Swift Code vs Routing Numbers: Difference and Comparison

Swift code is assigned to the instructions so that it will be helpful in the foreign market for identity.

While the routing number is a number that consists of nine-digit within itself and is used for the identification of our transactions identity.

Key Takeaways

  1. SWIFT codes are internationally recognized codes used for identifying banks during international transactions.
  2. Routing numbers identify banks within the United States for domestic transactions.
  3. SWIFT codes are alphanumeric with 8 or 11 characters, while routing numbers have nine digits.

Swift Code vs Routing Numbers

The difference between swift code and routing number is that in swift code, the main structure contains four categories which are bank code, country code, location code and branch code, while when we talk about routing number, it does not have any categories it just consists of nine digits in it.

Swift Code vs Routing Numbers

The swift code contains important pieces of information about the finance and communities via a secured SWIFT network(Society for Worldwide Interbank Financial Telecommunication) so that we can have a verification that the fund is transferred or not to the correct place and to the correct person. 

Routing numbers is also known as the US routing number, which the bank needs for the payment we have to send.

The number was adopted by the United States in 1910, and now it is also in use for the instructions of sending and receiving money.

Comparison Table

Parameters of Comparison Swift CodeRouting numbers
Definition This is a code that is assigned to the instruction so that it will be helpful in the foreign market for the identity.This is consists of nine-digit within itself and used for the identification of our transactions identity.
Usage Used at the international transactionsUsed at the domestic transactions
Identifier  It is the identifier of The bank of international ground It is the identifier of The bank at the national level.
Present We get the swift code on the bank statement when we do the online bankingWe get the routing number on the cheque, on our online banking website.
Example CIIAUS6L123445634

What is Swift Code?

Swift code is used when the person or the individual sends the money, or we can say that they transfer money to the international recipient or in the other country.

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This code comprises vital bits of information about money and communities that are transmitted through a secure SWIFT network, which stands for Society for Worldwide Interbank Financial Telecommunication so that we can verify whether or not the funds have been transferred to the proper location and person.

This code’s format ranges from 8 to 11 characters with alphabets and numbers.

And they are categorised into 4 categories: address, branch number, branch, and country.

AAAABBCCDDD(example of swift code) here the AAAA determines the bank code, BB determines the country code CC determines the location code and the last part, DDD determines the bank’s branch code.

The main work of this code is to send and receive a secured message which floats between the bank and the financial instructions so that the payment is happened successfully and at the correct location.

As the fund is not transferred physically here, the work is all online. The swift code is used in many countries places such as it contains more than 11000 instructions regarding finance and is available in 212 countries 

What is Routing Number?

Routing and dialling codes are also known as the US routing number, and it is required by the bank in order for us to transfer the payment.

This number was introduced by the United States in 1910 and is still used for the instructions for sending and receiving money.

The format of this number contains 9 digits within itself, and that code refers to the bank location we can also tell them as the ABA routing number, or the other name is the routing transit number(RTN).

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And as the swift code is divided into categories, this number is not divided they appear the same as 123456789. (Example of the routing number).

The main work of routing numbers is to identify whether or not the financial instructions are in United Staten.

And it is a guaranteed way for the banks and to all in case of find sending and receiving matters. This is manually used in the US so that it will identify the country and the specific location of that code.

We can find the routing number when there is a transaction from the phone by online means to when cashing through the cheque, or when we send the money to another country, like from the US to India, that time the routing number is used.

Main Differences Between Swift Code and Routing Numbers

  1. Swift code is a code which is assigned to the instructions as that it will be helpful in the foreign market for the identity, whereas routing consists of nine-digit within itself and is used for the identification of our transactions identity.
  2. Swift code is used for international transactions, whereas routing is  Used for domestic transactions.
  3. Swift code is the identifier of The bank of international ground, whereas routing is the identifier of The bank at the national level.
  4. Swift code is present on the bank statement when we do online banking, whereas routing is present on the cheque on our online banking website.
  5. Swift code writing format is AAAABBCCDDD whereas routing writing format is 123456789 (consists of nine numbers)
References
  1. https://ieeexplore.ieee.org/abstract/document/6569861/

Last Updated : 11 June, 2023

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11 thoughts on “Swift Code vs Routing Numbers: Difference and Comparison”

  1. Clearly understandable the difference and the usage of both Swift Code and Routing Numbers. It is important to be aware of the difference as you may need different information for international and domestic transactions

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