country register on the IBAN website. What is a SWIFT Code?A SWIFT code is another type of code you may need to use in order to transfer money internationally. Note that a SWIFT code is used to identify a specific bank, while an IBAN identifies a specific account. As such, the two codes are not the same, especially as not all countries use IBAN but most countries will use a SWIFT code.
A SWIFT code can be found on bank statements, the bank website, or on online resources. They are eight to eleven characters long, made up of a four-character bank code, two-character country code, two-character location code, and occasionally a three-character branch code.
For example, the SWIFT code for Bank of America in the United States is BOFAUS3N.
What is an IFSC Code?
Your IFSC code is an eleven-digit alphanumeric code that is used to identify bank branches in India. The IFSC code can be found on the top left corner of your check or on the Reserve Bank of India (RBI) website.
The first four characters of the IFSC code signify the bank and these four letters can be found on the bank’s website. The fifth character is always 0 and the remaining six characters are a unique numeric code to identify the specific branch of your bank.
For example, SBIN0005943 is the IFSC code for the SBI branch at New Delhi. The bank code is signified by “SBIN” and “005943” is the branch code.
Are IFSC and IBAN the Same?
The IFSC code and IBAN are not the same, however, because India doesn’t use IBANs to receive money from abroad. Therefore, if you want to send money specifically to India, you will need to find the SWIFT code instead. An IBAN can help you to send money to most countries in Europe, and other parts of the world, but not India.