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.
Bank Maha Pack includes Live Batches, Test Series, Video Lectures & eBooks
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.