Difference between AD Code and SWIFT Code and it’s use.
AD Code and SWIFT Code are both codes used in international financial transactions, but they serve different purposes.
AD Code stands for Authorised Dealer Code and is a unique code assigned to businesses by the Reserve Bank of India (RBI). This code is used to identify the authorized dealer (i.e., a bank or other financial institution) that is authorized by the RBI to handle foreign exchange transactions in India. When an Indian business wants to make an international transaction, it must provide its AD code to the bank that will handle the transaction. The AD code helps the bank identify the business and comply with RBI regulations.
SWIFT Code stands for Society for Worldwide Interbank Financial Telecommunication Code. It is a unique code assigned to banks and financial institutions worldwide, which is used to identify them in international financial transactions. The SWIFT code is an 8 or 11 digit code that is used to identify a specific bank or financial institution. When a business makes an international transaction, it must provide the SWIFT code of the receiving bank to ensure that the funds are sent to the correct bank.
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