ICICI Bank launches Smart Wire for inward remittances: How to use, key features
ICICI Bank has launched an online service to assist its customers in making SWIFT-based inward remittances more quickly and easily. The feature, known as "Smart Wire," enables inward remittance transactions to be completed electronically for both NRIs and resident customers. Customers can use the "Smart Wire" service by logging into the internet banking platform.ICICI Bank ‘Smart Wire’
The beneficiary can start a wire transfer request using this new facility, provide online declarations and documentation, lock in exchange rates in advance, and monitor the progress of the transaction. According to an ICICI Bank press release, “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.”
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. How it works?
Step 1: Login to Internet Banking >Go to ‘Payments & Transfer’ tab >Click on ‘Inward Remittance’ tab.
Step 2: Select the Account Number where funds are expected/to be credited and click on ‘Generate request’
Step 3: Select the appropriate mode of payment and provide the remittance details.
For NRI customers you can also place a request to book a deposit (FCNR/NRE/NRO)
Step 4: Fill up the declaration (if any) and generate the pre-filled wire transfer request form.
A pre-filled form along with the complete details will be sent to the Account holders registered e-mail ID.
Account holder has to share these details to the remitter for initiating the money transfer.
Step 5: Now remitter can instantly transfer the funds from overseas bank as per the pre-filled form.
This story originally appeared on: India Times - Author:Tax Cognition
