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Difference between SWIFT code and IFSC code

Published on Monday, June 26, 2017

What is SWIFT code?

Full form of swift is society for worldwide interbank financial telecommunication. This code was came into an existence in 1973 in Brussels. It is a non-profit organisation owed by their member banks. It is an electronic transfer system used internationally. With the help swift code system they are able to convey message as per the pre-determined format.


What is IFSC code?

IFSC stands for the Indian financial system code used in India to transfer funds between the banks with in country by electronic medium. IFSC is used through RTGS or NEFT to make transactions with India.


COMPARATION BERWEEN SWIFT COODE AND IFSC CODE

BASIS
SWIFT CODE
IFSC CODE
Acronym 
Society for worldwide interbank financial
Indian financial system code
USE
It is used internationally while transferring money through wire
It is used only in India while transferring money through RTGS OR NEFT.
Constituted by
International Organization for Standardization (ISO)
Reserve bank of India (RBI)
Characters
Either 8 or 11
First four: bank code
Next two: country code
Next two: location code
Last three: branch code(optional)
11
First four: bank code
Fifth one: 0 (always)
Last six: branch code
Code assigned by
ISO
RBI
Fees
Higher fees charges
Lower as compare to swift code
Where to find code
Bank website
RBI website
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