Foreign Currency Cheque Collection
A foreign currency cheque (FCC) is a traditional method of international payment denominated in foreign currencies such as USD, EUR, GBP, AED, SGD, AUD, etc. These cheques need to be sent to the country where the cheques are drawn for processing and receiving the funds. You can approach any branch of ICICI Bank to deposit your cheque.
Acceptable instruments for FCC:
- Cheques
- Demand Drafts
- Cashier’s Orders
- Pay Orders
- Banker’s Cheques
To deposit your instrument, visit any ICICI Bank Branch with the signed Indemnity Letter cum Deposit Slip and obtain the acknowledgement. Do not deposit it at any dropboxes available at the ICICI Bank Branch/ATM.
Minimum acceptable amount:
- Instruments with amount lower than the specified limits for each currency will not be accepted. For currencies not mentioned herein, the limits applicable will be in USD equivalent.
Currency Code |
FCC Currency |
Limit for Individual Customers |
Limit for Non-Individual Customers |
USD |
US Dollar |
10 |
200 |
GBP |
Great Britain Pound |
10 |
50 |
AUD |
Australian Dollar |
10 |
100 |
CAD |
Canadian Dollar |
10 |
300 |
EUR |
Euro |
10 |
100 |
SGD |
Singapore Dollar |
10 |
100 |
CHF |
Swiss Franc |
100 |
100 |
KWD |
Kuwaiti Dinar |
100 |
100 |
OMR |
Omani Riyal |
100 |
100 |
NZD |
New Zealand Dollar |
100 |
100 |
JPY |
Japanese Yen |
10,000 |
10,000 |
Others |
Other than above |
500 |
500 |
Turnaround time
Funds may be credited to your account within 8 to 40 international working days# based on the arrangement through which the instrument is sent for clearance.
Modes of collection for Foreign Currency Cheques and time frame for Credit:
A. Cash Letter Arrangement:
Credit in 8 Days: ICICI Bank gives credit to the account observing a cooling period* of 8 days for instruments up to 350 currency units. This service is for instruments drawn in the following currencies and countries:
- USD (USA)
- GBP (UK)
- SGD (Singapore)
- CAD (Canada)
Credit in 15 Days: ICICI Bank gives credit to the account after observing a cooling period* of 15 days for instruments above 350 currency units and less than 10,000 currency units. This service is for instruments drawn in the following currencies and countries:
- USD (USA)
- GBP (UK)
- EUR (European region)
- AUD (Australia)
- SGD (Singapore)
- CAD (Canada)
*The cooling period commences from the day the instrument is lodged by the Bank with our correspondent bank.
B. Final Credit Service:
- Instruments payable in GBP at UK, of value greater than GBP 10,000 for individual customers and GBP 50 for Non-Individual customers are sent under Final Credit Service arrangements with the Correspondent Bank in UK. For instruments in GBP currency the credit is received within 15 international working days# from the time the instrument is received by the Correspondent Bank. The transit time between receipt of such instrument from the Drawee Bank and the Correspondent Bank is approximately 3-4 international working days.
#‘International Working days’ excludes Saturdays, Sundays, any public or declared holidays in USA, UK and India.
C. Direct Collection:
Any instrument that does not qualify under Cash Letter Arrangement or Final Credit Service is sent for Direct Collection to the drawee bank. Credit in such cases is given when the Bank realises the amount of such instrument. Though there is no definite time period for collection of such instruments, generally it takes 30-40 international working days for realising the credit depending on the country & currency in which the instrument is drawn.
Arrangements for cheque collection in the foreign currencies:
ICICI Bank facilitates collection of instruments drawn in the following currencies:
AED, AUD, CAD, CHF, DKK, EUR, GBP, HKD, JPY, KWD, NZD, OMR, QAR, SEK, SGD, USD, ZAR.
For currencies other than those mentioned above, the proceeds of the instruments will be received in USD for further conversion to INR, as applicable. The exchange rate (i.e. card rate as published on the Bank’s website) prevailing on the day of processing, will be applied on crediting the funds to the customer’s account.
Charges
| Collection Arrangement | NRI (Individual) Customers | Domestic Individual Customers | Domestic Non-Individual Customers |
|---|---|---|---|
Instant Credit |
₹250 |
₹250 |
NA |
Cash Letter Arrangement (Credit in 8 Days) |
N/A |
0.50% (min ₹350, max ₹15,000) |
0.50% (min ₹350, max ₹30,000) |
Cash Letter Arrangement (Credit in 15 Days) |
N/A |
0.25% (min ₹50, max ₹15,000) |
0.25% (min ₹250, max ₹30,000) |
Final Credit Service |
N/A |
0.125% (min ₹250, max ₹15,000); Additionally: charges levied by Correspondent Bank in original currency |
0.125% (min ₹250, max ₹30,000) Additionally: charges levied by Correspondent Bank in original currency |
Direct Collection |
1. Courier charges of ₹400 2. Such other charges, as overseas bank may levy |
0.125% (min ₹250, max ₹15,000); Additionally: Courier charges of ₹400/- and such other charges, as the overseas bank may levy |
0.125% (min ₹250, max ₹30,000); Additionally: Courier charges of ₹400/- and such other charges, as the overseas bank may levy. |
Note: The charges are exclusive of any applicable statutory taxes such as Goods & Services Tax (GST). All percentage of charges stated above shall be applied on gross amount to be credited.
Goods & Services Tax (GST):
The applicable GST will be levied on the converted currency in accordance with the provisions of the GST Act.
Click here to know the slab wise GST structure.
The charges for clearing instruments favouring EEFC / RFC** will be as per schedule subject to minimum of following:
| Currency | USD | GBP | AUD | CAD | SGD |
| Charge | 8 | 4 | 8 | 9 | 13 |
**Exchange Earner Foreign Currency (EEFC) / Resident Foreign Currency (RFC)
The charges stated above will be charges in the currency of the account holder.
Charges on Return of Cheques by correspondent/clearing bank:
The following charges will be applicable
- Courier Charges: ₹400 (for cheques sent under Direct Collection)
- Correspondent Bank Charges: As debited by the correspondent bank
- Cheque Return Charges: ₹500 + applicable GST