ICICI Bank has launched 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, 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.