For more information relating to these services, please visit our website at www.icicibank.co.uk

 

Eligibility
  • To use this service, you must hold a Business bank account with ICICI Bank UK Plc. Apply online now
Access
  • The Online Forex Payment Service would allow Business customers access to live forex rates 24 hours a day, 5 days a week.
  • The Online Forex Payment Service cannot be used for transfers to India in Indian Rupees.
  • Payments can only be made if there are adequate funds available on the account.
Features and Benefits
  • Extensive FX product coverage with payments over 200+ countries in more than 130 currencies.
  • Transparent pricing and order execution
  • Real time forex rates
  • Making cross currency payments to overseas beneficiaries or cross currency payments to UK beneficiaries
Transfer Limit
  • The maximum daily limit is £20,000.
Safe and secure
  • Dual Level Authentication with separate login details for every authorised signatory.
  • One time Passwords and Two factor Authentication has been introduced as an additional security feature by 'ICICI Bank UK PLC' to protect your account from online frauds
Contact Details
  • 0344 412 4444 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls) or email uk.business@icicibank.com for enquiries.

 

Key questions

 

1. Who regulates us?

ICICI Bank UK PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registration Number: 223268).

 

2. What should you do if you have a complaint?

 

If you want to make a complaint, please contact us at:

Customer Relations,
ICICI Bank UK PLC,
2nd Floor, One Thomas More Square,
London – E1W 1YN

Or

Call our Customer Service Centre at 0344 412 4444(Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls)

Or

Email us at ukcustomerrelations@icicibank.com

We will then arrange for a member of the complaints team to investigate and respond to you immediately.

 

3. Are we covered by the Financial Services Compensation Scheme (FSCS)?

 

FSCS Coverage information 2015 click here

 

We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registration Number: 223268).

 

ICICI Bank UK PLC is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations.

 

For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website, www.fscs.org.uk or call the FSCS on 0800 678 1100 or 020 7741 4100. Please note only compensation related queries should be directed to the FSCS.

Fees

ICICI Bank UK PLC’s – Online Forex Payment Service offers a variety of methods in which you may transfer funds to your beneficiary.

 

Delivery Method Turn Around TimeDescriptionFee
Direct Credit 5 days Direct Credit is the means by which an organisation can transfer funds electronically, directly into a specified Bank to make payments to accounts of individuals or companies E.g of a Direct Credit are Automated Clearing House transfers

GBPEURUSD
4 5 6
Wire Transfer 3 days Wire transfers allow customers in different geographic locations to easily transfer money to financial institutions around the globe. International money transfers are effected with the help of SWIFT (Society for Worldwide Interbank Financial Telecommunication) messages. A six digit Bank Identification Code (BIC) is assigned to each bank and transfer of fund is effected with the help of SWIFT messages.

GBPEURUSD
10 15 20
Issue of Draft 15 days Mailed as a draft (cheque) to the address of your recipient.

GBPEURUSD
10 14 15
Cancel a Payment 3 days  

GBPEURUSD
10 15 20