IFSC, MICR And SWIFT Code: What Is The Difference?
Difference Between IFSC, MICR and SWIFT Code?
Banking forms and apps ask for different codes and they are easy to confuse. To summarise: IFSC code is for online transfers within India, MICR code is for cheque clearing and SWIFT code is for international transfers.
For an in-depth study of two of them, refer our guide on What is the difference between IFSC and MICR code.
What is IFSC Code?
IFSC full form is Indian Financial System Code. It is used for NEFT, RTGS and IMPS transfers and a bank branch in India.
Letters & numbers 11 characters long
Format. Bank (4 chars) + 0 + Branch (6 chars)
ABCD0123456
You can search for any branch on our IFSC code finder.
What is MICR Code?
MICR = Magnetic Ink Character Recognition. It is a 9 digit number printed in magnetic ink at the bottom of a cheque so that machines can read the number and clear the cheque quickly.
Length: 9 characters
First 3 digits: city code
Next 3 digits: bank code
Last 3 digits: branch code
What Is a SWIFT Code?
SWIFT code or BIC is the code used to identify the bank in international money transfer. You need it when you send money to or receive money from abroad.
Length: 8 or 11 char
Bank code - First 4 letters
Next 2 letters: code of country
Next 2 chars: location code
Last 3 characters (optional): branch code
What Code Do I Need?
Online Money Transfer Within India (NEFT, RTGS, IMPS) IFSC Code
Micr Code (printed on the cheque already) for depositing or clearing a cheque
Sending or receiving money from outside the UK Swift code:
How do I find each code?
IFSC on your cheque leaf, passbook, bank app or an IFSC finder
MICR: on the numbers at the bottom of your cheque or in your bank branch details
SWIFT: Ask your branch or look on your bank’s website or in your net banking
Frequently Asked Questions (FAQs)
The IFSC code and the MICR code are not the same.
No. IFSC is 11 characters and used for electronic fund transfer. MICR has 9 digits and is used for processing of cheques.
Do I require a SWIFT code for transfer in India?
No. IFSC code is used for domestic transfers. SWIFT is used for cross-border transfers.
SWIFT code and BIC are the same thing.
Yes. The two terms refer to the same code.
Are all three codes available at every bank branch?
Each branch has an IFSC Code. MICR codes are assigned to the branches which are involved in cheque clearing. SWIFT code generally identifies the bank or a larger branch, not every branch has their own.
Can I use one code over the other?
No, not at all. Each code is for a different system so use the one the form or app is requesting.
This article is solely for informational purposes. Please check your bank details with your bank before making a transfer.
