Indiegogo disburses funds raised in USD all over the world, to more than 200 countries and regions, including India. Please read the FAQ below to make sure you have everything you need to receive campaign funds to an Indian bank account.
Can I raise funds in India?
Yes! You can certainly raise funds on Indiegogo and have the funds sent to a bank account in India. However, it's important to note that banks in India are fairly strict about accepting international wire transfers. We highly recommend contacting your bank directly to ask whether your account can receive international wires from the United States. You should also ask what information is required when receiving funds from an American company via a wire transfer.
On occasion, we've seen Indian banks require Remittance Codes. A Remittance Code gives a general reason why you're receiving the funds (ex. A charitable cause). Please contact your bank for more information about any Remittance Codes that may be required to receive funds.
What should I tell my bank?
You should tell your bank that you're running a crowdfunding campaign on Indiegogo (they may ask for more specifics on the project, so they can give you the correct Remittance Code). You should also let them know that funds will be sent via international wire, coming from the United States, and will be sent in USD. Please note that we do not convert funds into any other currency.
Do I need my IFSC code? Is it different from SWIFT / BIC?
Yes, these are different bank codes, and it's vital that you use the correct one. To send your funds successfully, you must enter the SWIFT code in the SWIFT field. If you enter your IFSC code, your funds will be delayed. Do not enter the IFSC code in the SWIFT / BIC field.
- IFSC code (example): ICIC0006196: This is incorrect. If your code looks like this, it is not the correct code to use. We recommend speaking with your bank to get the correct code from them, or checking any instructions they gave you.
- SWIFT code (EXAMPLE ONLY): ICICINBBNRI (note that it contains all letters). You can find many Indian SWIFT codes listed here.
I have instructions from my bank. How should I fill out the form?
Now that you have instructions from your bank, here's how we recommend entering the information on the form:
- Account Type: Non-US
- Country: India
- Name on Account: Enter the name of the final account receiver (who is getting these funds? Ex: John Doe, ABC Company, Inc.)
- Account Number or IBAN: Enter the bank account number of the final account receiver
- Address on Account: Enter the address of the final account receiver (note: do not the bank's address)
- SWIFT Code (BIC): See above; enter the SWIFT code of the final bank
- Bank Name: Enter the name of the bank (ex. Santander Bank)
- Bank City: Enter the city where the branch of your bank account is located (ex. New Delhi)
Additionally, you may need to route funds through an additional bank first, called an intermediary or corresponding bank. Your bank will let you know if this step is required. The fields on the Secure Bank Form appear as below:
- Intermediary Bank SWIFT (if applicable)
- Intermediary Bank Name (if applicable)
- Intermediary Bank Address (if applicable)
- Bank to Bank Instructions (if applicable): NOTE: This is the field where you should enter your remittance code if provided one by your bank.
What if my bank asks for additional documentation from you, or I can't locate my funds?
Some banks may ask for an agreement or other documentation when you receive funds from outside your country. Indiegogo does not provide additional documentation beyond the funds confirmation email. The confirmation email is sent at the time funds are disbursed. However, on occasion we may be able to provide the original wire documentation used to send your funds from our bank. Please reach out to our Customer Happiness team if you require this document, or can’t locate your funds.
I got a message from Customer Happiness that my funds were returned because of an invalid SWIFT code. What do I do?
If you received notice from our support team that your funds were rejected due to an invalid SWIFT, there are several things that may have happened:
- You used your IFSC code, rather than your SWIFT code. Please see above in this article for the difference between the two codes, and make sure you’re entering your SWIFT code, instead of the IFSC code.
- You used the SWIFT code for the wrong bank. In this scenario, you may have entered the SWIFT code for a bank where your account isn’t held. Please contact your bank and ask for the exact SWIFT code you should be using.
- You entered a typo in your SWIFT code. Please double check to make sure the SWIFT code you entered matches exactly what your bank gave you.