The first time I tried to send money from the US to my mom’s SBI account, the bank asked me for a “SWIFT code.”
I had no idea what that was.
I Googled it, found three different codes for SBI, used one that looked right, and hoped for the best. The money took 5 days to arrive.
And somewhere along the way, $28 vanished in fees I didn’t know existed.
That was years ago. Since then, I’ve helped thousands of NRIs in our WhatsApp community navigate international money transfers. And SWIFT still confuses people every single week.
“Which SWIFT code do I use?” “Why is the bank charging me twice?” “My transfer is stuck.
It’s been 6 days.” “Why did my family receive less money than I sent?”
If you’ve had any of these questions, this guide is for you.
Let me break SWIFT down in plain English – what it is, how it works, what it costs, and when you should (or shouldn’t) use it.
What Is SWIFT?
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication.
That’s a mouthful. In simple terms, SWIFT is a messaging network that banks use to talk to each other when sending money internationally.
Here’s what’s important to understand. SWIFT itself doesn’t move money. It sends secure messages between banks, telling them what to do with the money.
Think of it like this. You’re in the US and want to send $5,000 to your dad’s HDFC Bank account in India.
Your US bank (say, Chase) doesn’t have a direct connection to HDFC Bank. So it uses the SWIFT network to send a message to HDFC saying: “We’re sending $5,000 for this person.
Here are the details. Please credit their account.”
HDFC receives the message, processes it, converts the dollars to rupees, and credits your dad’s account.
That’s SWIFT in a nutshell. A secure messaging system that enables international bank-to-bank transfers.
SWIFT was founded in 1973 in Belgium. Today, over 11,000 financial institutions across 200+ countries use it.
It handles about 45 million messages per day. It’s the backbone of international banking.
What Is a SWIFT Code?
A SWIFT code (also called a BIC – Bank Identifier Code) is a unique code assigned to each bank or branch on the SWIFT network.
It’s the “address” that tells the system exactly which bank and which branch your money should go to.
Every SWIFT code is 8 or 11 characters long.
An 8-character code refers to the bank’s head office.
An 11-character code refers to a specific branch.
Here’s how the code is structured:
Characters 1-4: Bank Code (letters only) This identifies the bank. For example:
- SBIN = State Bank of India
- HDFC = HDFC Bank
- ICIC = ICICI Bank
- UTIB = Axis Bank
- BARB = Bank of Baroda
Characters 5-6: Country Code (letters only)
For India, this is always IN.
Characters 7-8: Location Code (letters or numbers)
This identifies the city or head office location. For example, BB often refers to Mumbai.
Characters 9-11: Branch Code (letters or numbers, optional)
This identifies the specific branch. If the code is only 8 characters, or ends in “XXX,” it refers to the bank’s primary/head office.
Example:
SBININBB104
- SBIN = State Bank of India
- IN = India
- BB = Mumbai (location)
- 104 = Specific branch
If you use SBININBBXXX (or just SBININBB), it routes to SBI’s head office, which then internally forwards it to the correct branch using the account number.
SWIFT Codes of Major Indian Banks
Here are the primary SWIFT codes for the banks NRIs commonly use. These are head office codes.
State Bank of India: SBININBB
HDFC Bank: HDFCINBB
ICICI Bank: ABORINBB (legacy from erstwhile ICICI Ltd) or
ABORINBBXXX
Axis Bank: AXISINBB
Bank of Baroda: BARBINBB
Kotak Mahindra Bank: ABORINBB… (varies by branch)
Punjab National Bank: PUNBINBB
Canara Bank: CNRBINBB
IDFC FIRST Bank: IDFBINBB
Federal Bank: FDRLINBB
Important: These are head office codes. Many branches have their own specific 11-character codes. Always verify the exact code for your specific branch.
