SWIFT code or Society for Worldwide Interbank Financial Telecommunication and routing numbers are both used for financial affairs. They are used to identify bank transactions both nationally and internationally. Certain banking institutes use them for identifying their respective bank accounts, while some consider SWIFT code and routing numbers to be the its trademark. But in spite of their similarities they both differ from each other in a number of ways. Therefore do not confuse yourself with the two. Check it out for yourself below:
1. A SWIFT code consists of 8-11 alphanumeric characters and is used to identify banks when the money is transferred via wire transfers whereas a routing number has nine digits. It is an account number that a bank or the financial institution has with the Federal Reserve.
2. The SWIFT code for a bank would be – CHUCK456 while a random routing number would be-876543214.
3. SWIFT code is used at the time of international transfer whereas routing numbers are used within the country i.e. for domestic transactions.
4. Swift code can be referred to while identifying the mark for your bank on international shores whereas routing numbers can be used for tracing your bank in the national level.
5. A person dealing with international business will require only the SWIFT code. He does not have to bother himself with the routing number
6. The banks or financial institutions that have SWIFT code facilities are able to receive foreign wires whereas in case of routing numbers, it is mostly used for wire transfers, checking verifications and ACH Transactions.