International Bank Account Number (IBAN) is another name for the SWIFT code in India. Overall this number is visible in front of any foreign account number in the country. This code is different for every other bank.
What Is The IBAN Number Of A Bank?
IBAN is a term in the banking sector that stands for International Bank Account Number. IBAN number helps in the identification of bank accounts of other countries.
Through IBAN, it is much easier to transfer money abroad. If you need to receive payment from another country, you need to have an Iban number. India uses SWIFT code in place of IBAN number for overseas transactions.
What Is The IBAN Number For HDFC Bank?
For finding your International Bank Account Number (IBAN) and the Bank Identifier Code (BIC) or SWIFT for HDFC bank, you can search on your bank statement or in online banking by login into your account. The SWIFT code of HDFC bank is HDFCINBB.
How To Find IBAN Number Of HDFC Bank?
The IBAN number or SWIFT code consists of 5 to 24 alphanumeric letters and numbers. You can also contact the HDFC bank branch to find the IBAN number or SWIFT code. For example, the IBAN numerals format is mentioned below.
- The two letters are in the front of the country code.
- Then the two digits of your cheque number.
- Now, after the cheque number, it is the code of the bank.
- After that, the sort code and then your account number.
Is The IBAN Number Same As The IFSC Code?
No, IBAN Number is not the same number as the IFSC code. Generally, the IFSC code is a number consisting of 11-digits. In contrast, the IBAN number consists of alphabets and numeric characters of 34 characters.
Does India Have An IBAN Number?
In India, we have IFSC (Indian Financial System Code) for transfers that are domestic. IFSC is a unique code to identify bank branches throughout the country.
When making money transfers over the Internet via RTGS, NEFT, or IMPS, you will need the IFSC code. You can find the IFSC code on the cheque book of your bank account.
For transferring money on an international level, we use a bank identification code called the SWIFT (Society for Worldwide Interbank Financial Telecommunications) code. As mentioned above, the SWIFT code can help in recognizing the location of the payee bank’s account.
Is Swift Code And IBAN Number Same?
The SWIFT and IBAN codes are the standards and international codes that are recognized codes and are important for doing any international transfer.
The Swift Code can easily identify a bank when the transfer process is in progress, while the IBAN helps identify each account associated with the bank for internal money transfers.
They both are important for money transfer and play an important role in managing the internal financial markets. IBAN specifically checks if the transfer details are correct or not.
It consists of a two-digit country code, a number followed by an alphanumeric letter. Most countries in the European Union use IBAN to verify international shipments.
Most internal money transfers that are made worldwide use the SWIFT code. It acts as a messaging system that allows banks to share financial information, including the status of accounts, debits, and loans.
It is necessary to enter the IBAN and Swift Code for international money transfers.
Do All Banks Have IBAN Numbers?
All of the countries have not adopted IBANs for their international payment charges.
Although many European countries use an IBAN number to send money overseas, for now, India is not using this system.
The length of the IBAN number can differ from country to country, depending on the length of the 34 characters. Banks in many countries use other methods to send international money.
Is IBAN The Same As An Account Number?
An IBAN number is different from a regular customer account number. There are two characters at the starting of the IBAN number, which indicates the country code where the account is located.
Then there are two digits in the 3rd and 4th positions of the IBAN, which represents the verification number. After the verification numbers, there are three digits that identify the bank account of the beneficiary. The IBAN account number has a length of 23 characters.
On the other hand, a regular account number represents a specific bank account consisting of unique numbers.
If one person has a different bank account in the same bank, then each bank account number will be unique. For making domestic transfers and then getting its information, an account number is important.
Final Thoughts
IBAN stands for the International Bank Account Number. It is different from the regular bank account number and the IFSC code.
For every bank, there is a different IBAN number. In India, we use the SWIFT code instead of the IBAN number. This number shows any foreign bank account in the banks.
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