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‘Smart Wire Service’ introduced by ICICI Bank introduced

Smart Wire service: ICICI Bank has introduced Smart Wire service, a novel approach to make SWIFT-based inward remittances easier and faster for its customers. According to ICICI Bank, the first bank in the nation to introduce such a service, the Smart Wire Service will enable both NRIs and local clients to conduct inward remittance transactions electronically and without the use of paper.

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Smart Wire Service by ICICI Bank: Key Points

  • The beneficiary can request a wire transfer, make online declarations or papers, pre-block exchange rates, and monitor the progress of the transaction using the Smart Wire facility, according to the instructions.
  • One must sign in to ICICI Bank’s internet banking platform to use the service.
  • Through this capability, precise beneficiary information, the reason for the inward remittance, and a declaration, if necessary, are pre-captured and immediately shared with the remitter.
  • The beneficiary can utilise this facility for a variety of remittance purposes, such as family maintenance and savings, personal gift/financial support, NRE/NRO repatriation, salary, business, and management consulting, according to the bank, who listed the benefits of Smart Wire.

Smart Wire Service: Other Important Highlights:

  • Online information submission: A pre-filled wire transfer request form can be generated by the beneficiary online.
  • Digital declarations: The service enables the beneficiary to provide necessary information/declarations online while starting a wire transfer in order to ensure smooth transaction processing.
  • Exchange rates might be blocked by the beneficiary for the anticipated inward wire transfer.
  • Deals can be booked using the deal booking tool in USD, EUR, GBP, AED, CAD, SGD, and AUD.
  • Online tracking: The recipient can access the internet banking interface from any location to track the transactions online.
  • Email request to remitter: As soon as the beneficiary submits a remittance request, the remitter receives a system-generated email with all the relevant information about the wire transfer.

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