SWIFT code vs. IFSC code: Know the Difference

By Shumaila Saeed || Published on January 24, 2024

SWIFT code is an international bank code that identifies particular banks worldwide, while IFSC code is specific to Indian banks for domestic fund transfers.

SWIFT code vs. IFSC code

Key Differences

A SWIFT code, also known as BIC (Bank Identifier Code), is used for identifying financial institutions globally, facilitating international wire transfers. IFSC code, or Indian Financial System Code, is used within India to identify specific branches of banks for electronic payment systems like RTGS and NEFT.

Jan 24, 2024

SWIFT codes are standardized 8 or 11-character alphanumeric codes, where the first 4 letters represent the bank, the next 2 the country, and the remaining 1-3 the specific branch or head office. IFSC codes are 11 characters long, with the first 4 characters representing the bank's name, the fifth character being zero, and the last 6 identifying the specific branch.

Jan 24, 2024

The SWIFT system is used internationally by over 11,000 financial institutions in more than 200 countries. The IFSC code, on the other hand, is specific to India, used exclusively within the Indian banking system.

Jan 24, 2024

For conducting international wire transfers, the SWIFT code is essential to ensure the money reaches the correct bank and country. In contrast, the IFSC code is crucial for domestic fund transfers in India, ensuring the accurate routing of transactions between banks within the country.

Jan 24, 2024

Both SWIFT and IFSC codes are critical for banking transactions, but they serve different markets; SWIFT codes facilitate international finance communication, while IFSC codes streamline and secure domestic banking transactions in India.

Jan 24, 2024

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Comparison Chart

Function

Identifies banks internationally for wire transfers

Identifies Indian bank branches for domestic transfers

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Length and Structure

8 or 11 characters; includes bank, country, branch

11 characters; includes bank name, zero, branch code

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Geographical Usage

Worldwide, over 200 countries

Used only in India

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Used in Transactions

International wire transfers

Domestic electronic transfers like RTGS and NEFT

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Institutional Scope

Over 11,000 financial institutions

Indian banks and branches only

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SWIFT code and IFSC code Definitions

SWIFT code

A unique identifier for banks in cross-border transactions.

The SWIFT code ensured her payment reached the correct bank in France.

Jan 05, 2024

IFSC code

Comprises bank name initials and a specific branch number in India.

The IFSC code starts with the bank's name followed by a unique branch code.

Jan 05, 2024

SWIFT code

A combination of letters and numbers representing a bank globally.

The SWIFT code starts with the bank’s initials followed by a country code.

Jan 05, 2024

IFSC code

Unique code facilitating banking transactions within India.

The IFSC code was needed to transfer funds to another Indian bank.

Jan 05, 2024

SWIFT code

Standardized code facilitating international wire transfers.

He used the SWIFT code for an overseas business transaction.

Jan 05, 2024

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IFSC code

An 11-character code used in Indian banking for RTGS and NEFT.

Each branch of her bank had a different IFSC code.

Jan 05, 2024

SWIFT code

Essential for global financial communications between banks.

The accuracy of the SWIFT code is crucial for international transfers.

Jan 05, 2024

IFSC code

Integral for accurate and secure domestic money transfers in India.

Using the correct IFSC code ensured the transaction was processed smoothly.

Jan 05, 2024

SWIFT code

An international banking code for identifying financial institutions.

To send money to the U.S., you'll need the bank's SWIFT code.

Jan 05, 2024

IFSC code

A code for identifying bank branches in India for electronic transfers.

Her NEFT transfer required the recipient’s bank IFSC code.

Jan 05, 2024

Repeatedly Asked Queries

How many characters does a SWIFT code have?

Either 8 or 11 characters.

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What is a SWIFT code used for?

For identifying banks internationally, especially in wire transfers.

Jan 24, 2024

Is the IFSC code used internationally?

No, it's used only in India.

Jan 24, 2024

Do all banks have a SWIFT code?

Not all, but most major banks involved in international transfers do.

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Is the IFSC code necessary for NEFT transactions?

Yes, it's required for NEFT and other domestic transfers.

Jan 24, 2024

Are IFSC codes required for cheque transactions?

Yes, they are often required for clearing cheques.

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Can SWIFT codes identify specific bank branches?

Yes, the last 3 characters can specify a branch.

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Can I find a bank's IFSC code online?

Yes, it's usually listed on the bank’s website and statements.

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How often do SWIFT codes change?

Rarely, unless a bank undergoes significant structural changes.

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What's the purpose of an IFSC code?

To identify Indian bank branches for domestic electronic transfers.

Jan 24, 2024

What does the zero in IFSC code signify?

It's a control character, standard in all IFSC codes.

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Are IFSC codes unique to each branch?

Yes, every branch has a unique IFSC code.

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What happens if I use the wrong IFSC code?

The transaction may be delayed or fail to process.

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Can a bank have multiple SWIFT codes?

Yes, especially large international banks.

Jan 24, 2024

Is IFSC used for both RTGS and NEFT?

Yes, it's used for both these electronic fund transfer systems.

Jan 24, 2024

Is the SWIFT code same as a BIC?

Yes, BIC (Bank Identifier Code) is another name for SWIFT code.

Jan 24, 2024

Do SWIFT codes apply to all account types?

Generally, they apply to all accounts within the bank.

Jan 24, 2024

Do SWIFT codes change if a bank merges or is acquired?

Possibly, it depends on the new bank's structure.

Jan 24, 2024

Is the IFSC code needed for cash deposits?

Not usually, but it's needed for electronic fund transfers.

Jan 24, 2024

How can I find a SWIFT code?

Check the bank's website, your bank statement, or contact the bank directly.

Jan 24, 2024

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About Author

Written by

Shumaila Saeed, an expert content creator with 6 years of experience, specializes in distilling complex topics into easily digestible comparisons, shining a light on the nuances that both inform and educate readers with clarity and accuracy.

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