- First bank in India to offer seamless online service for cross-border remittance
- The beneficiary can initiate inward remittance requests online
- It also offers the benefit of blocking the exchange rates in advance
Mumbai: ICICI Bank today announced the launch of an online solution to help its customers carry out SWIFT-based inward remittances in a faster and hassle-free manner. Named, ‘Smart Wire’, the facility allows both NRIs and resident customers to undertake inward remittance transactions in an online and paperless way. ICICI Bank is the first bank in the country to introduce this faster online solution to receive inward wire remittances.
The industry-first facility enables the beneficiary to initiate the wire transfer request, submit online declaration/documents, block the exchange rates in advance and track the status of the transaction. Through this facility, accurate information related to the beneficiary, the purpose of the inward remittance, and declaration, where required, are captured in advance and shared with the remitter instantly. This facilitates seamless processing of the remittance and saves time for the beneficiary who can use this facility for various purposes of remittances including family maintenance and savings, personal gift/financial support, NRE/NRO repatriation, salary, business, and management consultancy.
Speaking on the initiative, Mr. Sriram H. Iyer, Head – of the International Banking Group, at ICICI Bank said, “We, at ICICI Bank, are committed to offering enhanced convenience to our customers through innovative products and services at the fastest possible speed, with the highest level of security. With the launch of the ‘smart Wire’ facility, which is an industry-first initiative, we are offering our NRI and resident customers a unique combination of speed and an enriched experience of executing a cross-border transaction. We believe this new facility will help our customers to conveniently carry out quick and hassle-free money transfers.”
The key features of the ‘Smart Wire’ facility are:
- Online submission of details: The beneficiary can generate a pre-filled wire transfer request form online
- Digital declarations: For seamless processing of the transaction, the facility enables the beneficiary to submit required details/declarations online while initiating a wire transaction
- Block exchange rates: The beneficiary can block the exchange rate for the expected inward wire transfer. The deal booking facility is available for USD, EUR, GBP, AED, CAD, SGD, and AUD
- Online tracking: The beneficiary can also track the transactions online by logging in internet banking portal anytime and anywhere
