India’s ICICI Bank Introduces “Smart Wire,” an Online Solution for Remittances

ICICI Bank recently announced the launch of an online solution “to help its customers carry out SWIFT based inward remittances in a faster and hassle-free manner.”

Named, ‘Smart Wire’, the facility allows both NRIs and resident customers “to undertake inward remittance transactions in an online and paperless way.” ICICI Bank is reportedly the first bank in the country “to introduce this faster online solution to receive inward wire remittances.”

The industry-first facility “enables the beneficiary to initiate the wire transfer request, submit online declaration / documents, block the exchange rates in advance and track the status of the transaction.” Through this facility, accurate information related to the beneficiary, purpose of the inward remittance and declaration, where required, are “captured in advance and shared with the remitter instantly.”

This facilitates seamless processing of the remittance and “saves time of the beneficiary who can use this facility for various purposes of remittances including family maintenance and savings, personal gift / financial support, NRE/ NRO repatriation, salary, business and management consultancy.”

Mr. Sriram H. Iyer, Head – International Banking Group, ICICI Bank said:

“We, at ICICI Bank, are committed to offer enhanced convenience to our customers through innovative products and services at the fastest possible speed, with the highest level of security. With the launch of ‘Smart Wire’ facility, which is an industry-first initiative, we are offering our NRI and resident customers a unique combination of speed and an enriched experience of executing a cross-border transaction. We believe this new facility will help our customers to conveniently carry out quick and hassle-free money transfers.”

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

  • Online submission of details: The beneficiary can generate pre-filled wire transfer request form online
  • Digital declarations: For seamless processing of the transaction, the facility enables beneficiary to submit required details/declarations online while initiating wire transaction
  • Block exchange rates: The beneficiary can block exchange rate for the expected inward wire transfer. The deal booking facility is available for USD, EUR, GBP, AED, CAD, SGD and AUD
  • Online tracking: The beneficiary can also track the transactions online by logging in internet banking portal anytime and anywhere
  • Email request to remitter: Once the beneficiary initiates the remittance request, the remitter gets complete details of the wire transfer immediately via system generated email

Customers can avail the ‘Smart Wire’ facility “by logging into internet banking platform.”

As covered, ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) claims it is “a leading private sector bank in India.” The Bank’s total assets “stood at ₹ 14,15,581 crore at June 30, 2022.”

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