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Whenever you transfer money, you are supposed to mention the sender's account number and bank details. Onvioislut, the details of the receipts have to be mentioned as well. Money transfer has become easy, thanks to technology. I send money within minutes to another corner of the country. I have thought ‘Is SWIFT code and IFSC code same’ so many times.
Pay Your Rent using Credit Card SAFELY through NoBroker! Pay Your Electricity, Water, or Gas Bills through NoBroker Timely and Hassle-free! Is IFSC code and SWIFT code same?IFSC code stands for Indian Financial System Code. You will need an IFSC code if you plan to transfer funds within India using RTGS or NEFT. IFSC code always has 11 alphanumeric digits. An example of IFSC code is: HDFC0000351
If you plan to transfer funds across domestic boundaries (any international geographical location). You will need a SWIFT code. SWIFT code is assigned to a particular bank by the Society for Worldwide Interbank Financial Telecommunication. Usually, the SWIFT code has 8 or 11 characters. An example of SWIFT code is: BOFAUS3N
Getting back to Is IFSC and SWIFT code the same?
No, both the acronyms mean different things and are used in different ways.
Similarities :There is a difference between SWIFT code and IFSC code, yet both these codes are commonly used in banking transactions. They facilitate a comfortable experience for customers like you and me. With the correct information, money is transferred without the worry of any fraud.
I hope your doubts about ‘is SWIFT code and IFSC code same’ have been cleared.
Read more :
What is IFSC code? What happens if IFSC code is wrong? How much time does it take for NEFT transfer? What is the difference between NEFT and RTGS?Your Feedback Matters! How was this Answer?
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Is SWIFT code and IFSC code same ?
Reena
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2 Year
2022-08-12T19:31:45+00:00 2023-08-25T17:06:09+00:00Comment
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