Bank Identifier Code (BIC) codes - also known as SWIFT codes - are similar to sort codes but with a fundamental difference: sort codes identify banks within the UK (English, Welsh, Scottish, and Northern Irish banks), while BIC codes are used for international payments.
Is a SWIFT/ BIC code the same as a sort code? Nope, sort codes aren't the same as SWIFT codes. Sort codes are 6-digit codes that help British and Irish banks to identify bank branches for domestic payments (payments within a country).
The Australian equivalent to a sort code or routing number is the bank state branch, or BSB, number. You will need to provide the BSB and account number to transfer money to any domestic Australian account. Like sort codes and routing numbers, it shows the specific bank and branch.
You can typically find your sort code on bank statements and in your online or app banking. Many banks also print the sort code on the front or back of the bank card together with the account number.
A SWIFT code is also known as a BIC: a Bank (or Business) Identifier Code. Like a sort code, a SWIFT code/BIC identifies your bank – but unlike a sort code, it's recognised internationally. SWIFT codes and BICs are either 8 or 11 digits long. As well as identifying the bank, they identify the country.
Both BSB numbers and SWIFT/BIC codes achieve the same goal: to identify where you are sending money to, but they are not the same. The biggest difference between the two is that BSB numbers are used for domestic purposes, whereas SWIFT/BIC codes are an international network.
Known as a 'national code', these had between three and five digits.
To summarize, a sort code is a six-digit code that identifies a specific bank and bank branch in the United Kingdom. It is required when making domestic or international wire transfers.
The account number identifies your unique bank account and the sort code identifies the branch and bank where you opened your account. Account numbers are eight digits long and sort codes are six digits long.
Your IBAN doesn't replace your sort code & account number ─ it's an additional number with extra information to help overseas banks identify your account for payments.
A SWIFT code is an international bank code that identifies particular banks worldwide. It's also known as a Bank Identifier Code (BIC). CommBank uses SWIFT codes to send money to overseas banks. A SWIFT code consists of 8 or 11 characters. CommBank's SWIFT code is CTBAAU2S.
An example of a sort code is 23-44-16; the first two digits here specify the bank, and the remaining four digits identify the branch. Sort codes play a crucial role in verifying the authenticity of transfers and directing money between accounts. They function similarly to the routing numbers used in the United States.
Sort codes (or bank codes) are a unique identifier of the individual branch or bank office where a bank account is held. Sort codes are mandatory when sending a telegraphic transfer to countries such as the United Kingdom or South Africa.
Your International Bank Account Number (IBAN) and Bank Identifier Code (BIC) are your account number and sort code written in a standard, internationally recognised format.
It usually consists of 11 characters divided into four groups: first, four letters to identify the bank; second, two letters to identify the country; third, two letters to indicate the bank's location; and fourth (which is optional), three digits to specify the receiving branch.
Whilst most banks have a BIC / SWIFT code assigned to them, there are some financial institutions that do not use them. A number of smaller banks and credit unions in the United States do not connect to the SWIFT network, which means that they do not use international routing codes.
What is a sort code? The definition of a sort code (aka Sorting Code ) in the context of United Kingdom and Ireland's bank industry and payments is a six-digit number, usually formatted as three pairs of numbers, for example 12-34-56.
If you know your IBAN (International Bank Account Number) you can see your 8 digit account number and 6 digit sort code contained within it. If you have our mobile banking app you can also log in to view your account number or sort code. You can also find your 6 digit sort code on your debit card.
What if I've sent money to an account that doesn't exist? If you simply enter the wrong sort code, the money shouldn't leave your account as there isn't anywhere to process the payment. If the sort code's correct, the money will leave your account and head to the bank the sort code belongs to.
The biggest difference between the two is that BSB numbers are used for domestic purposes, whereas SWIFT/BIC codes are an international network. For international money transfers, both a BSB code and a SWIFT/BIC code are used.
Sort Codes. A bank sort code is a type of routing number used in the United Kingdom and in Ireland. It's composed of six digits divided into three pairs.
If you are transferring money to an overseas bank account, you won't need a BSB number as BSBs are unique to Australia's banking system. Other countries have their own systems for identifying the bank and branch of accounts.
A sort code is only used in the UK and Ireland for domestic transfers. SWIFT and BIC codes are used for international transfers. They refer to the same thing, as SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a type of BIC (Bank Identifier Code).
In this sense, they're very similar to SWIFT codes. However, BSB numbers are intended for local transactions, rather than international transfers. So, if you're transferring money to an Australian account from outside the country, you don't need to use a BSB code, as the SWIFT code contains the same information.
Use BIC/SWIFT Code FRNIUS44 and this wire transfer form.