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