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Information on Swift Codes, Money Transfer and more

ICICI wire transfer for sending money to India

Posted in swift  by Admin
June 18, 2010

ICICI Bank’s wire transfer is one of the methods you can use to send money to India. Using this method, you can send money from several countries to any beneficiary who has a bank account with ICICI Bank in India. This is a method for bank account to bank account money transfers from many countries to India.

ICICI Bank uses correspondent banks in various countries for their wire transfer transactions. Correspondent banks are intermediaries that facilitate the transactions.

If you want to initiate a ICICI Bank wire transfer, you need go to your local bank branch and instruct them to credit ICICI Bank’s relevant account held with their correspondent bank  in the currency you want to send funds in. It’s important to note that this is ICICI Bank’s account and not the ultimate beneficiary’s account in India. You will also provide the ultimate beneficiary’s account number and name as part of this transaction.

For example, if you want to send money from USA to India, you will have to instruct your bank to credit ICICI Bank’s account in JP Morgan Chase, New York whose swift code / bic  is CHASUS33XXX and bank clearing code is FED ABA 021000021. ICICI Bank’s account number with JP Morgan Chase, New York is 400808595 USD. An additional form will contain the ultimate beneficiary’s ICICI Bank account number (in India) as well as the account holder name.

ICICI Bank’s wire transfer instructions give all the details of how to initiate a wire transfer to India.

Note that you only need the correspondent bank’s swift code for initiating a wire transfer. The SWIFT code / BIC of the correspondent bank is currency specific and is common for transfers to account with any ICICI Bank branch in India. So you do not need the swift code of the ICICI Bank branch in India where the beneficiary has an account for doing a wire transfer.

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What is SWIFT code?

Posted in swift  by Admin
March 22, 2010

SWIFT code (also known as SWIFT ID, SWIFT number or BIC code) is a unique identification code for a bank that can be used for money transfers especially international wire transfers. ISO 9362 standardized the format of Bank Identifier Codes (BIC).

SWIFT codes can be either 8 or 11 characters long specified as follows:

  • First 4 characters: Bank Code
  • Next 2 characters: Country Code
  • Next 2 characters: Location Code
  • Next 3 characters: Branch code. This is optional.

For example, CRESUS33LNO is the SWIFT code for CREDIT SUISSE AG in New York. In this, CRES represents the bank code for CREDIT SUISSE AG, US is the country code for United States of America, 33 is the location code and LNO is the branch code.

Note that every branch of a bank may not have a SWIFT code. Only certain designated branches may be assigned SWIFT codes and they can be used for money transfers even though you may not have an account in that branch itself.

For example, money transfers to India from USA using Citibank should use the SWIFT code CITIINBXGCN as the beneficiary bank SWIFT code per Citibank. The beneficiary of the money transfer may not even have an account with that particular Citibank branch.

You can search for SWIFT codes at

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