ICICI Bank launches ‘Smart Wire’ facility: Key features and how it works | Techy Kings

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Mumbai: ICICI Bank today announced the launch of an online solution to help its customers execute SWIFT-based inward remittances faster and hassle-free. Named, ‘Smart Wire’, the facility enables both NRIs and resident customers to transact incoming remittances online and paperless.

ICICI Bank is the first bank in the country to introduce this faster online solution for receiving incoming remittances.

The industry-leading facility allows beneficiaries to initiate wire transfer requests, submit declarations / documents online, block exchange rates in advance and track transaction status. Through this facility, accurate information related to the recipient, the purpose of the incoming remittance and the declaration, if necessary, is captured in advance and shared with the sender instantly. This facilitates smooth processing of remittances and saves time for recipients who can use this facility for various purposes of remittances including family maintenance and savings, personal gifts / financial support, NRE/ NRO repatriation, salary, business and management consulting.

Speaking about the initiative, Sriram H. Iyer, Head – International Banking Group, ICICI Bank said, “We, at ICICI Bank, are committed to offer enhanced convenience to our customers through innovative products and services at the fastest speed, with the highest. security level. With the launch of the ‘Smart Wire’ facility, which is an industry-leading initiative, we offer our NRIs and resident customers a unique combination of speed and an enriched experience in executing cross-border transactions. We believe this new facility will help our customers make quick and hassle-free money transfers.”

Smart Wire’ convenience: Key features

  • Online submission of details: Beneficiaries can generate the completed wire transfer request form online
  • Digital declaration: For smooth transaction processing, this facility enables the beneficiary to submit the required details/declaration online while initiating the wire transaction
  • Block exchange rates: Recipients can block exchange rates for expected incoming wire transfers. Agreement booking facility is available for USD, EUR, GBP, AED, CAD, SGD and AUD
  • Online tracking: Beneficiaries can also track transactions online by logging into the internet banking portal anytime and anywhere
  • Email request to sender: Once the beneficiary initiates a remittance request, the sender gets the complete wire transfer details immediately via a system-generated email

Customers can use the ‘Smart Wire’ facility by logging into the internet banking platform.

ICICI Bank Smart Wire’ facility: How does it work?

  • Log in to Internet Banking Go to the ‘Payments & Transfers’ tab Click on the ‘Incoming Remittance’ tab.
  • Select the Account Number where the funds are expected/credited and click on ‘Generate request’
  • Select the appropriate payment method and provide remittance details.

-For NRI customers you can also make a request to book a deposit (FCNR/NRE/NRO)

  • Fill out the declaration (if applicable) and generate the previously filled wire transfer request form.

-The pre-filled form along with complete details will be sent to the registered email ID of the Account holder.

-The account holder needs to share these details with the sender to initiate the money transfer.

  • Now the sender can transfer funds from overseas banks immediately according to the form that has been filled.

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