How to find the right SWIFT code for your branch:
- Check your bank’s website – most Indian banks list SWIFT codes branch-wise
- Look at your bank statement or passbook
- Log into your internet banking – it’s usually under account details
- Call your branch directly and ask
- Use online lookup tools like wise.com/swift-codes or theswiftcodes.com
Pro tip: If you can’t find the specific branch code, use the 8-character head office code. The bank’s internal system will route the transfer to the correct branch using the account number and IFSC code. This may add half a day to processing, but the money will reach.
SWIFT Code vs IFSC Code – What’s the Difference?
This confuses almost every NRI.
SWIFT code is used for international transfers. It identifies the bank globally.
IFSC code is used for domestic transfers within India (NEFT, RTGS, IMPS). It identifies the bank within India’s payment system.
They are NOT the same. They are NOT interchangeable.
When do you use which?
Sending money from the US/UK/UAE to India? You need the SWIFT code of the Indian bank.
Transferring money between two Indian bank accounts? You need the IFSC code.
Example for the same SBI branch:
- SWIFT code: SBININBB104
- IFSC code: SBIN0001234
Different codes. Different systems. Different purposes.
Sometimes your overseas bank might also ask for the IFSC code along with the SWIFT code. Provide both if asked – it helps route the money faster within India.
Do you need an IBAN for India?
No. India does not use IBAN (International Bank Account Number). IBAN is primarily used in Europe and the Middle East. For transfers to India, you need the SWIFT code + bank account number. That’s it.
If you’re in the UAE and your bank asks for an IBAN, explain that India doesn’t use IBAN. Provide the SWIFT code and account number instead.
How Does a SWIFT Transfer Actually Work?
Let me walk through what happens when you send money from the US to India.
Step 1: You initiate the transfer
You go to your US bank (Chase, Bank of America, Wells Fargo, etc.) – either online or at a branch. You provide:
- Beneficiary name (exactly as it appears on the Indian bank account)
- Beneficiary account number
- SWIFT code of the Indian bank
- Bank name and branch address
- Purpose of transfer
- Amount and currency
Step 2: Your bank sends a SWIFT message
Your US bank sends a secure MT103 message (the standard SWIFT payment message) through the SWIFT network. This message contains all the transfer details.
Step 3: Correspondent/intermediary banks may get involved
Here’s where it gets interesting. Your US bank might not have a direct relationship with the Indian bank.
In that case, the transfer passes through one or more “correspondent banks” – large global banks that act as middlemen. For US-to-India transfers, common correspondent banks include Citibank, JPMorgan Chase, Deutsche Bank, and Standard Chartered.
Each intermediary bank receives the SWIFT message, processes it, and passes it along. Each one may also deduct a fee.
Step 4: The Indian bank receives the funds
The final bank in the chain (say, HDFC Bank’s SWIFT processing center) receives the funds and the message. They convert the foreign currency to INR (unless you’re depositing into an FCNR account) and credit the beneficiary’s account.
Step 5: Money appears in the beneficiary’s account
Your family member sees the credit in their account. The amount will be the original transfer minus any intermediary bank fees and converted at the bank’s exchange rate (which includes a markup).
How Long Does a SWIFT Transfer Take?
The standard timeline is 1-5 business days.
More specifically:
US to India: 1-3 business days (typically)
UK to India: 1-3 business days
UAE to India: 1-2 business days (often faster due to high NRI corridor volume)
Canada to India: 2-4 business days
Australia to India: 2-4 business days
Europe to India: 2-3 business days
Factors that affect speed:
Number of intermediary banks.
More intermediaries = more time. Each bank in the chain needs to process and forward the transfer.
Time zones and business hours.
SWIFT messages are processed during banking hours. A transfer initiated on Friday evening US time might not start processing in India until Monday.
Compliance checks.
Large transfers (especially above $10,000) may trigger additional anti-money laundering (AML) checks, which add 1-2 days.
Incorrect details.
A wrong SWIFT code, misspelled name, or missing information can cause the transfer to bounce or get stuck. This is the most common cause of delays.
Holidays.
Both the sending country’s and India’s bank holidays matter. Transfers initiated around Christmas, Diwali, or Eid can take longer.
