Why get it from us?

  • Comprehensive offering 

    Handles inward and outward trade remittances for diverse business needs

  • Regulatory compliance 

    Guidance for RBI, FEMA, and international trade documentation requirements

  • Digital efficiency 

    End-to-end paperless process available for trade transactions across digital platforms

  • Expertise

    Professional relationship managers and support teams dedicated to your business

About

Comprehensive trade solutions

ICICI Bank handles both inward and outward trade remittances, supporting a wide range of import-export transactions with seamless fund movement and expert guidance for businesses.

Key features of inward trade remittances
  • Receive remittances in 24+ global currencies.
  • Correspondent banking partnerships worldwide.
  • Receive funds directly into your current/business account after submitting the required shipping and export documents.
  • Settle remittances digitally via Corporate Net Banking (CIB) or the Mobile application (INSTABIZ).
  • Receive Bank Inward Remittance certificate (BIRC) for compliance and regulatory needs.

How do inward trade remittances work?
  • Overseas Buyer requests remittance at their local bank.
  • The remitting bank channels the payment through its correspondent (NOSTRO) bank to ICICI Bank’s correspondent bank.
  • Funds are finally credited to exporter's account, subject to complete documentation stating the purpose of the remittance.

Features of outward trade remittances
  • Initiate remittances online via Corporate Internet Banking or Mobile application, or visit a branch.
  • Make remittance in 38+ global currencies
  • Make payments for imports and advance import payments worldwide.
  • Wide network of correspondent international banks for fast transfer.
  • Upload documents and regulatory acceptances directly online.

Key benefits of outward trade remittances
  • Competitive exchange rates and transparent fee structure.
  • Dedicated Relationship Managers for guidance.
  • Solutions for Letters of Credit, Buyer’s Credit, and Import Bill Collections.

FAQs

What is a trade remittance?

A trade remittance is a transfer of funds to or from India for the settlement of import or export transactions, payment for services, or other business-related cross-border dealings as per FEMA guidelines.

How do I initiate a trade remittance with ICICI Bank?

You can initiate trade remittances online through Corporate Internet Banking, InstaBIZ app, or by visiting your nearest ICICI Bank branch. Required transaction and beneficiary details, as well as supporting documents, must be submitted as per RBI norms. 

What documents are required for trade remittance transactions?

Generally, for imports, an invoice/ Purchase order/Contract, Bill of lading/ Airway bill, Bill of entry, a, and a purpose code are required. 

For exports: Export Invoice, Shipping Bill, Bill of Lading/Airway Bill, and purpose code. Additional documentation may be needed based on transaction nature or regulatory requirements. 

What is the usual credit time for inward trade remittances?

Funds for inward trade remittances are credited within 1 hour* of receiving the disposal instruction and required documents, subject to verification.

*for eligible transactions only 

What are Foreign Inward Remittance Certificate (FIRC) and Bank Inward Remittance Certificate (BIRC) and how can I obtain them?

FIRC is issued for inward remittances related to Foreign Direct Investments (FDI/FII) upon specific request. Whereas Bank Inward Remittance certificate (BIRC) is provided for export proceeds and other remittance scenarios. Exporters can request these documents from ICICI Bank for compliance and regulatory purposes. 

Where can I get wire transfer details for receiving inward remittance?

 Please click here to generate Wire Transfer information to the overseas remitter

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