Online Forex Payments FAQs

What type of documentation will I need to submit with my application?

Depending on whether you are an Existing Customer/ Non Account Holder, different types of information may be required.

Existing Customer: If you are an existing business current account holder sole proprietor, you will need to submit a:

  • Request Form for Online Forex Payment Services (Link to the application form)


If you are an existing business current account holder - Partnership/ Limited Company/ Trust/ Charity, you will need to submit:

  • Request Form for Online Forex Payment Services (Link to the application form)
  • Board Resolution (This is required if there is a change in the Authorization matrix already provided to the Bank).


New Customers/ Non Account Holders:

How will I know if my Online Forex Payment Services application has been accepted?

  • In branch:

    To activate the service immediately, you can visit any ICICI UK PLC branch where a member of staff will take you through the required registration process. Once this has been done, you will receive a welcome e-mail informing you about your user id and subsequently your password, which will enable you to activate the service immediately. 


  • New Customer/ Non Account Holders 

    You will need to open a business current account with us, during the application process you will be given the option of applying for the service.

    After you have gone through the application process and provided all supporting documentation, the new current account will usually be approved within 5-7 working days. Your relationship manager / branch manager will follow up with you directly if more information is required. In some cases you may be required to provide copies or further documentation.

How do I update my business current account details?

It is very important that we have the correct account details for you. If you wish to update your email address, mobile number, you will need to contact us using one of the options on our contact us page. Please provide your details and one of our designated staff members will get in touch with you within the next two business days.

I would like to apply for Online Forex Payment Services but my business current account is inactive Accounts. How can I re-activate my account?

If you haven’t transacted on your business current account for over 18 months your account will no longer be active. Before we can re-activate your account, we’ll need to ensure that we have your up-to-date contact details. We will also need to conduct a review of your account.


To proceed, you will need to get in touch with your respective relationship manager/ branch manager and complete our Account Reactivation Form

How do I view my transactions?

A complete history of the transactions is available in the reports menu of the Online Forex Payment Services.

I am unable to access my Online Forex Payment services. What should I do?

Check that you are using the right log in details and if this still does not allow you to log you in, please contact us.

I have forgotten my User id for Online Forex Payment Services, what should I do?

If you have forgotten your user id, you can click on the ‘forgot your user id’ link and provide your registered e-mail address, an e-mail will be sent out to you with your User ID.

Why is my Online Forex Payment Service user id disabled?

If you have entered your password incorrectly three times, your Online Forex Payment Service user id will be disabled for security reasons. Please contact your Relationship manager/ Branch manager and provide a request for resetting and enabling your user id and your password. If you have not used your login for 60 days, it will be deactivated.

What happens if I forget my password to my Online Forex Payment Services?

If you have forgotten your password, please click on the ‘forgot your password’ link and the system will reset the password for you and notify you of your new password via email. You will need to force change your password once you receive the temporary one from us. A ONE TIME PASSWORD (OTP) will be generated every time you login.

What are the requirements for setting up a new password for my Online Forex Payments platform?

If you change your password on the platform, it will need to be between 8 and 20 characters long. Passwords are case sensitive. When you login you will be asked to change your password. You will need to choose a password which contains upper and lower case characters, numerals, and at least one special character, e.g.,&,$,@,!,?.


If you have been locked out of the service or have forgotten your password, please click on the forgotten your password link and the system will reset the passwords for you.

I cannot place and process orders through the Online Forex Payment services online, what should I do?

Please check that you have adequate funds to be able to place an orders with ICICI Bank UK PLC. If you are still unable to carry out your transaction, please contact us.

How do I access my Online Forex Payment Services?

Access ICICI’s Online Forex Payment Platform here . Enter your user ID (your user ID is auto generated and cannot be changed) and your password .Click “LOGIN.” The first time you log in you will be asked to change your password. You will need to choose a password which contains upper and lower case characters, numerals, and at least one special character, e.g., &, $, @, !, ?.


Please contact if you require assistance with any aspect of this service.

What is One Time Password (OTP?)

OTP has been introduced as an additional security feature by 'ICICI Bank UK PLC' to protect your account from online frauds. OTP is a unique 6 digit numeric code sent to your mobile number registered with ICICI Bank UK PLC and validates your login . The OTP will be sent to you only:

  • When you enter your user ID and password and when you login in to the system.



Important Information

  • OTP is confidential and should not be shared with anyone, even if the person claims to be an ICICI Bank UK PLC official.
  • Please ensure that your mobile number is accurately updated with us to be able to Login online.

What should I do if I do not receive OTP on my mobile number registered with ICICI Bank?

