IFSC Codes
Everything you need to know about IFSC codes for your online money transfers to India
What is an IFSC code?
Since these numbers are also used in electronic wire transfers, you want to be sure you have the correct number. Each branch receives a unique code, so make sure you haven’t grabbed the code from a different branch than the one you bank at by mistake.
How to read an IFSC code
The 11-character IFSC code is made up of the following:
4-letter institution code
Placeholder 0 (fifth character)
6-digit branch code
XXXX -
0 -
XXXXXX
The easiest way to do this is to look at the bottom of your check. The IFSC code is listed next to your account number. You can also find it on your bank account statement. You cannot find the code by looking at your account number alone.
Importance of IFSC Code
IFSC codes are very important if you are sending money to or from India since they denote the specific banking branch where your money is being sent to or from. You cannot transfer money to India without this code because you will be unable to specify where the account you are sending money to is located. Luckily these numbers are pretty easy to find.
Where can you find an IFSC code?
You can typically find the IFSC code for the Indian bank involved in your electronic wire transfer by looking at your checks or bank statements. If you do not have these materials on hand you can search an online IFSC directory or contact your banking branch directly. Since they are required for money transfers and banking in India, these numbers are not difficult to find.
What happens if IFSC code is wrong
If you enter the wrong IFSC code then your money transfer will likely not be completed. The money is typically transferred back to the sender and the transfer is cancelled, although you may not be able to recoup fees associated with the transfer. In some uncommon instances the money is debited to the wrong account, and the process to recover the funds is difficult and lengthy. Make sure you double check your IFSC before initiating a transfer.
Can I transfer money without IFSC code?
You cannot transfer money to, from or within India without an IFSC code. This would be the same as trying to mail a letter without a postal code – it will almost certainly not arrive in your intended destination. You need the name of the account holder you are transferring money to, their account number and the IFSC code of their banking branch in order to electronically wire funds.
Where to use IFSC Code in Remitbee platform
If you initiate a money transfer to India, Remitbee will prompt you to enter all of the information necessary to complete the money transfer, including the IFSC number.
What does IFSC mean?
IFSC stands for Indian Financial System Code.
How can I find IFSC code?
You can typically find this code on your checks or other banking material. If you don’t have anything on hand, you can use search tools online that hold directories of the different IFSC codes for Indian banks, or you can contact your branch directly.
What happens if I use wrong IFSC code?
In most cases the transfer will fail and the funds will be returned to your account. Uncommonly, the funds are transferred to the wrong account and are difficult to get back. Because of this, try to double check that you have the correct code before you initiate your transfer.
How can I get IFSC code from account number?
The easiest way to do this is to look at the bottom of your check. The IFSC code is listed next to your account number. You can also find it on your bank account statement. You cannot find the code by looking at your account number alone.
How many digits are there in IFSC code?
There are 11 digits in an IFSC code.
Why IFSC code is important?
This code is important because it denotes the banking branch that will be involved in a wire transfer. Using the wrong one would be like mailing a letter to an address with the wrong postal code.
Is IFSC code required for international money transfer?
Yes, an IFSC code is required to transfer money to, from or within India.
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