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Electronic fund transfer technique is a kind of blessing of Science and Technology for the people who are in dire need of money and can’t wait to receive money through offline modes of payment. To initiate online fund transfer, IFSC code is needed.
IFSC code is issued by the Reserve Bank of India. Every bank and its branch have its unique code and no two banks can have the same IFSC code. This is usually maintained to make the online payment system more secured.
Online payment system can be used to make payments for electricity bills, telephone bills, set-top-box recharge, booking movie ticket, booking train ticket, booking air tickets, and many more things. Instant money transfer has digitalized the money and made payment system faster and reliable as well.
Not only do you need IFSC code but receivers account number, name, and account type is required to transfer the money from one location to another. Now what is this IFSC code? It is an 11-digit alpha-numeric code that is basically used to initiate online payment. Do you want to know what these 11-digit mean? If yes, we are here with the simplified explanation for you. Taking an example of WPAC0000001
- Here, the WPAC means the name of the bank, Westpac Banking corp. Bank.
- Next digit that is the 5TH digit of the IFSC code is always zero.
- The last but not the least characters give information about the branch of the bank.
You can use IFSC Code for online fund transfer. There are four basic electronic fund transfer technique that ask you to enter the IFSC code of the receivers bank. Here are those online fund transfer techniques:
- Real Time Gross Settlement or RTGS
- National Electronic Funds Transfer or NEFT
- Immediate Payment Service Systems or IMPS
- Centralized Funds Management System or CFMS
How to find IFSC code of the Westpac Banking Corporation Bank, Mumbai Branch?
Step 1: The first step is open the website link findyourbank.in.
Step 2: Then enter bank name “Westpac Banking Corporation Bank”, state “Maharashtra”, district “Mumbai City”, branch “Mumbai”.
Step 3: The result screen contain the IFSC code of the Westpac Banking Corporation Bank of Mumbai branch.
Hopefully, you find this information useful and consider it while finding the IFSC code of the Westpac Banking Corporation Bank of any branch.