Originated From
QueryCAT

Liked this question? Tell your friends about it

3 Answers

Order by
Oldest to Newest
Newest to Oldest
Votes

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: Bank account

I gave the wrong routing number on my applcation how do i go about changing it

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

More Questions

Swift/BIC Code

about all swift codes of countries and banks visit on http://swiftcodes-toneyahuja.blogspot.com/

Which bank in UAE has best plans on home mortgage?

A couple of month ago, I was in a similar situation, browsing the web and visiting banks, looking for a mortgage in UAE. I’m a salaried employee though even if you are self-employed, I would suggest checking out Emirates NBD bank because they offer loans up to 70 salary multiples. The loan tenor ...

Wat is de BIC code van de Citibank Namur??? in Belgium

It can be found at http://www.swiftcodesinfo.com/swift-code/index.php