In today's globalized economy, cross-border payments have become routine. Yet both businesses and individuals risk delayed or lost funds when using incorrect SWIFT/BIC codes for international transfers. Understanding how to verify these critical identifiers—such as ABANCA CORPORACION BANCARIA, S.A.'s code—can prevent costly mistakes.
SWIFT/BIC codes consist of 8 to 11 characters that uniquely identify banks and their branches worldwide. Taking ABANCA as an example, its bank code "CAGL" identifies the institution. The following two-letter country code "ES" designates Spain, while "MM" pinpoints the bank's headquarters location. The final three-character branch code (here, "BAC") specifies a particular division. Notably, "XXX" as the suffix indicates a bank's head office.
ABANCA CORPORACION BANCARIA, S.A.'s complete SWIFT/BIC code is CAGLESMMBAC. The CAGLESMM portion represents the bank's core identifier, with "BAC" denoting a specific branch. The bank's physical headquarters resides at PS. RECOLETOS 4 in Madrid.
To ensure seamless international transfers, experts recommend verifying three key elements before initiating transactions:
- Bank name alignment: Confirm the recipient bank's name matches official records exactly.
- Branch verification: When using a branch-specific code, validate that it corresponds to the recipient's actual branch.
- Country consistency: Ensure the SWIFT code's country designation aligns with the recipient's location.
By meticulously checking these details, senders can minimize transfer errors and ensure funds reach their destination efficiently. Mastering SWIFT/BIC code structures empowers businesses and individuals to navigate international finance with confidence, turning potential payment pitfalls into smooth transactions.