ICICI Bank offers a variety of debit cards to meet different customer needs. Most of the ICICI debit cards are accepted globally, allowing for easy online shopping and international transactions. However, these transactions are subject to charges as per the bank’s schedule. A fee of 3.5% of the transaction amount plus GST is charged as mark-up charges on foreign currency transactions. Let’s explore all the details related to ICICI Debit Card charges for international transactions.
Table of contents
ICICI Debit Card Charges
Similar to the SBI Platinum International Debit Card, ICICI Bank’s debit cards have fees for international transactions that are structured to offer convenience, security, and transparency. Most of these cards have charges that typically include foreign currency transaction fees, ATM usage charges outside India, and exchange rate fluctuations.
Understanding these fees can help you manage your international expenses more effectively, especially when using your debit card while travelling or making purchases from global merchants. Here are some key charges for international usage-
- Foreign Currency Transaction Fees: ICICI Bank charges 3.5% of the transaction amount, plus applicable taxes, for purchases in foreign currencies, covering currency conversion and related expenses.
- ATM Usage Outside India:
– ATM Withdrawals: Fees range from INR 100 to INR 250 per transaction.
– Balance Inquiry: Charges around INR 25 to INR 50.
– Additional Fees: If the ATM provider charges extra fees, those will be passed on to you. - Exchange Rate & Conversion Fees: ICICI Bank uses the VISA/MasterCard exchange rate for foreign currency transactions, with possible conversion fees of INR.
- Other Charges: Additional transaction fees may apply at specific locations (e.g., railway stations, petrol pumps) and for cash withdrawals from non-ICICI Bank ATMs.
Also Read: Check here all the details of ICICI Bank education loan to study abroad. Know the interest rate, eligibility and application process.
ICICI Debit Card Charges for International Transactions
ICICI Bank allows its debit cardholders to use their cards for international transactions, but specific charges apply. This includes a mark-up fee that applies to all foreign currency transactions, including purchases and ATM withdrawals. The charges apply to both fee and non-fee debit cards.
| Charge Type | Fee |
| Mark-up Charges on Foreign Currency Transactions | 3.5% of the transaction amount + GST |
| ATM Cash Withdrawal Fee Abroad | INR 125 + GST |
| ATM Balance Enquiry Fee Abroad | INR 25 + GST per enquiry |
| Dynamic Currency Conversion (DCC) Fee | 1% mark-up fee + GST for DCC transactions (effective from 15 March 2024) |
| Card Replacement Fee (if lost/stolen) | INR 200 per instance |
| Redemption Handling Fee | INR 99 for catalogue-based redemption; INR 25 for online/in-store redemption at partner brands |
| Processing Fee for EMI on Debit Card | INR 199 + applicable GST |
| Cash Payment at Branches for EMI on Debit Card | INR 100 per instance |
| Foreclosure Charges for EMI on Debit Card | 3% of the outstanding principal + GST |
How to Avoid 3.5% Mark-up Fee on ICICI Debit Cards?
To avoid the 3.5% mark-up fee on foreign currency transactions when using your debit card, consider the following strategies-
- Pay in Local Currency: Always opt to pay in the local currency instead of your home currency when making purchases abroad. This helps you avoid Dynamic Currency Conversion fees imposed by merchants, ensuring you receive a more favourable exchange rate.
- Use a Card with Low or No Forex Fees: Research and select a debit or credit card that offers low or zero foreign transaction fees. Many zero Forex markup credit cards cater to travellers and provide better terms for international transactions.
- Prepaid Travel Cards: Consider using a prepaid travel card loaded with the local currency of your destination. These cards often have lower fees compared to traditional debit or credit cards. International students can use an ICICI Forex card at lower charges.
- Monitor Exchange Rates: Keep an eye on ICICI currency exchange rates and market rates. Consider making purchases when rates are favourable to minimize the impact of conversion fees.
- Notify Your Bank: Inform your bank about your travel plans to prevent transactions from being flagged as suspicious, which can lead to declined payments and additional fees.
Also Read: Check here all about ICICI Bank Personal Loan. Know the interest rates, eligibility, and documents and know how to apply for the loan.
Important Terms and Conditions
Please note that GST charges will be applicable over and above the fees mentioned for international transactions. These charges apply to both Fee Debit Cards and Non-Fee Debit Cards.
- Joining and Annual Fees for Fee Debit Cards: The joining and annual fees for Fee Debit Cards will be levied as per the specific terms and conditions of those cards.
- Annual Fees for Non-Fee Debit Cards: The annual fees for Non-Fee Debit Cards will be charged in accordance with the terms and conditions of your Savings/Current account.
This was all about the ICICI Bank Debit Card charges for International transactions. The fees for foreign currency transactions, ATM withdrawals abroad, and currency conversion are designed to cover the costs of international banking services.
By understanding these charges, you can plan your international spending more effectively and avoid surprises when using your ICICI Bank debit card abroad. For any questions, you can drop your comments or visit the bank’s official website for the latest updates. Check out some of the FAQs below for more information.
FAQS on ICICI Bank Debit Card Charges on International Transactions
The mark-up fee for foreign currency transactions using an ICICI debit card is 3.5% of the transaction amount, plus applicable GST.
For ATM withdrawals outside India, ICICI Bank charges INR 125 plus GST and a 3.5% currency conversion fee on the transaction amount.
Yes, ICICI Bank charges INR 25 for each balance inquiry made at ATMs outside India.
If your ICICI debit card is lost or stolen, the replacement fee is INR 200 per instance.
Starting March 15, 2024, a mark-up fee of 1% plus GST will apply to all DCC transactions initiated with ICICI debit cards.
To avoid the mark-up fee, pay in the local currency instead of INR when making purchases abroad.
The processing fee for EMI on an ICICI debit card is INR 199, plus applicable GST.
Yes, fuel surcharge waivers apply when using an ICICI debit card at select government petrol pumps on ICICI Bank terminals.
If you exceed your daily withdrawal limit, additional fees may apply, and your transaction may be declined based on bank policies.
Yes, all charges mentioned apply to both fee and non-fee ICICI Bank debit cards.
To learn more about education loans, the best bank accounts for students, forex, banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
Follow Us on Social Media
