Difference between SWIFT Code and IFSC Code
|
Basis |
SWIFT Code |
IFSC Code |
|---|---|---|
|
Meaning |
A SWIFT code, also known as a Bank Identifier Code (BIC), is a unique identification code for a particular bank. |
An IFSC (Indian Financial System Code) code is a unique identification code assigned to each branch of banks in India that participate in the electronic funds transfer network. |
|
Purpose |
It is used to initiate and transfer money in a secure way across various countries. |
It is used to initiate and transfer money securely within India. |
|
Location |
The SWIFT code is used internationally across various countries. |
The IFSC code is used in India only. |
|
Full Form |
The full form of the SWIFT code is Society for Worldwide Interbank Financial Telecommunication. |
The full form of the IFSC code is the Indian Financial System Code. |
|
Issued and Managed By |
SWIFT code is issued by the Society for Worldwide Interbank Financial Telecommunication network. |
IFSC code is issued and managed by the RBI. |
|
Used by |
SWIFT codes are used by Banks, financial institutions, and regulatory authorities. Not by the individuals. |
IFSC codes are used by banks, individuals, and businesses. |
|
Currency |
By using SWIFT code, foreign currency and cross-border payments can be made. |
By using the IFSC code, only Indian rupees (INR) can be transferred within India. |
Difference between SWIFT Code and IFSC Code
SWIFT code and IFSC code are two important terms related to the banking sector. To transfer funds between banks, the SWIFT code and the IFSC code play a crucial role. However, these two codes are used in transferring funds, there are some differences between the SWIFT code and the IFSC code.