ICICI Bank to Offer Instant Facility for Cross-Border Inward Remittances

ICICI Bank has tied up with SWIFT to offer instant facility for cross-border inward remittances as per the press release on 2nd June 2021. This facility aids in helping the overseas partner banks to instantly send remittances on behalf of their customers to the Indian beneficiaries. 

Let us have a look at the key benefits from ICICI Bank’s cross-border remittance inward facility.

• This  facility makes ICICI Bank the first Bank in Asia-Pacific and second globally to provide the service called ‘SWIFT gpi Instant’
• Amount over Rs. 2 lakh can be sent to help the overseas partner banks and make a reliable and instant cross border remittances
• With this facility, from the industry practice of at least a few hours turnaround time can be significantly reduced
• This service is available 24×7 and 365 days
• The SWIFT gpi platform also provides the end-to-end tracking of payments
• Non-resident Indians can visit their Bank overseas and can initiate remittance transaction through ‘SWIFT gpi Instant’
• There’s a complete clarity on chargers for the sender as all the details regarding e-charges are levied by the intermediary bank on ‘SWIFT gpi’ platform