What Is BSC When Transferring Money Internationally?
BSC is short for Bank Sort Code. This is a unique 6-digit code that identifies banks and branches throughout the United Kingdom, and it can be compared to the American Bankers Association Number (ABA) that’s used within the United States or BSB in Australia.
Bank Sort Codes have been used since the 1960s, when the banking industry began automating many of its processes for speed and reliability, and they’re still used today to make money transfers go smoothly.
How Are Bank Sort Codes Used?
Banks in the United Kingdom will use a BSC in order to instantly identify a specific bank and its branch.
The first two numbers in the code indicate the bank, while the remaining four numbers identify the branch. This ensures that your money will go exactly where it needs to go, and it will move swiftly and securely from your bank to your recipient’s bank.
Where Can You Find Your BSC?
You can find a BSC on your bank statement and on the back of your debit card. You should ask the recipient of your funds to provide you with their bank’s BSC so that you can provide all of the information necessary to transfer funds easily and quickly.
When Do You Need to Provide a BSC?
Whether you are transferring money into the UK from another country or you are transferring money from one bank to another within the UK, you will need to provide the appropriate BSC.
Speedy EU Money Transfers with OFX
At OFX, we know that all of the codes in the banking industry can get pretty confusing. That’s why we’ve designed a system that not only helps you save on transfer fees, but also simplifies international money transfers.