SWIFTBIC Codes Vital for Secure International Money Transfers

Published: 08/22/2025
international remittance SWIFT code funds security
This article discusses the importance of the SWIFT/BIC code (BKSACLRM064) in international remittances, particularly when transferring funds to SCOTIABANK CHILE in Chile. By accurately confirming the SWIFT code and recipient bank information, one can avoid delays or erroneous transfers, ensuring the successful completion of the remittance.
SWIFTBIC Codes Vital for Secure International Money Transfers

When sending international wire transfers, even minor errors in banking details can lead to significant delays. One critical piece of information—the SWIFT/BIC code—ensures funds reach their intended destination securely and efficiently. For transfers to Scotiabank Chile, using the correct code, such as BKSACLRM064 , is essential to avoid complications.

Understanding SWIFT/BIC Codes

SWIFT (Society for Worldwide Interbank Financial Telecommunication) codes, also known as BIC (Bank Identifier Codes), are standardized identifiers used in cross-border transactions. Each bank and its branches have a unique code, which facilitates seamless transfers between financial institutions. For Scotiabank Chile’s branch at 21 DE MAYO 187 in Arica Province , the code BKSACLRM064 ensures the transaction is routed correctly.

These codes are indispensable in international finance. If the recipient’s bank details do not match the SWIFT code provided, payments may be delayed or even misdirected, leading to potential financial losses or additional fees.

Verifying Branch-Specific Codes

Scotiabank Chile operates multiple branches, many of which have distinct SWIFT codes. Before initiating a transfer, it is crucial to confirm that the SWIFT code corresponds to the recipient’s specific branch. This step minimizes the risk of payment errors and ensures timely delivery of funds.

Best Practices for Secure Transfers

To mitigate risks associated with international wire transfers, follow these guidelines:

  • Confirm recipient details: Verify the beneficiary’s account number, bank address, and SWIFT code before submitting the transaction.
  • Use official sources: Obtain the latest SWIFT/BIC codes directly from the bank’s website or customer service to avoid outdated or incorrect information.
  • Double-check entries: Even a single misplaced digit can derail a transfer. Review all details meticulously before finalizing the payment.

While international transfers may seem straightforward, overlooking the accuracy of SWIFT/BIC codes can disrupt the process. Ensuring all banking details are correct is the foundation of a successful transaction. By taking these precautions, senders can safeguard their funds and facilitate smooth cross-border payments.

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