What is SWIFT CODE?
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) (also known as ISO 9362, SWIFT-BIC, BIC code, SWIFT ID or SWIFT code) is a standard format of Business Identifier Codes approved by the International Organization for Standardization (ISO). It is a unique identification code for both financial and non-financial institutions. (When assigned to a non-financial institution, a code may also be known as a Business Entity Identifier or BEI.) These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. The codes can sometimes be found on account statements. SWIFT and BIC codes are basically the same.
The SWIFT code is 8 or 11 characters,
- BBBB 4 letters: Institution Code or bank code.
- US 2 letters: ISO 3166-1 alpha-2 country code
- 3M 2 letters or digits: location code
- If the second character is “0”, then it is typically a test BIC as opposed to a BIC used on the live network.
- If the second character is “1”, then it denotes a passive participant in the SWIFT network
- If the second character is “2”, then it typically indicates a reverse billing BIC, where the recipient pays for the message as opposed to the more usual mode whereby the sender pays for the message.
- XXX 3 letters or digits: branch code, optional (‘XXX’ for primary office)
Where an 8-digit code is given, it may be assumed that it refers to the primary office.
SWIFT Code Bank
SWIFT Code Bank used to Transfer fund to International banks. SWIFTCode Bank are provide the broadest coverage of national bank identifiers. SWIFT Code is identifying Bank Country branches. SWIFT Code Bank is unique for each branch.
What is BIC
Bank Identifier Code (BIC), SWIFT codes and Routing Code are basically the same.
What is ROUTING CODE
International banks Routing Code, SWIFT codes & Bank Identifier Code (BIC)are basically the same.
What is Bank IFSC CODE
The Indian Financial System Code (IFSC) is an alphanumeric code that uniquely identifies a Bank-Branch participating in the two main Electronic Funds Settlement Systems in India: the Real Time Gross Settlement (RTGS) and the National Electronic Funds Transfer (NEFT) systems. IFSC is used by the NEFT & RTGS systems to route the messages to the destination banks / branches. Bank-wise list of IFSCs is available with all the bank-branches participating in interbank Electronic Funds Transfer. List of bank-branches participating in NEFT/RTGS and their IFSCs is available on the website of RBI & www.ifscswiftcodes.com also. IFSC Code consists of 11 Characters: (ex. BBBB0010476)
- First 4 characters represent the entity (BBBBxxxxxxx)
- Fifth position has been defaulted with a ‘0’ (Zero) for future use (xxxx0xxxxxx)
- Last 6 character denotes the branch identity (xxxxx010476)
IFSC Code Bank
IFSC Code Bank used the RTGS & IFSC Code Bank used NEFT finance transfer systems. IFSCCode Bank are provided by RBI. IFSC Code is identifying Bank branches participating in online fund transfers. IFSCcode Bank is unique for each branch.
How to use IFSC Code Bank for NEFT & RTGS fund transfer
To do online fund transfer the IFSC Code Bank is required. list of Bank IFSC Codes provided respective Bank Branchs. This information can also be used to do online banking. Online mode of payments can be used for transactions like insurance premium payments, Mobile bill payments, Bus and Train ticket booking, flight tickets booking, online shopping, loan emi payments, online Share/equity Trading a/c Fund Transfer, buying mutual funds, bonds and more…
What is Bank BSR Code
Basic Statistical Return (BSR) Income Tax Department’s initiative to receive information and maintain records of tax paid through banks through online upload of challan details is named as OLTAS (Online Tax Accounting System). The collecting bank branch will put a rubber stamp on the challan and its counterfoil indicating a unique Challan Identification Number (CIN) comprising of seven digit BSR Code allotted by RBI to that bank branch, the date of deposit (dd/ mm/ yy i.e. six digits), and the challan serial number in 5 digits. CIN will, therefore, be unique for each challan through out the country and will be used for identifying the challan in the OLTAS. Technical words
- ROUTING CODE
- SWIFT CODE
- IFSC CODE
- BSR CODE
- BIC CODE