Difference Between SWIFT and IFSC Codes
While both are used for fund transfers, they serve different purposes:
IFSC Code
- Used for domestic transfers in India
- 11 characters long
- Specific to Indian banks
- Used for NEFT, RTGS, IMPS
SWIFT Code
- Used for international transfers
- 8-11 characters long
- Used globally
- Identifies banks worldwide
When to Use
Use IFSC code for transfers within India and SWIFT code for international transfers.