ICICI Bank launches Smart Wire, an online solution for money transfers

ICICI Bank has announced the launch of an online solution to help its customers make SWIFT-based remittances in a faster and hassle-free way.

The Smart Wire facility allows both NRIs and resident customers to conduct overseas remittance transactions in an online and paperless manner. ICICI Bank is the first bank in the country to introduce this faster online solution for receiving wire transfers.

The industry’s first facility that allows beneficiaries to initiate bank transfer requests, submit declarations/documents online, pre-block exchange rates and track the status of transactions. Through this facility, accurate information regarding the beneficiary, the purpose of the remittance and the declaration, if required, is collected in advance and shared with the sender immediately. This facilitates seamless remittance processing and saves the time of the beneficiaries, who can use the medium for various remittance purposes including maintaining and saving money. family savings, personal gifts/financial assistance, NRE/NRO repatriation, salary advice, business and management.

Sriram H. Iyer, Head of International Banking Division, ICICI Bank said, “We, at ICICI Bank, are committed to providing enhanced convenience to our customers through innovative products and services with innovative products and services. the fastest possible speed, with the highest level of security. With the launch of our ‘Smart Wire’ facility, which is an industry first, we are offering NRI and its resident customers a unique combination of speed and experience. rich in cross-border transactions. We believe this new facility will make it convenient for our customers to transfer money quickly and without hassle. “

The main features of the ‘Smart Wire’ facility are:

· Online submission of details: Beneficiaries can create a pre-filled bank transfer request form online

· Digital Declaration: For seamless transaction processing, this facility allows the beneficiary to submit the requested details/declaration online while initiating the transaction electronically

Exchange Rate Blocking: Beneficiaries can block exchange rates for expected domestic bank transfers. Negotiable booking facility available for USD, EUR, GBP, AED, CAD, SGD and AUD

Online Tracking: Beneficiaries can also track online transactions by logging into the online banking portal anytime and anywhere

· Remitter Request Email: Once the beneficiary initiates a remittance request, the sender will receive the full details of the transfer instantly through the email generated by the system

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

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