To conduct financial transactions, each bank branch in India is given a unique 11-digit identifier known as an IFSC code (Indian Financial System Code). The money transfer will most likely fail if the incorrect IFSC code is entered. The transfer is normally reversed, and the money is returned to the sender, albeit any expenses incurred may not be refunded.
But many people wonder whether they can transmit money without an IFSC code. So, let’s find out.
See also: Does the IFSC code depend on the branch?
IFSC code: Importance
When transferring funds to or from an Indian bank, knowing the IFSC code for that bank’s branch is crucial. With this code, you will be able to identify the exact location of the receiving account, making it possible to transfer payments.
Where can one look for an IFSC code?
Checking your cheques or bank statements should provide the IFSC code for the bank engaged in your electronic money transfer. If you do not have these credentials on hand, you may check an online IFSC database or directly call your bank office.
Can we send money without IFSC code?
Without the IFSC code, money transfers in and out of India are impossible. It’s the equivalent of attempting to send a letter via the mail without a postal code; the message never reaches its destination. You’ll need the recipient’s full name, account number, and the bank’s unique IFSC code to send money by electronic wire transfer.
FAQs
Is an IFSC code necessary to send money?
The IFSC Code is meant to identify the bank and branch where the recipient account is kept, which is required when initiating a bank transfer. Consequently, the IFSC is required for various bank transactions, including NEFT and RTGS.
Is an IFSC code required to send money to India?
When working with a money transfer service to send funds to India, you'll need to provide the IFSC code, SWIFT code and the recipient's account number.
