What is the difference between SWIFT code and Routing Numbers? - ProProfs Discuss
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What is the difference between SWIFT code and Routing Numbers?

Asked by K. Gibson, Last updated: Dec 27, 2020

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H. Ruby

H. Ruby

H. Ruby
H. Ruby

Answered Mar 17, 2020

Swift code is a standard format of bank identifier codes. It’s a unique identification cypher for a particular bank. These codes are utilized when transferring funds between banks. It is heavily used for international wire transfers. It is also called BIC code, which is part of 150 9362 standards. BIC stands for bank identifier codes. Swift code or BIC code is a special code to recognize financial and non-financial institutions. The systems are also used in trading messages among banks. The routing number, or transmit number, on the other hand, is a nine-digit number that is used to identify financial organizations within a transaction. The routing number is a way for money to go in and out of the bank. Along with your account number, this allows other financial institutions to put money in your account, such as the case with a direct deposit. The routing number is often decided by the state branch where your account was opened.
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