The bank block on an export invoice should give a foreign client everything their bank needs to send a wire to India in one go: beneficiary name exactly as on your account, account number, bank name and branch address, and the SWIFT/BIC code, plus intermediary bank details for the invoice currency if your bank recommends them. Indian accounts do not have IBANs, so when a client's system demands one, you explain that and give the account number and SWIFT code instead.
Key takeaways
- Core details: beneficiary name, account number, bank name, branch address, SWIFT/BIC.
- India does not use IBAN. Your account number plus SWIFT code does the job.
- Intermediary (correspondent) bank details differ by currency. Get them from your bank, not from the internet.
- Ask clients to quote your invoice number in the payment reference. It makes matching and EDF closure much easier.
- Never change bank details on an invoice without telling the client through a verified channel, and warn clients to verify any "change of bank" email.
What to print, and why
| Field | What to print | Why it matters |
|---|---|---|
| Beneficiary name | Your legal name exactly as on the bank account | Mismatches can cause returns or compliance holds |
| Beneficiary address | Your registered address | Many banks require it on international wires |
| Account number | Full account number | Identifies your account |
| Bank name | Full name of your bank | Avoids confusion between similarly named banks |
| Branch address | Branch holding the account | Some remitting banks ask for it |
| SWIFT/BIC | Your bank's code for international payments | Routes the message to your bank |
| IFSC | Optional | Useful only if the client's bank asks; it is a domestic code |
| Intermediary bank (per currency) | Name and SWIFT of the correspondent your bank uses | Can reduce delays and charges for some currencies |
| Payment reference | "Please quote invoice no. [X]" | Helps your bank match the payment to the invoice |
| Charges | Who bears transfer charges | Reduces short payments |
The SWIFT code is the one field clients cannot do without. If you are unsure of the difference between SWIFT, IFSC and the AD code, our explainer on IFSC vs SWIFT vs AD code sets them side by side. The AD code belongs on your EDF, not on the invoice.
The IBAN question
Clients in Europe, the UK and the Middle East are used to IBANs, and their payment systems sometimes have a mandatory IBAN field. India has not adopted IBAN.
When a client's accounts team asks for one, reply with something like: "Indian bank accounts do not have IBANs. Please use our account number [number] with SWIFT/BIC [code]. If your system requires an IBAN field, our bank can advise on the correct format." Most banks' international payment screens have an option for countries without IBAN. If the client still struggles, ask your bank whether it has standard instructions for remitters from that country.
Intermediary and correspondent banks
A wire from a client abroad to your Indian bank often passes through one or more banks in between. Your bank holds accounts, called nostro accounts, with correspondent banks in major currency centres, for example a bank in New York for US dollars or one in Frankfurt for euros.
If the client's bank does not have a direct relationship with your bank, it routes the payment through an intermediary bank, which may deduct a fee. Printing your bank's recommended correspondent for each currency can make the route more direct. But:
- These details are specific to your bank and currency, and they change.
- Get them from your bank's official remittance instructions or your relationship manager.
- Do not copy them from a forum post or another company's invoice.
If you invoice in several currencies, print the correspondent details for the invoice currency only, or keep one invoice template per currency.
Charges: OUR, SHA and BEN
International wires carry a charge instruction. In broad terms, OUR means the sender pays all charges, SHA means charges are shared (sender pays their bank, you bear charges after that), and BEN means you bear all charges.
If your contract says the client bears transfer costs, write that on the invoice and ask the client to send the payment as OUR. If nothing is said, you will often see small deductions on arrival. Those deductions show up on your FIRA and matter when you close EDPMS entries, so it is worth agreeing this upfront.
A worked example
Saltmarsh Interactive Pvt Ltd, a game art studio in Kolkata, invoices clients in US dollars and euros. Its bank sent written remittance instructions with a different correspondent bank for each currency. Saltmarsh's US dollar invoice footer reads:
Payment details Beneficiary: Saltmarsh Interactive Private Limited, [registered address], Kolkata, India Account number: [full account number] Bank: [Bank name], [Branch name and address], Kolkata SWIFT/BIC: [bank SWIFT code] Intermediary bank for USD: [correspondent bank name], SWIFT [code], as advised by our bank Please quote invoice number SI/26-27/063 in the payment reference. All transfer charges to be borne by the remitter (OUR).
Its euro template is identical except for the intermediary line. Since adding the invoice number instruction, Saltmarsh's finance team spends far less time working out which payment belongs to which invoice, and its realisation declarations are quicker to prepare.
Protecting clients from payment fraud
Fraudsters impersonate suppliers and email clients with "updated bank details". When that works, the client pays a stranger, and you are left with an unpaid invoice whose 9-month realisation clock is still running.
- Keep bank details the same across invoices; avoid frequent changes.
- If you genuinely change banks, inform clients through a known channel and invite them to confirm by phone.
- Add a line to your invoices: "We will never change our bank details by email alone. Please verify any change by phone."
- If a client says they paid but nothing arrived, ask for the SWIFT confirmation (often an MT103) and contact your bank quickly.
Filling it in once
The easiest way to keep bank details consistent is to set them up once in your invoice template. The free export invoice generator has a bank details section you can save and reuse for each currency. This is general information, not legal or tax advice.
Frequently asked questions
What bank details should I put on an export invoice?
Your beneficiary name exactly as on the account, registered address, account number, bank name, branch address and SWIFT/BIC code. Add intermediary bank details for the invoice currency if your bank recommends them, and ask the client to quote the invoice number.
Do Indian bank accounts have an IBAN?
No. India does not use IBAN. Give foreign clients your account number and SWIFT/BIC code, and ask your bank for instructions if a client's system insists on an IBAN field.
Should I include the IFSC code on an export invoice?
It is optional. IFSC is a domestic routing code. The client's bank needs the SWIFT/BIC to send an international wire, though some remitting banks also ask for the IFSC.
Where do I get intermediary bank details for USD or EUR?
From your own bank, through its official remittance instructions or your relationship manager. They are specific to your bank and currency and can change, so do not copy them from elsewhere.
Should I print my AD code on the invoice?
No. The AD code identifies your bank branch for export reporting and goes on your EDF. Foreign clients do not need it to pay you.
Bottom line
Accurate bank details are the cheapest way to get paid faster and close your export entries cleanly. Get your bank's official instructions, set them up once, and reuse them in our free export invoice generator.
This guide is general information for Indian businesses, not legal or tax advice. Rules and bank processes change — confirm specifics with your AD bank or chartered accountant.