What are Bank Codes?

A bank code is a unique number that identifies a certain bank and branch during a financial transaction. These codes are used for sending money from one bank to another.

There are many different kinds of Bank Codes, such as SWIFT (Society for Worldwide Interbank Financial Telecommunication) codes and codes that are only used in a certain area or country.

The BSB Number, the Sort Codes, and the Routing Number are all examples of local bank codes.

A country’s central bank, which is its supervisory body, or the Bankers Association, is in charge of local bank codes. Codes are given to all the licensed banks or financial institutions that are part of it. The rules vary from country to country.

The local bank codes have been added at the beginning of the International Bank Account Numbers (IBANs) by most countries that use them.

Here are Bank Codes for various banks in the world.

What are Sort Codes?

A sort code is a five-digit code used to identify the location where a bank account is held. The first two digits represent the bank code while the rest represent the branch code. Therefore, a sort code is a combination of a bank code and branch code.

What is a SWIFT Code?

A SWIFT code (also known as a Bank Identifier Code or BIC) is a unique code that identifies a specific bank or financial institution. It’s an international standard for identifying banks and financial institutions globally, and it’s used for transferring money between banks in different countries. The SWIFT code typically consists of 8-11 characters and includes information about the bank’s location and country, as well as the bank’s specific code.

What is a Routing Number?

A routing number is a nine-digit code used in the United States to identify a specific bank or financial institution. It’s used for domestic money transfers within the United States, such as for direct deposit, bill payments, and wire transfers. The routing number is assigned by the Federal Reserve Bank and represents the location where your account was opened.

What is the difference between a SWIFT Code and a Routing Number?

SWIFT codes are used for international transfers, while routing numbers are used for domestic transfers within the United States.

What is IBAN?

IBAN stands for International Bank Account Number, which is a standard international numbering system used to identify bank accounts. It includes a country code, a check digit, and the account number, and it provides a standardized way to ensure that international payments are routed to the correct account. IBANs are used in Europe, the Middle East, and parts of Africa and Asia.

What is Bank Identification Number?

Bank Identification Number (BIN) refers to the first six digits of a credit or debit card number. They are used to identify the issuing bank or financial institution that issued the card. They are crucial for processing transactions because they help in determining the card type and routing the transaction to the appropriate network and bank.
The BIN contains information such as the bank’s identity, the card brand (Visa, Mastercard, etc.), and the card type (credit, debit, prepaid, etc.). It helps merchants and payment processors verify and authorize transactions, detect potential fraud, and ensure secure and accurate payment processing.

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