ICICI Bank launches ‘Smart Wire’, an easy online solution for inward remittances – Times of India
ICICI Bank has announced the launch of an online solution to help its customers carry out SWIFT-based (Society for Worldwide Interbank Financial Telecommunications) 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 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, says ICICI bank.
The bank claims that through this facility, accurate information related to the beneficiary, purpose of the inward remittance and declaration, wherever required, are captured in advance and shared with the remitter instantly. As per ICICI bank, this would save time of 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.
The 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, says ICICI bank.
The bank claims that through this facility, accurate information related to the beneficiary, purpose of the inward remittance and declaration, wherever required, are captured in advance and shared with the remitter instantly. As per ICICI bank, this would save time of 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.
ICICI Bank’s Smart Wire: Key features
Here are the key features of Smart Wire:
- Online submission of details: The beneficiary can generate 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 wire transaction ∙ Block exchange rates: The beneficiary can block 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
- Email request to remitter: Once the beneficiary initiates the remittance request, the remitter gets complete details of the wire transfer immediately via system generated email
Customers can avail the ‘Smart Wire’ facility by logging into the internet banking platform.
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