What is Swift Code and how is it different from IFSC Code?

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What is Swift Code and how is it different from IFSC Code?

Swift codes are required for international transactions. Sometimes people think of IFSC code as Swift code. Swift code is completely different from IFSC code. The SWIFT code used is the code asked by the bank for any international transaction.

Without this you cannot do international transactions. SWIFT code is also known as BIC (Bank Identifier Code). Its full name is Society for World White Inter Bank Financial Telecommunication.


Where is swift code used?

When you transfer money from your account to your family or friends in another country, you are asked to enter SWIFT code. This code identifies the identity, bank and branch of any country. Without this, your bank transaction would be considered safe for security. Swift code uses 8 or 11 alphabets and numbers.

How is Swift Code different from IFSC Code?

The Indian Financial System Code (IFSC) differs from the SWIFT code in that it is used for online transactions at any bank or any branch within India. Talk about Swift code, it is used only for international online transactions.
SWIFT code is only for select branches while IFSC code is for almost every bank and branch in the country. Customers can get information about this code by visiting their bank branch. If your bank provides SWIFT code facility then you will be given this code.

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