Community experience: Most NRIs in our groups report US-to-India SWIFT transfers arriving in 1-2 business days. UAE-to-India is even faster – often same day or next day.
The outliers that take 4-5 days usually involve incorrect details or unusual compliance flags.
What Does a SWIFT Transfer Cost?
This is where NRIs lose money – often without realizing it. SWIFT transfer costs come from multiple sources.
1. Sending Bank Fee
Your bank charges a flat fee for initiating the wire transfer.
Typical fees:
- US banks: $25-$50 per transfer
- UK banks: £5-£25
- UAE banks: AED 25-75
- Canadian banks: CAD 15-$45
Some banks waive this fee for premium accounts or high-value transfers.
2. Intermediary/Correspondent Bank Fee
If your transfer passes through one or more intermediary banks, each one may deduct $10-$30 from the transfer amount.
This is the “mystery fee” that makes your family receive less than you sent. You sent $5,000 but they received the equivalent of $4,955.
That $45 went to the intermediary bank.
3. Receiving Bank Fee
The Indian bank may charge a fee for processing the incoming international transfer.
Typical fees:
- SBI: ₹100-₹250
- HDFC Bank: ₹100-₹500
- ICICI Bank: ₹100-₹250
- Axis Bank: ₹100-₹300
NRE account transfers from your own foreign account to your own NRE account are often free of receiving charges at most banks.
4. Currency Conversion Markup
This is the biggest hidden cost. And most NRIs don’t even know it exists.
When your bank converts USD to INR (or any currency to INR), they don’t use the mid-market exchange rate (the real rate you see on Google or XE.com).
They add a markup – typically 0.5% to 3% on top of the mid-market rate.
On a $10,000 transfer at the current rate of approximately ₹83/$, a 1.5% markup means you lose roughly ₹12,450. That’s more than all the other fees combined.
Which banks have the worst markup?
- SBI: 1.5-2.0% markup (among the highest)
- HDFC Bank: 0.5-1.5%
- ICICI Bank: 0.3-1.0% (through Money2India)
- Axis Bank: 0.5-1.0%
How to check: Before sending, look up the mid-market rate on XE.com. Compare it with the rate your bank offers. The difference is their markup.
5. GST and Other Taxes
In India, GST (18%) applies on the bank’s service charges for foreign exchange transactions. This is usually a small amount but adds up.
For transfers above ₹7 lakh under LRS (Liberalised Remittance Scheme) from India outward, TCS (Tax Collected at Source) may apply. More on this in our TCS on remittances guide.
Total Cost Example
Let’s say you send $5,000 from the US to your father’s SBI account in India.
Sending bank (Chase) wire fee: $30
Intermediary bank fee: $15 (deducted from transfer)
Receiving bank (SBI) fee: ₹250 (~$3)
Forex markup (1.5% on SBI’s rate): ~₹6,225 (~$75)
Total cost: approximately $123
That’s about 2.5% of your transfer amount. For regular remitters sending $2,000/month, that’s nearly $3,000/year in fees.
Compare this with a service like Wise (formerly TransferWise) that charges about 0.5-1% all-in. On the same $5,000, you’d pay roughly $30-50 total.
This is why understanding money transfer alternatives matters.
The Three SWIFT Fee Options: OUR, SHA, BEN
When initiating a SWIFT transfer, you’ll be asked to choose who pays the fees. There are three options.
OUR (All charges paid by sender)
You pay all fees – your bank’s fee, intermediary fees, and the receiving bank’s fees. The beneficiary receives the full amount you sent. Most expensive for you, but the cleanest option if you want your family to receive an exact amount.
SHA (Shared charges)
You pay your bank’s fees. The beneficiary pays the receiving bank’s fees. Intermediary fees are split or deducted from the transfer. This is the most common option.
BEN (All charges paid by beneficiary)
All fees are deducted from the transfer amount. The beneficiary receives less than you sent. Cheapest for you, but your family bears the cost.
My recommendation for NRIs: Use OUR when you need your family to receive a specific amount (like rent, EMI, or medical bills).
