Comprehensive guide to global Bank Codes.
Learn everything about Bank Codes in various countries. These Bank Codes drive international and domestic money transfers as well as all other financial transactions in their respective countries.
From Routing Numbers in the US to SWIFT Codes used internationally to BSB Numbers in Australia to IFSC Codes in India, we bring you a wealth of information about all the major Bank Codes used in various countries of the world.
What Is A Bank Code?
A Bank Code, also called a Bank ID or Bank Identifier, is a unique code that identifies a bank or a financial institution in a country or region, and sometimes across the world.
Most countries have banking and financial standards that provide guidelines to draft and issue the applicable Bank Codes used in their local banking ecosystem. For example, the ABA (American Bankers Association) defines the ABA Routing Number specification and manages the issuance of Routing Numbers in the US to various banks and financial institutions.
The primary goal of a Bank Code is to unambiguously identify a bank or financial institution within a certain geographical region, generally a country. As we will see below, this makes Bank Codes highly beneficial to moving money amongst banks.
A Bank Code is a unique ID issued to every bank or financial institution in a country or region. Bank Codes are generally backed by specifications and guidelines that manage the generation, issuance and maintenance of such codes to banks and financial institutions.
Even though a Bank Code is often used in a particular country, it may be used in a wider scope. For example, a SWIFT Code is a globally unique ID for a bank or financial institution.
That said, the purpose is still the same, i.e., identify a bank or financial institution without any doubt or uncertainty. The only difference is that whilst most Bank Codes are valid in their country of issuance, SWIFT Codes are valid all over the world.
What Is A Bank Code Used For?
Since Bank Codes are unique IDs for banks and financial institutions, they are particularly useful in the movement of money amongst accounts held at such institutions.
The use of Bank Codes to route funds provides many advantages; we list some of them below.
- Foster error-free transactions: Since Bank Codes are unique fingerprints of banks and financial institutions, there is no doubt around the sending and receiving bank in a transaction. This makes sure there are no errors in routing funds in-between banks.
- Obviate the need to share bank details: Individuals and businesses conducting transactions do not need to share bank details like name and address. Instead, by simply using the Bank Code, they can confidently transmit and use bank information.
- Create more secure transactions: Since complete bank details do not need to be shared, the overall security of transactions increases by using Bank Codes.
- Make transactions faster: Banks, financial institutions and payment gateways possess capabilities to digitally process and handle transactions. By using Bank Codes instead of detailed bank information, transaction processing speed increases.
- Make compliance and auditing easier: The use of Bank Codes makes legal and regulatory compliance and auditing easier. National banks and government institutions can easily audit transactions, produce reports and create valuable action items.
- Drive digital, cashless economies and financial inclusion: Bank Codes facilitate digital and cashless transactions, and thereby promote financial inclusion by making banking more accessible and easier to hitherto unbanked and under-banked populations of the world.
Bank Codes are used to route funds between accounts held at banks and financial institutions. The use of Bank Codes eliminates errors, makes transactions faster and more secure, and promotes digital economies and financial inclusion.
Below, we list some of the world's most popular Bank Codes used in various countries.
Popular Bank Codes Used In Various Countries Of The World
Below is a list of the most popular Bank Codes prevalent in various countries across the world. For each Bank Code, we provide some basic information and further actions for you to learn more about the same.
ABA Routing Number
Country: 🇺🇸 United States
Issuer: ABA (American Bankers Association)
Identifies: A bank in United States
Format: 9-Digit number
Specification: ABA Routing Number specification
Usage: Electronic payments, direct deposits, online banking, other payments
Since: 1910
Other Names: RTN (Routing Transit Number), Routing Number, ABA Number
Summary: An ABA Routing Number, also simply called a Routing Number, is a 9-digit number issued by ABA (American Bankers Association) to banks and financial institutions in the United States to uniquely identify them. Routing Numbers help in efficient and error-free movement of funds within the US banking system.
SWIFT Code
Country: Internationally used
Issuer: Society for Worldwide Interbank Financial Telecommunication (SWIFT)
Identifies: An overseas bank
Format: 8-11 Character alphanumeric
Specification: ISO 9362:2022 standard
Usage: International wire transfers, International payments
Since: 1977
Other Names: BIC (Business Identifier Code)
Summary: A SWIFT Code is an 8-11 characters long globally unique ID for banks and financial institutions issued and maintained by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). Also called a BIC (Business Identifier Code), a SWIFT Code is a foundational pillar of international wire transfers throughout the world.
BSB Number
Country: 🇦🇺 Australia
Issuer: Australian Payments Network (AusPayNet)
Identifies: A bank branch in Australia
Format: 6-Digit number
Specification: AusPayNet BSB guidelines
Usage: Electronic funds transfers (EFTs), direct deposits and interbank transfers
Since: Early 1970s
Other Names: Bank State Branch Number
Summary: A BSB Number, short for Bank State Branch Number, is a unique 6-digit number used in Australia for each branch of a bank across the country. It is, therefore, a unique ID for a particular bank branch, and this makes it highly suitable to accurately move funds between bank accounts in the country's banking and financial infrastructure.
