SWIFT code HDFC bank
SWIFT is one the fastest and most secure modes of transmission of financial messages between Banks and Institutions.
Banks provides this service to their customers for the transfer of foreign currency funds to anywhere in the world for all eligible outward remittances and also direct all the eligible Foreign Currency Inward remittance to customers’ account in the shortest possible time. This is also the cheapest mode of fund transfer.
In this article, We are going to discuss about SWIFT code, Purpos, Features, Format, and a Full list of HDFC Swift Codes.
Let’s get started with Swift code HDFC Bank..!!
1. What is the Full form of SWIFT?
The Full form of SWIFT is the Society for Worldwide Inter-bank Financial Telecommunication Code.
2. What is SWIFT code in India?
SWIFT code, also known as a Bank Identifier Code (BIC) used for International funds transfers.
It is a standard format code that uniquely identifies a particular bank worldwide. SWIFT codes are essential for secure and efficient cross-border transactions.
Whenever you make International transfers from India, you will be asked for a Swift Code and Bank account details.
Each and Every bank will be identified separately with this Swift Code.
3. What is the Purpose and features of Swift Code?
SWIFT code is generally used for International fund transfers.
For Example, If a person residing in the United States of America and wants to send money to their family members residing in Mumbai. Transferring money from the USA to India will become an International fund transfer and it can be completed using the SWIFT Code.
The key features of Swift Code are as follows:
1. The SWIFT code can have either 8 or 11 characters.
For instance, an 8-character SWIFT code looks like this: ABCDUS33. On the other hand, an 11-character SWIFT code with a branch extension would look like this: ABCDUS33XYZ.
2. The first four characters of the SWIFT code indicate the bank’s name. The following two characters indicate the country, and the last two characters identify the location of the bank’s primary office or headquarters.
3. In some cases, a three-character extension (XXX) can be added to specify a particular branch of the bank.
4. Format of SWIFT Code
The Swift Code Format is as follows:
1. Bank Code: First four letters of “HDFC”, represent your Bank Name, that too in short form.
2. Country Code: The next two characters of “IN” represent the country in which the bank is located.
3. Location code: The next 2 characters of “BB”, can be anything either characters/numbers. It represents your Bank headquarters / Main office location.
4. Branch code: Last 3 digits will also identify your bank branch.
5. How do I find my HDFC SWIFT code?
Reserve Bank of India (RBI) permits Bank branches to deal in Foreign Currency. If your Home Branch has authorization to do Foreign Currency Business, then, your HDFC Branch will have Swift Code.
Your Bank Branch Swift can be found on the First Page of the HDFC Passbook.
Through Mobile Banking / Internet Banking
SBI Swift code can also be found by logging into your Online Banking and by looking at your recent downloaded Bank statement. You can find Swift code at the Top of the Statement only.
6. Mandatory Details to make SWIFT Transfer
For making any Fund transfers to India, you should enter the below-mentioned details in the remittance form.
1. HDFC Bank’s Nostro Account number
2. HDFC Bank’s SWIFT Code
3. Your or your beneficiary’s account number with HDFC Bank
4. Disposal instructions
Eg: Open a new NRE Savings Account or to book a new FCNR Deposit for 1 year in US$
7. Is MICR and SWIFT code same?
MICR is a Magnetic Ink Recognition technology that is one of the foremost technologies that will be used for processing the Chequea faster. As initially cheques used to get processed manually which takes a lot of effort but MICR made it easier for the computers to process the information encoded in Cheques. Whereas, the SWIFT code is generally used for International fund transfers.
8. Is SWIFT code same as IFSC code?
No. IFSC (Indian Financial System Code) is used for domestic funds transfer within India. SWIFT (Society for Worldwide Interbank Financial Telecommunication) Code known as a BIC (Bank Identifier Code), is used for international funds transfers.
9. What happens if I use the Wrong SWIFT code?
In case you have used the Wrong SWIFT code for International transfer which does not exist, then, the receiving Bank will flag it and will reverse the Payment to the recipient.
you have used the Wrong SWIFT code for International transfer which does exist, Then, you should contact your Banc branch and initiate for Cancellation of the transaction immediately.
10. Details of Nostro Accounts for Soliciting Inward Remittance to India
BIC / SWIFT Code
|Additional Account detail
|ABU DHABI COMMERCIAL BANK , UNITED ARAB EMIRATES
|EMIRATES NBD BANK PJSC
|AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
|BSB Code : 013024
|AHLI UNITED BANK B.S.C.
|BH41 AUBB 0001 6595 0660 01
|BANK OF AMERICA, N.A. HONG KONG BRANCH — (CNH)
|NORDEA BANK DANMARK A/S
|IBAN NO: DE26501108006231602308
|DEUTSCHE BANK AG
|BARCLAYS BANK IRELAND FRANKFURT
|JPMORGAN CHASE BANK, N.A.
|BARCLAYS BANK PLC
|IBAN NO.: GB76 BARC 2032 5333 6065 46
|STANDARD CHARTERED BANK (HONG KONG) LIMITED
|J P MORGAN CHASE BANK, N.A.
|SUMITOMO MITSUI BANKING CORPORATION
|BANK OF AMERICA, N.A. SEOUL
|AHLI UNITED BANK K.S.C.P
|BANK OF AMERICA, MALAYSIA BERHAD
|NORDEA BANK NORGE ASA
|ANZ NATIONAL BANK LIMITED
|THE COMMERCIAL BANK OF QATAR Q.S.C
|QA22 CBQA 0000 0000 4010 004426 001
|AO UNICREDIT BANK
|THE SAUDI BRITISH BANK, RIYADH, SAUDI ARABIA
|NATIONAL COMMERCIAL BANK
|NORDEA BANK AB (PUBL)
|J P MORGAN CHASE BANK, N.A.
|BANK OF AMERICA, N.A. BANGKOK
|AKTIF YATIRIM BANKASI A.S
|J P MORGAN CHASE BANK, N.A.
|CHIPS ABA:0002 ,
|BANK OF AMERICA, N.A.
|STANDARD CHARTERED BANK
|FEDWIRE ABA: 026002561
|THE BANK OF NEW YORK MELLON
|WELLS FARGO BANK, N.A.
|STANDARD BANK OF SOUTH AFRICA LIMITED
11. Details of Nostro Accounts for sending Outward Remittance
For details of Nostro’s arrangement for Outward payments, HDFC recommends you to stay in touch with your nearby Branch, Trade Finance Barnch, Relationship manager
The SWIFT CODE of HDFC Bank: HDFCINBB
Correspondent Bank Account Name: HDFC BANK LTD MUMBAI
Note: There is no separate SWIFT code for HDFC individual branches. The above-mentioned HDFC Bank Swift code can be used for remitting funds to HDFC Bank anywhere in India.
The Remittances through these Nostro accounts will be subject to applicable rules and regulations of the countries involved as well as the policy of respective banks from time to time.
In case of multiple Nostro Accounts for a particular currency, payment will be routed through the main clearing bank and the choice of Correspondents will be subjected to the sole discretion of HDFC Bank.
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Also, every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error, or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event, the author or the website shall be liable for any direct, indirect, special, or incidental damage resulting from or arising out of or in connection with the use of this information.
Author is a Qualified CMA with rich industry experience for more than 6 years. He is an All India Ranker (AIR-101) in CMA and also a Semi-Qualified Chartered Accountant having a quite good experience in teaching the subjects of Accounting and Costing to the commerce aspirants.