Indian Overseas Bank SWIFT/BIC code

What IOBAINBB means for a payment to Indian Overseas Bank

The short code IOBAINBB and the 11-character code IOBAINBBXXX refer to the same bank: Indian Overseas Bank, with its head office in Chennai (Madras). The code has a single purpose: it makes sure that a cross-border transfer ends up at the right bank. You will need it mainly for transfers between countries or a currency.

We wrote this page to help people who pays into an account at Indian Overseas Bank. The SWIFT code on its own does not identify an individual account holder; that is what the account number or IBAN is for.

Head office or branch code at Indian Overseas Bank?

We have 126 SWIFT/BIC codes for Indian Overseas Bank, spread over 59 locations. Besides the head office code IOBAINBBXXX, you will find codes for individual branches and departments.

For most payments to a private or business account, the head office code IOBAINBBXXX works fine. Just use a branch code when the account holder gives you that exact code, for example on an invoice or in their bank details.

If you are not sure, ask the person you are paying which code their bank gave them. Branch codes are more prone to be retired than the head office code.

What a transfer from Indian Overseas Bank abroad really costs

When you transfer money abroad via Indian Overseas Bank, the fee you see is only part of what you pay. You pay the transfer fee, sometimes fees charged by intermediary banks along the way and, above all, the exchange rate markup.

That exchange rate margin tends to be the largest cost, and it is easy to miss. Compare the rate you are offered against the mid-market rate.

Money transfer services frequently offer a rate near the mid-market rate. GoldexPay compares these services side by side, showing the amount the recipient gets. You can still keep your account at Indian Overseas Bank, while a cheaper service handles the conversion.

The Indian Rupee and what conversion costs you

The local currency of India is the Indian Rupee (INR). If you send money in a different currency, the amount has to be converted somewhere along the way. There is rarely a separate charge for the conversion; it is built into the rate.

Who converts the money matters: every bank has its own margin. Sending the money directly in INR usually prevents an extra conversion by Indian Overseas Bank, provided the rate you get is fair.

Exchange rates change during the day, and some providers let you lock in a rate. If you pay regularly, a slightly better rate make a real difference over a year.

When will the money arrive at Indian Overseas Bank?

How fast a payment arrives at Indian Overseas Bank is determined by several factors: which currency you send, the number of banks in between, cut-off times and time zones. Weekends and public holidays in the sending or receiving country can add extra days. Extra checks by one of the banks may also add a delay, even when all details are correct.

When a payment takes longer than expected, ask the sending bank about the status and the transaction reference; with that reference banks can see where the payment is. Save the payment confirmation – you will need it for any trace request.

Only the sending bank is able to start an official trace – the recipient’s bank often cannot see a payment that has not arrived. Request from the sender a copy of the payment confirmation with the date and reference; that often settles the question quickly.

Changed bank details? Be careful

Be alert if a contact suddenly asks you to send money to another account abroad. That IOBAINBB is a real code is no guarantee that the account is legitimate; criminals use the codes of real banks too.

Verify changed bank details through a different channel, such as a phone number you already know, never via the email that asked for the change. Pressure and secrecy are warning signs. When money was sent to the wrong account, call your bank right away.

Scams can also target the receiver. Someone claims to have sent too much and wants you to refund the difference. A payment confirmation from the sender proves nothing.

Is IOBAINBB still correct? How to check

The most reliable place for the correct BIC remains paperwork issued by the bank like a bank statement or the account page in online banking. Compare it with IOBAINBB here.

If the code is wrong, the transfer might be delayed, be returned or cost extra, and tracing it can take weeks. An error in the account number can be more serious, because the money may be credited to someone else.

Most online banking apps validate the structure of IBANs and some suggest the matching BIC. Where available, a payee name check on the recipient gives extra certainty. When you pay someone new, many people start with a small test amount and wait for confirmation.

About this information

Our SWIFT/BIC directory is compiled from public sources and is updated regularly. It is possible that information on this page is no longer current. The number of codes we show are based on what is in our directory.

For a payment that matters, always confirm the code with Indian Overseas Bank or the recipient. We are a comparison site for money transfers and not affiliated with Indian Overseas Bank. Spotted an error? Let us know through the contact page.

IOBAINBB or IOBAINBBXXX – which one to use?

Every SWIFT/BIC code has the same eight core characters: four letters for the bank, a two-letter country code and two characters for the location. That gives you IOBAINBB for Indian Overseas Bank.

The full version has three more characters for a branch or department. When those three characters are XXX, they simply mean the head office, which is why IOBAINBBXXX and IOBAINBB lead to the same place.

As a rule the code is typed in capitals. Pasting the code beats retyping it, because one wrong letter changes the bank.

Receiving money from abroad at Indian Overseas Bank

For a transfer from abroad into your account at Indian Overseas Bank, the person paying you needs not just the BIC. That means: your name as registered with Indian Overseas Bank, your IBAN or account number, the SWIFT/BIC code IOBAINBBXXX and, often, your postal address.

The sender’s bank might also ask for the address of your bank, in which case the Chennai (Madras) head office is the usual answer. Double-check the details before you send them.

An incoming payment does not always land for the full amount. Intermediary banks may deduct a fee, and when currencies differ, a markup on the rate comes on top. For business payments, it is common to state how the fees are split.