ABANCA Explains SWIFT BIC Codes for Global Transfers

This article details the SWIFT/BIC code CAGLESMMLCO of ABANCA CORPORACION BANCARIA, S.A., emphasizing the importance of correctly using these codes for international transfers and providing practical advice on verifying the codes.
ABANCA Explains SWIFT BIC Codes for Global Transfers

When initiating an international bank transfer, the importance of accurate SWIFT/BIC codes cannot be overstated. Errors in these codes frequently result in delayed or failed transactions, a common issue faced by individuals and businesses conducting cross-border payments. Ensuring the correct SWIFT/BIC code is used helps mitigate such problems.

A SWIFT/BIC code consists of 8 to 11 alphanumeric characters designed to uniquely identify banks and their branches worldwide. For example, the code CAGLESMMLCO corresponds to ABANCA CORPORACION BANCARIA, S.A. This code is structured as follows:

  • Bank Code (CAGL): The first four letters identify the financial institution.
  • Country Code (ES): The next two letters denote the bank's location, in this case, Spain.
  • Location Code (MM): These characters specify the bank’s headquarters.
  • Branch Code (LCO): The final three characters identify a specific branch. If the code ends with "XXX," it typically refers to the bank’s head office.

In this example, the first eight characters ( CAGLESMM ) represent the bank’s headquarters, while LCO designates a particular branch. Misentering even a single character can lead to significant delays or misdirected funds.

To minimize errors during international transfers, consider the following precautions:

  • Verify the Bank Name: Ensure the recipient’s bank name matches the one associated with the SWIFT code.
  • Confirm Branch Details: If using a branch-specific code, cross-check that the branch is correct.
  • Check Country Alignment: The country code must correspond to the recipient bank’s location.

Given the potential consequences of incorrect SWIFT/BIC codes, thorough verification before initiating a transfer is essential to ensure smooth and secure transactions.