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Sending Money to India? Citibank is Now Axis Bank – Here's the Update
If you regularly send money to India, and the recipient used to have a Citibank account, this is important:
The Citibank NOSTRO account is no longer valid.
What does this mean? In simple terms:
- NOSTRO Account: A bank's account held in a foreign country (in this case, Citibank's account within India).
- Your Action: You MUST update the recipient's bank details when initiating a transfer.
Why the Change?
Citibank's consumer banking business in India has been taken over by Axis Bank. This means their accounts and internal systems have changed. Sending money to the old Citibank details will likely cause delays or even failure of the transfer.
How to Send Money Correctly Now
- Get the New Details: Ask your recipient for their Axis Bank account number. This may be the same as their old Citi number, but confirm to be safe.
- SWIFT Code is KEY: The SWIFT code to use is now AXISINBB. This is how banks worldwide identify Axis Bank.
- Inform Your Bank: Give your bank BOTH the updated account number AND the new SWIFT code. Double-check they've entered it correctly.
What If I Already Sent Money to the Old Account?
- Act Quickly: Contact your bank IMMEDIATELY. They may be able to recall the transfer if it's not yet processed.
- Inform the Recipient: Let them know of the error so they can inquire with Axis Bank if the funds arrive there by mistake.
- Be Prepared for Delays: Even if the money ends up at Axis, it may take longer to get to the right account without the correct details.
Who Needs This Information?
- Overseas Family & Friends: Anyone abroad regularly sending money to loved ones in India with ex-Citi accounts.
- Businesses Paying Indian Vendors: Companies dealing with Indian suppliers whose banking has changed due to the merger.
- NRI Account Holders: Non-Resident Indians who may have auto-payments set up to their own Citibank accounts in India.
Why Clarity is Crucial
International transfers can be stressful even without changes. This guide aims to:
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