IFSC Code
Country: 🇮🇳 India
Issuer: Reserve Bank of India (RBI)
Identifies: A bank branch in India
Format: 11-Character alphanumeric
Specification: Reserve Bank of India (RBI) IFSC Code specification
Usage: NEFT, RTGS, IMPS, UPI and other payments
Since: 2008
Other Names: Indian Financial System Code
Summary: An IFSC Code is an 11-character long unique ID issued by the Reserve Bank of India (RBI) to uniquely identify a bank branch in India. It is widely used in all online financial transactions within India's popular payment systems that include National Electronic Funds Transfer (NEFT), Real-Time Gross Settlements (RTGS), Immediate Payment Service (IMPS) and Unified Payment Interfaces (UPI).
Sort Code
Country: 🇬🇧 United Kingdom
Issuer: Bacs Payment Schemes Limited (BACS), now owned by Pay.UK
Identifies: A bank in United Kingdom
Format: 6-Digit number
Specification: Pay.UK Sort Code guidelines
Usage: Cheque processing, electronic transfers, financial transactions
Since: Early 1960s
Other Names: UK Routing Number, Routing Number
Summary: A Sort Code is a 6-digit number used to uniquely identify banks and financial institutions in United Kingdom. In this way, a Sort Code serves the same purpose in the UK as a Routing Number does in the US, i.e., enable banks to correctly move funds between accounts and ensure the money reaches the requisite destination account without any issues.
MICR Code
Country: Internationally used
Issuer: Central bank or financial regulatory body of a country
Identifies: A bank branch in a country
Format: 9-Digit number
Specification: ISO 2033:1983 standard, Japanese Industrial Standard JIS X 9010:1984
Usage: Automatic processing of checks
Since: Late 1950s
Other Names: Magnetic Ink Character Recognition Code
Summary: MICR (Magnetic Ink Character Recognition) is a technology used in the banking industry within checks and financial documents. The magnetic ink used in MICR printing helps in creating patterns that magnetic scanners can read allowing for automatic processing by machines. MICR Codes identify bank, branch and city that the bank branch is located in.
CLABE Number
Country: 🇲🇽 Mexico
Issuer: Asociación de Bancos de México (The Association of Banks of Mexico), ABM and Banco de México (Mexico's Central Bank)
Identifies: A bank account in Mexico
Format: 18-Digit number
Specification: CLABE standard issued by ABM and Banco de México
Usage: Bill payments, electronic transfers, direct deposits
Since: June 01, 2004
Other Names: Clave Bancaria Estandarizada
Summary: A CLABE Number is a unique 18-digit code assigned to each bank account in Mexico, and includes bank code, branch code, account number and a control digit. This makes CLABE Number perfect for any financial transaction that entails the movement of money within Mexico.
IBAN
Country: Internationally used
Issuer: Bank where the account is held
Identifies: An overseas bank account
Format: Up to 34-Character alphanumeric
Specification: ISO 13616-1:2007 standard
Usage: International money transfers, International payments
Since: 1997
Other Names: International Bank Account Number
Summary: An IBAN (International Bank Account Number) is a globally unique identifier for a bank account held in a country. In other words, the IBAN is the global representation of a local bank account. This makes the IBAN a handy resource for routing money internationally to foreign bank accounts taking part in cross-country transactions.
UTR Number
Country: 🇮🇳 India
Issuer: A bank in India that processes NEFT and RTGS payments
Identifies: NEFT and RTGS transactions in India
Format: 16 or 22 Characters alphanumeric
Specification: Reserve Bank of India (RBI) guidelines for UTR Numbers
Usage: NEFT and RTGS payments and transactions
Since: 2004
Other Names: Unique Transaction Reference Number
Summary: UTR Numbers, short for Unique Transaction Reference Numbers, are unique identification numbers that banks in India assign to transactions made via National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement (RTGS) payment systems in the country. UTR Numbers for NEFT transactions are 16 characters long whilst those for RTGS transactions are 22 characters long.
NUBAN Number
Country: 🇳🇬 Nigeria
Issuer: A bank in Nigeria
Identifies: A bank account in Nigeria
Format: 10-Digit Number
Specification: Central Bank of Nigeria (CBN) NUBAN Number specification
Usage: Electronic fund transfers (EFTs), International money transfers and many other financial transactions
Since: 2011
Other Names: Nigerian Uniform Bank Account Number
Summary: NUBAN stands for Nigerian Uniform Bank Account Number and helps to uniquely identify a bank account within Nigeria's banking industry. This makes the NUBAN Number highly useful in the movement of money within Nigeria. NUBAN Numbers drive all types of financial transactions like direct deposits, bill pays, international and domestic money transfers and much more.
The knowledge of the above Bank Codes used in many parts of the world will help you to navigate their banking ecosystems more efficiently.
This is especially useful for businesses that need to make international payments in various countries. If you send or receive international business payments, make sure to use the correct Bank Code for the applicable countries.