Use SHA for general family support where the exact amount is less critical.
Most banks default to SHA if you don’t specify.
Common SWIFT Transfer Mistakes NRIs Make
These come directly from our community. Every single one has cost someone money or time.
Mistake 1: Using the wrong SWIFT code
The most common error. Using the head office code instead of the branch code usually works fine (the bank routes it internally). But using a completely wrong code can send your money to the wrong bank or cause the transfer to bounce.
Fix: Always verify the SWIFT code directly with your Indian bank. Don’t rely on random websites.
Mistake 2: Name mismatch
The beneficiary name you enter must exactly match the name on the Indian bank account. “Rajesh Kumar” and “R. Kumar” are different in banking systems. Even middle names matter.
Fix: Ask your family member to check their bank passbook for the exact name. Use that verbatim.
Mistake 3: Not providing the purpose code
Indian banks require a purpose code for incoming international transfers. This tells the RBI why the money is being sent. Common codes include:
- P0106: Family maintenance
- P0107: Gifts
- P0801: Salary payments
- P1301: Repatriation of savings
If you don’t provide this, the Indian bank may hold the transfer until the beneficiary visits the branch to clarify.
Fix: Always include the purpose code in the “Additional information” or “Remarks” field of your transfer. Ask the Indian bank which code applies to your transfer.
Mistake 4: Sending money to the wrong account type
Sending foreign-earned income to an NRO account instead of an NRE account (or vice versa) can create compliance issues and tax problems.
Fix: Understand the difference between NRE and NRO accounts. Foreign salary and savings go to NRE. Indian-sourced income goes to NRO.
Mistake 5: Not tracking the transfer
SWIFT transfers generate a reference number (often called a UTR number or transaction reference). If you don’t save this, tracking a stuck transfer becomes nearly impossible.
Fix: Save the SWIFT reference number from your bank’s confirmation. Share it with the beneficiary. If the money doesn’t arrive in 3 business days, use this number to trace it with both banks.
Mistake 6: Sending on Friday evenings or before holidays
Transfers initiated late Friday won’t process until Monday. Add Indian bank holidays, and you could be waiting a full week.
Fix: Send early in the week, during banking hours. Monday or Tuesday mornings are ideal.
Mistake 7: Not comparing rates before large transfers
Sending ₹50 lakh (about $60,000) through a single SWIFT transfer at your bank’s default rate could cost you ₹75,000+ in forex markup alone.
Fix: For large transfers, compare rates across at least 2-3 services. Negotiate with your bank’s treasury desk for amounts above ₹25 lakh.
SWIFT vs Other Transfer Methods
SWIFT isn’t the only way to send money to India. Here’s how it compares.
SWIFT Wire Transfer
Speed: 1-5 business days
Cost: $30-$100+ per transfer (including hidden forex markup)
Best for: Large transfers, bank-to-bank transactions, sending to NRE/NRO/FCNR accounts Limitations: Multiple fees, forex markup, can be slow
Wise (formerly TransferWise)
Speed: 1-2 business days (often same day)
Cost: 0.5-1% all-in (transparent, no hidden fees)
Best for: Regular remittances, mid-market rates, transparency
Limitations: Transfer limits may apply, deposits to bank accounts only
Check our Wise alternatives comparison.
Remitly
Speed: Minutes to 3 business days (depending on method)
Cost: Low fees, competitive exchange rates
Best for: Small to medium transfers, fast delivery
Limitations: May not support all Indian banks, limits on transfer amounts
See our Remitly review.
Bank-Specific Remittance Services
ICICI Money2India: Fast, competitive rates, direct to ICICI accounts
SBI Express Remit: Direct to SBI accounts, reasonable fees
Axis RemitMoney: Good for Axis Bank customers
HDFC Quick Remit: Integrated with HDFC accounts
These are typically faster and cheaper than standard SWIFT transfers because they use the bank’s own internal network rather than the SWIFT messaging chain.
