Does HDFC Bank Use IBAN Number? Learn What to Use Instead

Sending money to an HDFC Bank account from abroad can be confusing, especially when asked for an IBAN (International Bank Account Number). However, HDFC Bank does not operate with IBANs.

This commonly causes holdups or rejected wire transfers, which can frustrate the sender and receiver. Without correct information, there could be rejection or hold-up of funds, leading to trouble and unpredictability for the parties involved.

In this article, we will discuss alternative HDFC Bank processes for IBANs and the required details for smooth and safe receipt of international transfers.

• HDFC Bank does not use IBAN.  In India, we use a different system governed by the Reserve Bank of India (RBI) based on SWIFT codes and more specific account identifiers. Hence, HDFC utilizes SWIFT codes, account numbers, and branch details to facilitate international transactions. 

• To accept an international payment into an HDFC Bank account, we need the recipient’s full name, account number, SWIFT code (e.g., HDFCINBBXXX), bank branch address, and RBI-approved purpose code. Some currencies also need information about the intermediary or Nostro account details.

• International payments are done by HDFC Bank using SWIFT codes. The common code is HDFCINBBXXX, where 'HDFC' is the bank name, 'IN' is the country code for India, and the remaining characters show the branch. As every branch can have its own specific code, check the proper SWIFT code before making a transfer.

• Best practices for sending money to HDFC Bank include re-verifying the beneficiary details, making payments through secure modes like HDFC Net Banking, and knowing all the applicable charges. Add the correct SWIFT code and purpose code, and check if intermediary bank details are needed, based on the country of the sender.

The IBAN (International Bank Account Number) is a standardized numeric account number that is used to identify a precise bank account for cross-border transactions (money transfers between two countries with different currencies and banking networks).

IBAN enables faster, more accurate, and secure payments with reduced accounting identification errors.

Let’s see how it works:

1. The IBAN starts with a two-letter country code (e.g., for Finland, it is FI).

1. It is then succeeded by two check digits, assisting in verifying the IBAN.

1. The remainder is the Basic Bank Account Number (BBAN), comprised of the bank, branch, and account number details.

1. The length of an IBAN can vary for each country, with a maximum of 34 characters.

1. The banks utilize the IBAN to verify the correctness of the recipient’s details before transmitting international transfers.

For example, 

FI21 1234 5698 7654 3210

(FI = Country code, 21 = Check digits, rest = BBAN)

Note: HDFC Bank does not use IBANs.

No, HDFC Bank does not utilize the IBAN for online remittances, as India does not follow the IBAN system. IBANs are standard across Europe, Asia, and Africa, but India is the exception. 

HDFC Bank and other Indian banks instead use the following to help settle foreign payments:

• SWIFT/BIC code

• Account number, and

• Branch-wise details

For domestic transactions, HDFC Bank uses:

• IFSC code: It is an 11-digit numeric value used to identify specific bank branches for electronic fund transfers in India.

• NEFT (National Electronic Funds Transfer): NEFT is a national payment system that facilitates electronic funds transfer between Indian banks in half-hourly batches.

• RTGS (Real-Time Gross Settlement): It’s an Indian payment system that provides real-time settlement of high-value fund transfers between banks, which are settled individually and in real time.

Thus, the SWIFT code, branch location, and bank account number have to be filled in for international remittances.

India, including HDFC Bank, does not use the IBAN. International wire transfers into HDFC Bank, however, do require the SWIFT code, among other essential banking details such as personal and account-related information of both the sender and receiver. 

Here is a list of what details to be provided:

1. Recipient’s personal & account information

• Full legal name (as registered with HDFC Bank)
• Full home address with country and zip code
• HDFC Bank account number
• Kind of account (savings, current, NRE/N)

2. Bank information

• Bank name: HDFC Bank
• Full address of the receiving branch
• SWIFT/BIC code: HDFCINBBXXX (Mumbai HQ: HDFCINBB)
• Some international platforms still require an HDFC Bank IBAN number, but it's not mandatory.
• Nostro account number and SWIFT code

3. Transfer information

• Exact amount in currencies for transfer
• Purpose for remittance

4. Sender’s bank information

• Name, bank name, account number
• Bank's SWIFT code, if required for processing

When making international transfers with HDFC Bank, submit the branch’s SWIFT or BIC code to ensure the payment is made correctly. The SWIFT code format for HDFC Bank is:

HDFCINBBXXX

However, separate branches within HDFC Bank have different SWIFT codes. The SWIFT code can be subdivided into parts used to determine the bank, country, location, and branch. These components are:

1. HDFC - Bank code (HDFC Bank)

1. IN - India country code

1. BB - Office location code (Mumbai)

1. XXX - Branch code for specific branches

Due to a separate SWIFT code for each branch, the correct one must be identified for every branch.  

Some examples of branch-specific codes are:

• HDFCINBBAHM - Ahmedabad branch

• HDFCINBBHYD -Hyderabad branch

• HDFCINBBIDR - Indore branch

Note that only specific branches offer these facilities with SWIFT codes. You can cross-check if the branch you visit supports such transfers. 

Since India doesn't use the IBAN (International Bank Account Number) system, HDFC Bank receives foreign remittances primarily through the SWIFT network. 

Let’s look at how we can receive international payments with HDFC Bank:

Receive through SWIFT code (Standard procedure)

Provide the sender with your account number, name, bank and branch address, and SWIFT code of HDFC Bank, HDFCINBBXXX. You may also be asked to provide the Nostro account number and the purpose of the remittance.

Foreign exchange cheques or demand drafts

You can also deposit the foreign bank cheque or demand draft received from the sender into your HDFC account. It can take 10 to 30 days for clearance.

Transfer of NRE/NRO account without SWIFT

If you are an NRE or NRO account holder, you can make transfers to certain overseas banks without a SWIFT code through pre-linked correspondent banks.

The main difference between IBAN and SWIFT code is that IBAN identifies the bank account, while SWIFT code identifies the bank branch. Other differences are shown in the table below:

To make international transactions to an HDFC Bank account safe and smooth, here are some best practices to follow:

1. Choose the right transfer technique

Use secure and convenient options like HDFC Net Banking or the Mobile Banking App for SWIFT-based online transfers. For services such as FCNR deposits, use the customer ID in place of NRE/NRO account numbers. Foreign exchange demand drafts/money orders can also be considered.

2. Double-check all details

Make sure you give the right name, address, bank name, account number, and SWIFT code of the receiver. Enter the purpose code in the remittance form, so your application is not rejected or delayed. 

3. Understand fees

HDFC charges a commission (₹500 - ₹1,000), plus GST. Intermediary banks also charge a commission, so you end up with less. Compare HDFC exchange rates and fees with services like Wise for added value.

Keep yourself updated with the current remittance process of HDFC Bank, and, where possible, compare rates with other partners to get a better rate. To prevent delays and penalties, follow best practices, select the appropriate remittance route, utilize proper information, know the fees, and protect transactions.

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