Routing Code types
This information is for you dealing with the bank for transferring money, usually the bank will ask you a code, called routing code. The following are any kind of routing code types and their description
Used for banks located in the U.S.A only. All U.S. banks have ABA codes, but they are often shared between branches in the same city or region. ABA codes are always (9) digits.
Used for banks anywhere in the world. Most large banks have S.W.I.F.T. codes. S.W.I.F.T. codes are (8) to (11) characters. The format is XXXXYYZZ (123), whereby XXXX is the bank code, YY is the ISO country code and ZZ (123) contains location and branch information
Used for banks who are members of the Chips clearing system. The code is 4 or 6 digits long.
Used for banks in the United Kingdom, Ireland, and South Africa only. Notably, this code is not very common is South Africa. Sort codes are (6) digits, with a hyphen after 2nd and 4th digits.
Used for banks in Canada only. Transit numbers include a 5 digit branch/office number and a 3 digit institution number, sometimes separated by a hyphen.
Used for banks in Germany and Austria only. German BLZ codes are 8 digits, Austrian BLZ codes are 5 digits.
Used for banks anywhere in the world. BIC codes are 11 characters. Same as S.W.I.F.T.
Used for other types of routing codes, ie.
- Australia – 6 digit BSB code, with a hypen between the 3rd and 4th digits
- Switzerland – 3 digit BC or SIC Code
- Italy – CAB code is 5 digits, ABI code 5 to 9 digits.
A Correspondent bank is an intermediary institution that facilities international wire transfer. In order for a wire transfer to be successfully completed, the originating bank MUST have an established business relationship with the destination bank for the two parties to communicate effectively. For all branches where accounts are held outside of the United States, a correspondent bank will be a partner institution WITHIN THE UNITED STATES. This can be a branch of the same bank in the US or it can be a third institution (still in the US) that will connect the originating bank with the destination bank. For domestic wires within the US, a correspondent bank is not required.
Sources: IFP guide book