A guide to National Clearing Codes and how to use them
What is a National Clearing Code?
NCC stands for National Clearing Code and is sometimes referred to as a routing number. An NCC is a required reference for international payments sent to bank accounts which don’t have an IBAN (International Bank Account Number).
An NCC acts as an identification code for a specific bank to ensure that international payments are sent to the right place.
Since most bank accounts across Europe have an IBAN, an NCC is usually only required when sending overseas payments to countries such as the United States, South Africa, New Zealand, and Australia.
How to locate a National Clearing Code
When sending international payments to a country where an NCC is preferred, the recipient should provide you with their NCC code. If the payee is unsure of their NCC details, they can request this from their bank.
When to provide an NCC
Countries such as Australia, New Zealand and South Africa often require a BSB (Bank State Branch) code. Therefore, the BSB code would need to be included in the NCC field when making a currency transfer to these particular countries.
The United States, however, refers to an NCC as a routing number or ABA code (American Bankers Association). Therefore, when sending payments to the US, the routing number or ABA code would need to be included in the NCC field.
When sending overseas payments to countries where an NCC is required, you will also need to provide the recipient’s bank account name and address.
Does a SWIFT code need to be provided in addition to an NCC?
A SWIFT code (Society for Worldwide Interbank Financial Telecommunication), is also a reference to help identify banks. If you have your payee’s SWIFT code, then you will usually not need to provide an NCC as well.
Sending money abroad easily
At Halo Financial, we understand that it’s not always simple to send international payments, particularly when so many different banking codes can be required. That’s why we aim to take the stress away from foreign exchange by offering a variety of currency products to help you secure the best exchange rates possible.
For further details on how Halo Financial can help navigate your foreign exchange journey, please give us a call on 020 7350 5474.
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