Speed: Often same-day or next-day
Cost: Lower than SWIFT (reduced intermediary fees)
Best for: Customers of the respective bank
Check our guide on sending money to SBI for specific details.
Google Pay International
Available for US-to-India transfers. Fast and simple for small amounts.
See our Google Pay International guide.
When Should You Still Use SWIFT?
Despite the alternatives, SWIFT makes sense when:
- You’re sending large amounts (above the limits of fintech services)
- You’re sending to NRE/NRO/FCNR accounts (some fintechs don’t support these)
- You need a formal wire transfer receipt for tax documentation
- The receiving bank doesn’t support faster remittance services
- You’re sending from a country with limited fintech options
Step-by-Step: How to Send a SWIFT Transfer to India
For NRIs in the US (the process is similar for UK/UAE/Canada with local variations).
Step 1: Log into your US bank’s online banking or visit a branch.
Step 2: Go to “Wire Transfer” or “International Transfer” section.
Step 3: Enter the beneficiary details:
- Full name (as on Indian bank account)
- Bank account number
- Bank name and branch address
- SWIFT/BIC code (11 characters for branch-specific, 8 for head office)
- IFSC code (if asked)
Step 4: Enter the transfer amount and currency. You can usually choose to send in USD (receiving bank converts) or request conversion to INR.
Step 5: Select fee option: OUR, SHA, or BEN.
Step 6: Add purpose/remarks: Include the purpose code (e.g., “Family maintenance – P0106”) and any reference the beneficiary might need.
Step 7: Review all details carefully. One typo in the account number or SWIFT code can cause major headaches.
Step 8: Confirm and submit. Save the confirmation receipt and SWIFT reference number.
Step 9: Inform the beneficiary that the transfer is on its way. Share the reference number with them.
Step 10: If the money doesn’t arrive in 3 business days, contact your US bank with the reference number to initiate a trace (called a SWIFT GPI trace).
Receiving SWIFT Transfers in India
If someone is sending money to your Indian account, here’s what you need to provide them.
For NRE Account:
- Your full name (as on account)
- NRE savings/current account number
- Bank name and branch
- SWIFT code (branch-specific if available, head office code if not)
- IFSC code
- Bank’s full address
- Purpose code
For NRO Account:
- Same details as above but with your NRO account number
For FCNR Account:
- Account number
- Currency of the FCNR deposit
- SWIFT code
- Bank details
What to do after receiving:
Check that the credited amount matches what was sent (minus any fees if SHA/BEN was chosen).
If the amount is lower than expected, check with your bank about intermediary deductions and forex conversion rate applied.
Keep the credit advice/statement for tax records. You may need to provide proof of inward remittance for certain transactions like property purchase.
SWIFT and Tax Implications for NRIs
SWIFT transfers themselves aren’t taxed. But the money you send or receive may have tax implications.
Sending money to India (from abroad to your NRE account): No tax in India. NRE deposits and the interest earned are tax-free.
Sending money to India (to someone else’s account): Gift tax rules apply. Gifts from relatives (defined under Income Tax Act) are exempt. Gifts from non-relatives above ₹50,000 in a year are taxable for the recipient.
Sending money from India abroad (outward remittance): Subject to LRS limits ($250,000/financial year per person). TCS of 20% applies on remittances exceeding ₹7 lakh under LRS (with some exemptions for education and medical). See our TCS guide.
NRO to foreign account (repatriation): TDS may apply on income earned in NRO accounts. Repatriation is capped at $1 million per financial year after tax compliance.
Maintaining records: Keep all SWIFT transfer receipts, bank credit advices, and forex conversion details. These are essential for FBAR filing (for US NRIs), tax returns, and any future property or investment transactions in India.
Protecting Yourself from SWIFT Transfer Scams
Money transfer scams targeting NRIs are real. Here’s how to stay safe.
Never share your SWIFT code publicly.
Your SWIFT code plus your account number is enough for someone to attempt a fraudulent debit instruction (though modern banking makes this very difficult).
Verify “urgent money” requests.
