ICICI Bank launches Smart Wire for inward remittances: How to use, key features

ICICI Bank has launched a web-based service to help its prospects in making SWIFT-based inward remittances extra rapidly and simply. The function, referred to as “Smart Wire,” permits inward remittance transactions to be accomplished electronically for each NRIs and resident prospects. Customers can use the “Smart Wire” service by logging into the web banking platform.

ICICI Bank ‘Smart Wire’

The beneficiary can begin a wire switch request utilizing this new facility, present on-line declarations and documentation, lock in alternate charges prematurely, and monitor the progress of the transaction. According to an ICICI Bank press launch, “Through this facility, accurate information related to the beneficiary, 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 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.”

Key features of the ‘Smart Wire’ facility are:

  • Online submission of particulars: The beneficiary can generate pre-filled wire switch request type on-line
  • Digital declarations: For seamless processing of the transaction, the ability permits beneficiary to submit required particulars/declarations on-line whereas initiating wire transaction
  • Block alternate charges: The beneficiary can block alternate charge for the anticipated inward wire switch. The deal reserving facility is out there for USD, EUR, GBP, AED, CAD, SGD and AUD
  • Online monitoring: The beneficiary may observe the transactions on-line by logging in web banking portal anytime and anyplace.
  • Email request to remitter: Once the beneficiary initiates the remittance request, the remitter will get full particulars of the wire switch instantly by way of system generated electronic mail.

How it really works?

Step 1: Login to Internet Banking >Go to ‘Payments & Transfer’ tab >Click on ‘Inward Remittance’ tab.

Step 2: Select the Account Number the place funds are anticipated/to be credited and click on on ‘Generate request’

Step 3: Select the suitable mode of cost and supply the remittance particulars.

For NRI prospects you may as well place a request to e book a deposit (FCNR/NRE/NRO)

Step 4: Fill up the declaration (if any) and generate the pre-filled wire switch request type.

A pre-filled type together with the entire particulars shall be despatched to the Account holders registered e-mail ID.

Account holder has to share these particulars to the remitter for initiating the cash switch.

Step 5: Now remitter can immediately switch the funds from abroad financial institution as per the pre-filled type.

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