When making international wire transfers, incorrect banking details can lead to delays or misdirected funds. Using the correct SWIFT/BIC code ensures transactions are processed swiftly and accurately. These codes are more than just alphanumeric sequences—they facilitate seamless communication and secure transactions between banks worldwide.
This article examines the structure and significance of the SWIFT/BIC code for ABANCA CORPORACION BANCARIA, S.A. : CAGLESMMVOP .
Understanding SWIFT/BIC Code Structure
A SWIFT/BIC code consists of 8 to 11 characters, each segment conveying specific information:
- Bank Code (4 letters): CAGL identifies ABANCA CORPORACION BANCARIA, S.A.
- Country Code (2 letters): ES denotes Spain.
- Location Code (2 letters/digits): MM indicates the bank's headquarters.
- Branch Code (3 letters/digits, optional): VOP specifies a particular branch. If omitted or replaced with "XXX," the code refers to the bank's primary office.
Key Components of ABANCA's SWIFT/BIC Code
The full code, CAGLESMMVOP , breaks down as follows:
- Bank: CAGL
- Country: ES (Spain)
- Location: MM (headquarters)
- Branch: VOP (specific branch)
Ensuring Error-Free Transfers
To avoid complications, verify these details before initiating a transfer:
- Bank Name: Confirm the recipient's bank matches the SWIFT/BIC code.
- Branch Specificity: Use the correct branch code if transferring to a subsidiary.
- Country Alignment: Ensure the country code corresponds to the recipient bank's location.
In global finance, precision is paramount. Proper use of SWIFT/BIC codes minimizes risks and enhances the efficiency of cross-border transactions.