If you get a call or message claiming a family member needs emergency funds, verify independently before transferring.
Use only official bank channels.
Never initiate SWIFT transfers through third-party agents who promise “better rates” unless they’re regulated money transfer services.
Watch for phishing emails.
Fake emails claiming to be from your bank asking you to “verify” your SWIFT details are a common scam vector.
Double-check beneficiary details.
Before sending large amounts, do a small test transfer first. Verify it arrives correctly. Then send the full amount.
Frequently Asked Questions
Q: Can I send money from India to the US via SWIFT?
Yes. Your Indian bank can send outward remittances via SWIFT under the Liberalised Remittance Scheme (LRS). The limit is $250,000 per financial year per person.
Q: Is SWIFT the same as a wire transfer?
A wire transfer is the action of sending money between banks. SWIFT is the network/system used to facilitate that transfer. So a “SWIFT wire transfer” means a wire transfer sent using the SWIFT network.
Q: How do I track a SWIFT transfer?
Ask your sending bank for the SWIFT reference number (also called UETR – Unique End-to-End Transaction Reference in the newer SWIFT GPI system). Use this number to track with either bank. Many banks now offer real-time tracking through SWIFT GPI.
Q: Can SWIFT transfers be reversed?
Not easily. Once processed, reversing a SWIFT transfer requires cooperation from all banks in the chain. If you sent money to the wrong account, contact your bank immediately. The sooner you act, the better the chances.
Q: Do I need SWIFT for sending money to an NRE account?
If you’re sending from a foreign bank to your NRE account in India, yes, SWIFT is the traditional method. However, bank-specific remittance services (like ICICI Money2India) and fintech platforms (like Wise or Remitly) are alternatives that don’t require you to manually use SWIFT codes.
Q: Is there a minimum or maximum amount for SWIFT transfers?
There’s no fixed minimum or maximum in the SWIFT system itself. But your sending bank may have limits. For receiving in India, NRE accounts have no upper limit. NRO accounts also have no inward limit, but outward repatriation from NRO is capped at $1 million/year.
Q: Why did my beneficiary receive less than I sent?
Intermediary bank fees (deducted from the transfer) and forex markup by the receiving bank are the two most common reasons. If you chose SHA or BEN fee option, fees are deducted from the amount. Check with both banks for a fee breakdown.
Q: Can I send SWIFT transfers on weekends?
You can initiate them, but processing typically happens only on business days. A transfer initiated Saturday won’t start processing until Monday.
Q: Is SWIFT transfer safe?
Yes. SWIFT is one of the most secure financial messaging systems in the world. The data is encrypted, and only authenticated member institutions can send or receive messages. The risk isn’t in the SWIFT system – it’s in human error (wrong codes, wrong amounts, wrong accounts).
Q: Do all Indian bank branches have SWIFT codes?
No. Only branches that handle international transactions have their own SWIFT codes. Smaller branches may not have one. In that case, use the bank’s head office SWIFT code – the money will be routed internally to the correct branch via the account number.
The Bottom Line
SWIFT is reliable, secure, and universal. But it’s also slow compared to modern alternatives and expensive when you factor in all the hidden costs.
For NRIs, the smart approach is:
Use SWIFT for: Large transfers, NRE/FCNR deposits, formal transactions where you need a wire transfer receipt.
Use alternatives (Wise, Remitly, bank-specific services) for: Regular monthly remittances, smaller amounts, getting better exchange rates.
Always: Compare rates before sending. Track every transfer. Keep records for tax purposes.
The days of SWIFT being the only option are over. But understanding how it works is still essential for every NRI managing money across borders.
Disclaimer: Fees, exchange rates, and processing times change frequently. The figures mentioned are approximate and based on publicly available information as of early 2026. Always verify current charges directly with your bank or transfer service. This is informational content, not financial advice.
If you’re navigating money transfers, banking, taxes, or anything else about your India journey, join our WhatsApp community at https://backtoindia.com/groups – 20,000+ NRIs helping each other with real, lived experience. It’s free and volunteer-run.
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