
When making international bank transfers, selecting the correct bank code is crucial to avoid delays or potential loss of funds. The SWIFT/BIC system exists precisely to address this concern by providing standardized identifiers for financial institutions worldwide.
Decoding ABANCA's SWIFT/BIC: CAGLESMMBOI
ABANCA CORPORACION BANCARIA, S.A. operates with the SWIFT/BIC code CAGLESMMBOI . This 8-11 character alphanumeric code serves as a critical component in global financial transactions, ensuring accurate routing of funds. The structure breaks down as follows:
- CAGL - Bank code identifying ABANCA
- ES - Country code for Spain
- MM - Location code for the bank's headquarters
- BOI - Optional branch identifier (for the Madrid office at PS. RECOLETOS 4, FLOOR 3)
The core SWIFT code for ABANCA is CAGLESMM , with the additional three characters specifying particular branches when required.
Verification Protocol for Secure Transfers
To prevent transaction errors or processing delays, financial institutions recommend verifying several key details before initiating international transfers:
- Confirm the recipient bank name matches exactly with official records
- Verify the branch name corresponds with the intended destination
- Ensure the SWIFT/BIC code aligns with the recipient's country
Financial experts emphasize that accurate SWIFT code usage not only facilitates successful cross-border transactions but also provides an additional layer of security against misdirected funds. The standardized nature of these codes helps maintain efficiency in the global banking system while reducing human error in manual processing.