Bank Clearing Code vs SWIFT Code: What's the Difference

Bank clearing codes and SWIFT codes are two distinct codes used for international transactions, but they serve different purposes. A bank clearing code, also known as a clearing code or sort code, is a 6-digit code used in the UK and other countries to identify a specific bank branch.

In the UK, a bank clearing code is usually 6 digits long and is used to identify a specific branch of a bank. The code is usually printed on bank statements and checks.

Bank clearing codes are used to facilitate domestic transactions within a country, while SWIFT codes are used for international transactions. The SWIFT code, on the other hand, is an 8-11 character code used to identify a specific bank and branch for international transactions.

A Bank Clearing Code is a required reference for international payments sent to bank accounts that don't have an IBAN. This code acts as an identification number for a specific bank, ensuring that international payments are sent to the right place.

In Europe, most bank accounts have an IBAN, making a Bank Clearing Code unnecessary for domestic payments. However, it's required when sending payments to countries like the United States, South Africa, New Zealand, and Australia.

A Bank Clearing Code is sometimes referred to as a routing number. Its primary function is to identify the bank and facilitate the transfer of funds.

You'll need a bank clearing code when sending money to specific countries, such as Australia, New Zealand, and South Africa, where a BSB code is required.

Countries like the United States, on the other hand, use a routing number or ABA code.

Sending international wire transfers or SEPA payments often requires a SWIFT code to help banks process the transfer.

SWIFT codes are used to identify banks and financial institutions globally, serving as an international bank code or ID.

To determine if you need a SWIFT/BIC code, consider the countries you're transferring money to, as some may require this code for international wire transfers or SEPA payments.

You can usually find your bank's SWIFT/BIC code in your bank account statements. If you're having trouble finding it, you can use a SWIFT/BIC finder to get the right code for your transfer.

A SWIFT code is made up of 8-11 characters, which include the bank code, country code, location code, and branch code. The code is usually formatted with the bank code being the first four letters, followed by the country code, location code, and branch code.

You can find a SWIFT/BIC code by looking at your bank statement, referring to your bank's website, or by searching for it online. Some banks use the same SWIFT code for all their branches while others designate a unique code for each branch.

If you're unsure of which code to use, you can typically use the bank's head office SWIFT code to send money. This is because the head office code is usually the same for all branches.

Countries that may require a SWIFT/BIC code to send money include those that require international wire transfers or SEPA payments. If you're sending or receiving money internationally, you may be asked for a SWIFT code to process the transfer.

SWIFT codes help banks to process transfers from abroad, which is why they're often required for international money transfers.

A National Clearing Code (NCC) is an identification code for a specific bank, required for international payments to bank accounts without an IBAN.

The format of a SWIFT/BIC number, which is also an identification code, is an 8-11 character code that identifies your country, city, bank, and branch.

A SWIFT/BIC code is made up of four parts: bank code, country code, location code, and branch code. Here's a breakdown of each part:

You'll need a SWIFT/BIC code for international money transfers, SEPA payments, or when sending money to countries that require it, such as the United States, South Africa, New Zealand, and Australia.

You need a code to send international payments to countries that don't have an IBAN, like the United States, South Africa, New Zealand, and Australia.

To know if you need a code, check if the country you're sending money to requires one - countries like these often do.

Sending money between banks for international wire transfers or SEPA payments usually requires a SWIFT/BIC code.

Different countries require different codes, but you'll almost always need a SWIFT/BIC code for international transfers or SEPA payments.

Countries that may require a SWIFT/BIC code include those you're sending money to, so it's worth checking their specific requirements.

A SWIFT code is a standard format for Business Identifier Codes (BIC) that helps identify banks and financial institutions globally.

It's used to process international wire transfers and SEPA payments, and banks use these codes to exchange messages with each other.

A SWIFT code is an 8-11 character code that identifies your country, city, bank, and branch.

Here's a breakdown of what each part of the code represents:

You can find a SWIFT/BIC code by looking at your bank statement, referring to your bank's website, or by searching for it online.