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The below content is purely for informational purposes and is not intended to constitute advisory of any kind. The position reflected in this article has been updated as of November 15, 2023.


Planning to move abroad for work, studies or relocation? Don't let banking and financial transactions hold you back. An international bank account or an overseas bank account is a secure and convenient way to conduct banking and financial transactions in the local currency of your destination country. Residents moving abroad on permanent residency or work/study visas (with a validity for more than six months), can open international bank accounts.


Benefits of opening an international bank account

An international bank account facilitates seamless banking in a foreign country by providing a variety of features and benefits which may include:

  • Account opening before you move overseas.

  • Ready to use contactless debit card and internet banking credentials before your travel.

  • Flexibility to deposit funds into your account up to permissible limits.

  • Transfer of funds to any bank in India or overseas.

  • Online bill payments, standing instructions, and direct debit facilities

  • Cash withdrawal from ATMs in the local currency of your destination country.

You can fund this account from your resident savings account before moving abroad. All credits to your international bank account from India should be made in accordance with the prevailing Foreign Exchange Management Act (FEMA) regulations and the outward remittance limits defined under the prevailing Liberalised Remittance Scheme (LRS) regulations.

What is LRS?

Under the prevailing LRS regulations, you can remit funds overseas up to USD 250,000 per Financial Year (April to March). This money can be sent for various reasons like travel, studies, or investments. Individuals can use this scheme; however, companies cannot use this scheme to send money abroad.

Types of overseas bank accounts 

Certain banks provide migrating students and young professionals from India the convenience of opening country-specific accounts digitally, while they are still in India.

For instance, ICICI Bank UK offers the advantage of opening Home Vantage Current Account  completely digitally and instantly using ICICI Bank UK iMobile Pay. You can open this account while you are still in India or from the UK. You also get access to internet banking, debit card, and mobile banking.

Open Hello Canada/UK account


Similarly, ICICI Bank Hello Canada offers students the convenience of opening a Canadian Dollar (CAD) account with ICICI Bank Canada along with a Non-Resident Indian (NRI) savings account with ICICI Bank in India.

Country-specific student accounts

Student GIC for Canada:

If you want to study in Canada, you must open a Guaranteed Investment Certificate (GIC) account with any bank in Canada. A GIC is a Canadian investment that has a guaranteed rate of return over a fixed term and provides proof of funds and can help to cover your educational and living expenses while studying in Canada.  The money from the account is released to you in instalments throughout your program. For instance, ICICI Bank Canada offers Student GIC account which gives the dual advantage of banking with ICICI Bank and leading banks in Canada (like RBC Royal Bank of Canada.


You can apply and open the account digitally and instantly, while you are still in India. Funds can be transferred from the student or parent’s account. Once your account is funded, you shall receive an ‘Investment Balance Confirmation’ (IBC) Certificate in a few hours after funding, which is to be used as proof of funds while applying for your student visa.


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Germany Blocked Account:

If you are considering studying in Germany, you must open a Germany-blocked account for your studies. This account is mandatory for a German visa. The funds you deposit into this account can be withdrawn in instalments once you are in Germany.


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These accounts are mandatory to obtain student visas for Canada and Germany respectively.

Opening an international bank account

You must get in touch with your bank in India to open your international bank account based on the destination you are moving to. Banks provide country-specific accounts maintained in your destination’s local currency.

You can choose to open your international bank account online by visiting your bank’s website and submitting the application form with the Know Your Customer (KYC) documents. Upon successful completion and verification of your application, your account will be opened.

Alternatively, you can visit your bank’s branch in India and submit the application form along with the self-attested photocopies of:

  • Valid Indian passport
  • Valid student visa/ work visa/permanent resident visa
  • Address proof: Aadhaar card
  • Letter from university confirming admission/letter from employer/confirmation of permanent residence

Post a successful account opening, the bank will deliver the welcome letter, debit card and internet banking details.

This is a typical process for opening an international bank account and may vary from bank to bank and country to country. Some banks may also require you to make an initial deposit to open the account.


As an individual who is relocating abroad on a long-term basis, opening an international bank account can be a wise decision. You can make transfers to other bank accounts, make deposits, and access funds in the local currency of your destination country. If you are making frequent international transactions, it helps you save money by avoiding high currency conversion fees. Many banks now offer the ability to open an international bank account online. You should consult your bank for more details.

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The contents of this article are meant solely for informational purposes. The same is generic in nature and is not intended to serve as a substitute for specific advice on any matter whatsoever. This information along with the applicable regulatory/statutory/ other norms is subject to updation, completion and verification from time to time. This information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to applicable laws or would subject ICICI Bank Limited/its affiliates to any licensing/registration requirements. ICICI Bank Limited/its affiliates and their representatives shall not be liable for any direct or indirect liability incurred in connection with decision(s) taken by any person on the basis of this content. Please conduct your own due diligence and consult your financial advisor before making any decision.