We request you to call your Relationship manager/ Branch manager and check if your registered mobile number is correct


A) If the mobile number is incorrect:-

Please visit your nearest ICICI Bank UK PLC Branch with a request letter on the letter head of the company/ partnership firm/ proprietorship firm.


B) If the mobile number is correct:-

You can try the option of "Resend OTP" available on the Login page and a fresh OTP will be generated and sent to your registered mobile number.



How do I know which OTP should be entered if I receive multiple OTP's?

You should enter the latest OTP received on your mobile number.

How do I access my Online Forex Payment Services if I do not receive OTP?

You will not be able to access the Online Forex Payments Service until you enter the OTP.

I am entering correct OTP but the page still says incorrect OTP?

If you have tried to access your Login page multiple times, every new click on “Resend an OTP” will generate a new OTP. You should enter the latest OTP received on your mobile to access your Online Forex Payment Service.

What is Two Factor Authentication Code (TFA?)

TFA is a validation code that is required to be entered for a transaction in order to complete the payment order .This is a recurring activity for every order placed in the system. The TFA code is sent to the registered e-mail address of the maker of the transaction.



1. For TFA authentication, your e-mail address needs to be updated on our records

2. For updating of e-mail address, please submit a signed request on your company letterhead at nearest branch mentioning your Corporate ID, User ID, Account number, Customer ID.

Is there any limit on the amount of funds that can be transferred through Online Forex Payment Services?

Yes. You can specify user-level and transaction-level limits. The fund transfer amount limit can be specified for each of your Business Current Accounts held with ICICI Bank UK PLC. You can also specify a fund transfer limit for each of your authorised users too. If the limits are not specified in the form, left blank or mentioned as 'unlimited', the default daily limit for online transfers from your account will be will be £20,000 If you wish to transfer more than £20,000, please contact your relationship manager or branch manager.

Approving an order.

Every order on the Online Forex Payment Service once initiated by the designated maker of the organization has a time frame of 3 minutes, in order to be approved by the designated checker of the same organization. If the order is left too long the checker has the capability of a obtaining a revised rate and approving the order.

How do I cancel a payment made?

Please submit a letter on your Company's letterhead, signed by the authorised signatories, mentioning all the details of the transactions, at your ICICI Bank UK PLC branch. We will inform you within two working days whether the payment can be cancelled or not. If you decide to cancel a payment this would incur a cancellation fee, please refer our fees section for more information.

Will I be charged a fee for using the Online Forex Payment Service?

There is no fee to start and hold a Business Bank account. Fees vary by your actual transaction. Please refer to our fees section for more information on ICICI Bank UK PLC charges. Depending on the nature of your transaction, some charges may be imposed by a third party institution such as banks and payment processors.

How fast will my recipients receive their money?

Speed varies by the options you choose. Please refer to our fees section for more information.

Do my recipients need to have an ICICI Bank account too?

No they don't. You can send a payment directly into their bank account.

Payment Details and how it works?

Direct Credit is available for select currencies and countries, 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 Direct Credit is Automated Clearing House transfers

Direct Credit is offered to the following currencies:

  • USD to the United States
  • CAD to Canada
  • Euro Member Countries Eur (EUR)
  • GBP to The United Kingdom
  • AUD to Australia
  • NZD to New Zealand
  • MXN to Mexico
  • DKK to Denmark
  • SEK to Sweden
  • HUF to Hungary
  • CHF to Switzerland


Wire Transfers: 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.


Wire transfers are available for the below currencies and countries:


