4-letter institution code
Placeholder 0 (fifth character)
6-digit branch 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.
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.
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.
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.
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.
IFSC stands for Indian Financial System 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.
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.
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.
There are 11 digits in an IFSC code.
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.
Yes, an IFSC code is required to transfer money to, from or within India.
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