ICICI Bank has launched Smart Wire, an online solution to help its customers carry out SWIFT-based inward remittances in a faster and hassle-free manner. The bank said that the Smart Wire facility will allow both NRIs and resident customers to undertake inward remittance transactions in an online and paperless way.

Smart Wire 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.

The bank said that Smart Wire 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.

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“With the launch of 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,” said Sriram H. Iyer, Head-International Banking Group, ICICI Bank.

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Key Features

  • 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
  • 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

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The ‘Smart Wire’ facility can be availed by logging into ICICI bank’s internet banking platform.