ICICI Bank Has launched an online service to help its customers create SWIFT-based inbound Remittance more quickly and easily. characteristic, known as “smart wireEnables inward remittance transactions for both NRIs and resident customers to be completed electronically. Customers can access the “Smart Wire” service by logging into the Internet Banking Platform.

ICICI Bank ‘Smart Wire’

The beneficiary can use this new facility to initiate wire transfer requests, provide online declarations and documents, lock exchange rates in advance and monitor the progress of transactions. As per ICICI Bank’s press release, “Through this facility, accurate information relating to the beneficiary, purpose of inward remittance and declaration, where necessary, is captured in advance and shared with the remitter immediately. It facilitates seamless processing of remittances and saves the time of the beneficiary who can use this facility for various purposes of remittances including family maintenance and savings, personal gift/financial assistance, NRE/NRO repatriation, salary, business and management consultancy. can use.

The salient features of the ‘Smart Wire’ feature are:

• online submission of details: Beneficiary can generate the pre-filled wire transfer request form online
• digital announcements: For seamless processing of transactions, the facility enables the beneficiary to submit the required details/declaration online while initiating the wire transaction.
• block exchange rates: The beneficiary can block the exchange rate for the required inward wire transfer. Deal booking facility in USD, EUR, GBP, AED, CAD, SGD and AUD. available for
• Online Tracking: Beneficiary can track the transaction online anytime and anywhere by logging into the Internet Banking Portal.
• email request to sender: Once the beneficiary initiates the remittance request, the sender gets the complete details of the wire transfer instantly through a system generated email.

how it works?

Step 1: Log in to Internet Banking > Go to ‘Payments and Transfer’ tab > Click on ‘Inward Remittance’ tab.

Step 2: Select the account number where the money is expected/deposited and click on ‘Generate Request’.

Step 3: Choose the appropriate mode of payment and provide the remittance details.

For NRI Customer you can also request to book deposit (FCNR/NRE/NRO)

Step 4: Fill the declaration (if any) and generate the pre-filled wire transfer request form.

A pre-filled form with complete details will be sent to the registered e-mail ID of the account holders.

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

Step 5: Now the remitter can transfer funds from the foreign bank instantly as per the pre-filled form.