ICICI Bank launched ‘Smart Wire’ facility

ICICI Bank launched the ‘Smart Wire’ facility: To assist customers with SWIFT-based(Society for Worldwide Interbank Financial Telecommunications) inward remittances in a faster and easier manner ICICI Bank has launched “Smart Wire”. Now, ICICI Bank has become the first bank in the country to come up with such a unique solution. The facility of Smart Wire will be beneficial to both the local customers as well as the NRIs to undertake inward remittance transactions in an online and paperless way. In this article, we have provided complete details along with the key features of the Smart Wire Facility.

ICICI Bank launched the ‘Smart Wire’ facility

ICICI Bank has inaugurated Smart Wire Facility for its customers. Through this facility, customers can start wire transfer requests, submit their documents or declarations online, block the exchange rates in advance, and can make a track record of the transactions done. The beneficiaries can use this facility for several purposes of remittances that comprise the maintenance of the family, savings, personal gifts, financial support, salary, business, management consultancy, and NRE or NRO repatriation. All the precise detail regarding the beneficiary, the purpose of the inward remittance, and the declaration are apprehended in advance and shared with the remitter instantly whenever required. The step taken by the ICICI Bank is the first kind of initiative in the industry through which the customers will be able to perform cross-border transaction quickly and without any problem.

Smart Wire Facility: Key Features

The key features of Smart Wire Facility are as follows:

• A pre-filled wire transfer request form online can be produced by the beneficiary.
• While starting a wire transaction the beneficiary can submit the required details or declarations online which will be necessary for seamless processing of the transaction.
• For the expected inward wire transfer the exchange rates can be blocked by the beneficiary. The deal booking facility is available for USD, EUR, GBP, AED, CAD, SGD, and AUD.
• By logging in the internet banking portal anytime and anywhere the online transactions can also be tracked by the beneficiaries.
• As soon as the remittance request is commenced by the beneficiary at that time itself the remitter gets complete details of the wire transfer  through system-generated email.

ICICI Bank:

ICICI Bank is a multinational bank and financial services company of India.

CEO: Sandeep Bakhshi

Headquarters: Vadodara

Established In: 1994

Founder: Industrial Credit and Investment Corporation of India

Revenue: 1300 Crores USD

Subsidiaries: ICICI Lombard, ICICI Prudential Life, ICICI Securities, ICICI Home Finance Company, etc.

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