SWIFT Code vs. IFSC Code: What's the Difference?
Edited by Huma Saeed || By Sumera Saeed || Published on November 14, 2023
SWIFT code is an international bank code for identification, while IFSC code is specific to India for domestic fund transfers.
Key Differences
The SWIFT code is an international banking standard for identifying banks across the globe. It's used for international wire transfers and messages between banks. In contrast, the IFSC code is used within India. It uniquely identifies each bank branch participating in the two main electronic funds settlement systems.
Sumera Saeed
Nov 14, 2023
SWIFT codes, also known as BIC (Bank Identifier Codes), are formatted as 8 or 11 characters. They are essential for international financial transactions. Conversely, IFSC codes are 11 characters long and are used primarily for electronic payment systems like RTGS, NEFT, and IMPS in India.
Sumera Saeed
Nov 14, 2023
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) assigns SWIFT codes. This code provides a secure network for financial institutions to send and receive information. On the other hand, the Reserve Bank of India assigns IFSC codes to identify each unique bank branch.
Sumera Saeed
Nov 14, 2023
SWIFT codes facilitate the smooth processing of international transactions and are recognized globally. Whereas IFSC codes streamline domestic fund transfers in India and are not used for international transactions.
Harlon Moss
Nov 14, 2023
In a SWIFT code, the first four characters represent the bank code, followed by two characters for the country code, and the next two for the location code. The IFSC code starts with a four-letter bank code, followed by '0', and the last six characters represent the branch.
Sumera Saeed
Nov 14, 2023
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Comparison Chart
Purpose
For international banking operations
For domestic banking operations in India
Sumera Saeed
Nov 14, 2023
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SWIFT Code and IFSC Code Definitions
SWIFT Code
Essential for international wire transfers.
Send the payment to our UK branch using the SWIFT code BARCGB22.
Sumera Saeed
Oct 31, 2023
IFSC Code
Contains 11 alphanumeric characters.
Transfer funds to HDFC Mumbai using IFSC HDFC0001234.
Sumera Saeed
Oct 31, 2023
SWIFT Code
Facilitates secure global financial communication.
Use our SWIFT code CIBCCATT for error-free international transactions.
Sumera Saeed
Oct 31, 2023
IFSC Code
Specific to Indian banks for electronic transfers.
Use IFSC code SBIN0001707 for NEFT to State Bank of India, Delhi.
Huma Saeed
Oct 31, 2023
SWIFT Code
A global identification code for banks.
The SWIFT code for Bank of America in New York is BOFAUS3N.
Huma Saeed
Oct 31, 2023
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IFSC Code
Vital for NEFT, RTGS, and IMPS transactions.
Please provide the IFSC code to process your RTGS transfer.
Sara Rehman
Oct 31, 2023
SWIFT Code
Unique identifier for financial institutions.
The SWIFT code HSBCSGSG is required for transferring money to HSBC in Singapore.
Sumera Saeed
Oct 31, 2023
IFSC Code
Issued by the Reserve Bank of India.
The IFSC code ICIC0000555 is designated by RBI for ICICI Bank.
Sumera Saeed
Oct 31, 2023
SWIFT Code
Comprises bank, country, and location codes.
Deutsche Bank's SWIFT code DEUTDEFF indicates its presence in Frankfurt, Germany.
Sara Rehman
Oct 31, 2023
IFSC Code
Identifies individual bank branches.
For deposit, use branch IFSC PUNB0421300.
Sara Rehman
Oct 31, 2023
FAQs
Do all banks have a SWIFT code?
Not all, but most major banks involved in international transactions have a SWIFT code.
Sara Rehman
Nov 14, 2023
How many digits are in a SWIFT code?
A SWIFT code can be 8 or 11 digits long.
Sumera Saeed
Nov 14, 2023
What does SWIFT code stand for?
SWIFT code stands for Society for Worldwide Interbank Financial Telecommunication code.
Sumera Saeed
Nov 14, 2023
How can I find my bank's IFSC code?
It's usually on your bank's cheque leaf, passbook, or website.
Aimie Carlson
Nov 14, 2023
Can SWIFT codes be used for domestic transactions?
No, SWIFT codes are primarily for international transactions.
Huma Saeed
Nov 14, 2023
Is the SWIFT code the same as the bank’s routing number?
No, they serve different purposes and are used in different contexts.
Harlon Moss
Nov 14, 2023
Can I find the IFSC code using the bank’s SWIFT code?
No, they are different codes and one cannot be derived from the other.
Sumera Saeed
Nov 14, 2023
Can IFSC code be used for international transfers?
No, IFSC codes are only for domestic fund transfers in India.
Sara Rehman
Nov 14, 2023
Can a SWIFT code be changed?
Yes, a bank’s SWIFT code can change if it undergoes structural changes.
Sumera Saeed
Nov 14, 2023
Can two banks have the same SWIFT code?
No, each SWIFT code is unique to a specific bank or its branch.
Sumera Saeed
Nov 14, 2023
Can the IFSC code be used outside India?
No, it’s specific to the Indian banking system.
Harlon Moss
Nov 14, 2023
How often do IFSC codes change?
They change only if the bank undergoes restructuring or branch changes.
Sumera Saeed
Nov 14, 2023
Is a SWIFT code the same as an IBAN?
No, they are different; IBAN is used for identifying individual bank accounts, while SWIFT is for banks.
Harlon Moss
Nov 14, 2023
Do I need an IFSC code for cheque transactions?
No, IFSC codes are not required for cheque-based transactions.
Harlon Moss
Nov 14, 2023
What is the primary purpose of an IFSC code?
It's used for facilitating electronic payments within India.
Aimie Carlson
Nov 14, 2023
Does the IFSC code change with bank branches?
Yes, each bank branch in India has a unique IFSC code.
Sumera Saeed
Nov 14, 2023
Is the SWIFT code necessary for receiving money from abroad?
Yes, it's essential for receiving international wire transfers.
Aimie Carlson
Nov 14, 2023
Are SWIFT codes confidential?
No, they are meant to be shared for transactional purposes.
Sumera Saeed
Nov 14, 2023
Is sharing an IFSC code safe?
Yes, sharing an IFSC code is safe as it’s meant for public knowledge.
Sara Rehman
Nov 14, 2023
Is an IFSC code needed for cash deposits?
No, it’s mainly for electronic fund transfers like NEFT, RTGS, and IMPS.
Harlon Moss
Nov 14, 2023
About Author
Written by
Sumera SaeedSumera is an experienced content writer and editor with a niche in comparative analysis. At Diffeence Wiki, she crafts clear and unbiased comparisons to guide readers in making informed decisions. With a dedication to thorough research and quality, Sumera's work stands out in the digital realm. Off the clock, she enjoys reading and exploring diverse cultures.
Edited by
Huma SaeedHuma is a renowned researcher acclaimed for her innovative work in Difference Wiki. Her dedication has led to key breakthroughs, establishing her prominence in academia. Her contributions continually inspire and guide her field.
