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How Inward Remittance works

  • Step 1 – Remitter request for remittance with its Remitting Bank
  • Step 2 – Remitting Bank gives instructions to its correspondent NOSTRO bank to transfer the amount
  • Step 3 – Remitting Bank’s NOSTRO correspondent further request ICICI Bank’s NOSTRO correspondent to transfer the remittance amount
  • Step 4 – ICICI Bank’s NOSTRO correspondent further credits the amounts to beneficiary bank i.e. ICICI Bank
  • Step 5 – Beneficiary bank (i.e. ICICI Bank) credits amount to customer’s account post stating purpose of remittance