Originated From

Liked this question? Tell your friends about it

3 Answers

Order by
Oldest to Newest
Newest to Oldest

In India, each bank account don’t have an IBAN number. Instead Indian banks work with other European Banks for the money transfer through IBAN system. For example, ICICI bank works with JP MORGAN CHASE to transfer money from Europe to an Indian ICICI bank account.

The IBAN was developed to make the transactions easier within the European Union but the customers especially individuals and SMEs (small and medium enterprises) often get confused with the differing national standards for bank accounts. The IBAN has not been widely accepted outside Europe and so it is not yet used for routing purpose. According to the European Central Bank’s expectations the adoption may take up to ten years and so it remains necessary to follow the current Bank Identifier Code system (called BIC) or SWIFT code in conjunction with the BBAN or IBAN.

Related Questions

Other people asked questions on similar topics, check out the answers they received:

Asked: Swift code

What is pnb swift code,and when should i use it?

Asked: IBAN

I have my IBAN number to which I want to transfer money, Do I also need the the swift code of that bank?

Asked: What if my bank does not have a IBAN format but it ...

what if my bank does not have a IBAN format but it has a swift code

Ask a Question... We'll forward it to people who know