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

-

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.

Loved our content? To support us for More Content , you can help us via UPI :
Paytm : ShaikhInside@paytm
GooglePay : Enquiry2Info@okaxis
📲 Google Pay : Enquiry2Info@okaxis

Join me on Google Pay, UPI a secure app for money transfers, bills and recharges. Enter my code 1n9g4 to earn ₹21 back on your first payment! https://g.co/payinvite/1n9g4

Connect With Us:
Facebook Twitter Instagram Pinterest Telegram
Subscribe to all our social networks:
Instagram - instagram.com/shaikhinside
Telegram - t.me/shaikhinside
Twitter - twitter.com/shaikhinside

Comments

Post a Comment

Popular posts from this blog

iPhone XR Most Selling Phone 2019 global best-selling chart, iPhone 11 comes in second

-
Image
iPhone XR Most Selling Phone 2019 global best-selling chart, iPhone 11 comes in second: Shaikh Inside The iPhone 11 proved a real hit for Apple. The successor to the  iPhone XR  is doing even better than its predecessor, dominating sales around the globe. According to the latest report from  Counterpoint Research , the iPhone 11 was the second best selling phone in 2019 with a 2.1% share of all global smartphone sales, trailing only the iPhone XR which commanded a 3% share. Keep in mind that the XR was available throughout 2019, whereas the 11 only came at the end of September. The Samsung Galaxy A50 rounds out the podium with 1.8% of all global sales. Apple and Samsung continued their domination throughout the top-10 chart while Oppo and its A5 was the only other company in the global top-10 ranking as per  Counterpoint Research . 2019 Global Smartphone Top 10 Model Sales Market Share Going on a per-region basis, Apple unsurprisingly dominated the North American market
Read more

6 two-wheel vehicle riders die every single hour in India.

-
Image
6 two-wheel vehicle riders die every single hour in India. That’s more than 50,000 people a year. Moving about is unavoidable. Public transport, though very vast, just isn’t enough. Cars are too expensive for the country’s price-sensitive population. Hence, two-wheelers. It is quite common for us to see families of 3 or 4 people riding on one 2-wheel vehicle. Needless to say, this is very unsafe. The lawmakers have tried. Certified helmets are mandatory. Only 2 people are legally allowed. But again, that has not been enough. In that light, another question to be asked is, why not make cars cheaper? An effort has been put towards that. Seeing a family of 4 on a bike get soaked in the rains, a certain automobile chairman decided to change things. Hey, have you tried Upstox? I've been trading with them and thought you’d love it too! Upstox is one of India's largest and fastest-growing investment platforms with over 60 lakh users. Recently they’ve introduced a new app, which is swi
Read more

Why You Can’t Withdraw the Rs 200 Note From an ATM Anytime Soon : Shaikh Inside

-
Image
Why You Can’t Withdraw the Rs 200 Note From an ATM Anytime Soon : Shaikh Inside As of 4 January 2017, the Reserve Bank of India has ordered banks to recalibrate all 2.2 lakh ATMs across the country to ensure the dispensation of the new, yellow Rs 200 notes. Even though the new note was introduced in the market in August 2017, it remains somewhat of a novelty and  available only with banks  because of its size! Its dimensions (66 mm x 146 mm) are different from the existing currency in circulation, including the new Rs 500 and Rs 2000, due to which ATMs have to be recalibrated. After demonetisation in November 2016, banks went through a complete overhaul of all ATMs, having had to recalibrate the trays which hold and dispense notes inside the machine to fit the new dimensions of the Rs 500 and Rs 2000 note. This led to months of despair and disruption as people were unable to access their money easily and instead had to endure long lines in banks to withdraw the new n
Read more