  • Albania Lek (ALL)
  • Armenia Dram (AMD)
  • Australia Dollar (AUD)
  • Argentina Peso (ARS)
  • Aruba Guilder (AWG)
  • Azerbaijan Manat (AZN)
  • Bahamas Dollar (BSD)
  • Bangladesh Taka (BDT)
  • Belize Dollar (BZD)
  • Bhutan Ngultrum (BTN)
  • Botswana Pula (BWP)
  • Brunei Dollar (BND)
  • Burundi Franc (BIF)
  • Bahrain Dinar (BHD)
  • Barbados Dollar (BBD)
  • Bermuda Dollar (BMD)
  • Bolivia Boliviano (BOB)
  • Brazil Real (BRL)
  • Bulgaria Leva (BGN)
  • Canada Dollar (CAD)
  • China Yuan (business or offshore only) (CNH)
  • Colombia Peso (COP)
  • Commuanute Financiere BEAC Africaine Franc (XAF)
  • Costa Rica Colon (CRC)
  • Cyprus Pound (CYP)
  • Cape Verde Escudo (CVE)
  • Chile Peso (CLP)
  • China Yuan (CNY)
  • Commuanute Financiere BCEAO Africaine Franc (XOF)
  • Comoros Franc (KMF)
  • Croatia Kuna (HRK)
  • Czech Republic Koruna (CZK)
  • Denmark Krone (DKK)
  • Dominican Republic Peso (DOP)
  • Egypt Pound (EGP)
  • Eritrean Nafka (ERN)
  • Ethiopia Birr (ETB)
  • East Carribbean Dollar (XCD)
  • El Salvador Colone (SVC)
  • Estonia Kroon (EEK)
  • Euro Member Countries Eur (EUR)
  • Falkland Island Pound (FKP)
  • French Polynesia (Tahiti) Franc (XPF)
  • Fiji Dollar (FJD)
  • Gambia Dalasi (GMD)
  • Ghana Cedi (GHS)
  • Great Britain Pound (GBP)
  • Guinea Franc (GNF)
  • Georgia Lari (GEL)
  • Gibraltar Pound (GIP)
  • Guatemala Quetzal (GTQ)
  • Kenya Shilling (KES)
  • Kyrgystan Som (KGS)
  • Hong Kong Dollar (HKD)
  • Iceland Krona (ISK)
  • Israel New Shekel (ILS)
  • Japan Yen (JPY)
  • Jamaica Dollar (JMD)
  • Jordan Dinar (JOD)
  • Kazakhstan Tenge (KZT)
  • Kuwait Dinar (KWD)
  • Laos Kip (LAK)
  • Lebanon Pound (LBP)
  • Latvia Lat (LVL)
  • Lesotho Loti (LSL)
  • Lithuania Litai (LTL)
  • Macedonia Dinar (MKD)
  • Malawi Kwacha (MWK)
  • Maldives Rufiyaa (MVR)
  • Mauritania Ouguiya (MRO)
  • Mexico Peso (MXN)
  • Mongolia Tugrik (MNT)
  • Mozambique Metical (MZN)
  • Macau Pataca (MOP)
  • Madagascar Ariary (MGA)
  • Malaysia Ringgit (MYR)
  • Malta Lira (MTL)
  • Mauritius Rupee (MUR)
  • Moldova Leu (MDL)
  • Morocco Dirham (MAD)
  • Nepal Rupee (NPR)
  • New Zealand Dollar (NZD)
  • Nigeria Naira (NGN)
  • Namibia Dollar (NAD)
  • Netherland Antilles Guilder (ANG)
  • Norway Krone (NOK)
  • Oman Rial (OMR)-
  • Peru Nuevo Sol (PEN)
  • Poland Zloty (PLN)
  • Pakistan Rupee (PKR)
  • Paraguay Guarani (PYG)
  • Philippines Peso (PHP)
  • Qatar Rial (QAR)
  • Republic of Congo Franc (CDF)
  • Russia Ruble (RUB)
  • Romanian New Leu (RON)
  • Rwanda Franc (RWF)
  • Saudia Arabia Riyal (SAR)
  • Seychelles Rupee (SCR)
  • Singapore Dollar (SGD)
  • Slovenia Tolar (SIT)
  • Somalia Shilling (SOS)
  • South Korea Won (KRW)
  • St. Helena Pound (SHP)
  • Suriname Dollar (SRD)
  • Sweden Krona (SEK)
  • São Tomé and Príncipe Dobra (STD)
  • Serbia Dinar (RSD)
  • Slovakia Koruna (SKK)
  • South Africa Rand (ZAR)
  • Sri Lanka Rupee (LKR)-
  • Swaziland Lilangeni (SZL)
  • Switzerland Franc (CHF)
  • Taiwan Dollar (TWD)
  • Thailand Baht (THB)
  • Trinidad and Tobago Dollar (TTD)
  • Turkish Lira (TRY)
  • Tanzania Shilling (TZS)
  • Tonga Pa'anga (TOP)
  • Tunisia Dinar (TND)
  • Turkmenistan Manat (TMT)
  • Ukraine Hryvnia (UAH)
  • United States Dollar (USD)
  • United Arab Emirates Dirham (AED)
  • Uruguay Peso (UYU)
  • Venezuela Bolívar Fuerte (VEF)
  • Vanuatu Vatu (VUV)
  • Vietnam Dong (VND)
  • Zambia Kwacha (ZMW)
  • Zambia Kwacha (ZMK)
  • Zimbabwe Dollar (ZWL)


Demand Drafts

A demand draft can also be compared to a cheque. Demand drafts can only be made payable to a specified party, also known as pay to order. But, cheques can also be made payable to the bearer. Demand drafts are orders of payment by a bank to another bank, whereas cheques are orders of payment from an account holder to the bank.