In global financial transactions, SWIFT/BIC codes serve as critical tools for bank identification, playing a vital role in ensuring smooth international transfers. But do you know how to properly use and verify these codes? This article examines the structure and significance of ABANCA CORPORACION BANCARIA, S.A.'s SWIFT/BIC identifier.
Decoding ABANCA's SWIFT/BIC Identifier
ABANCA CORPORACION BANCARIA, S.A. operates with the SWIFT/BIC code CAGLESMMBME . This alphanumeric sequence contains specific information about the financial institution:
- CAGL - Bank code (identifies ABANCA)
- ES - Country code (Spain)
- MM - Location code (bank headquarters)
- BME - Branch identifier (specific to the Batá branch)
The 8-character version ( CAGLESMM ) represents the bank's primary identifier, while the full 11-character code includes the branch specification. When transactions specify "XXX" as the branch code, they refer to the bank's head office.
Verification Best Practices
Proper verification of SWIFT/BIC codes prevents transaction delays and errors. Financial professionals recommend these essential checks:
- Confirm the bank name matches the recipient's financial institution
- Verify the branch identifier corresponds to the correct location
- Validate the country code aligns with the transaction's destination
Accurate use of these banking identifiers facilitates efficient international money transfers. Understanding ABANCA's SWIFT/BIC code structure enables businesses and individuals to conduct cross-border transactions with greater confidence in their security and reliability.
Financial institutions emphasize the importance of double-checking these codes with banking partners before initiating transfers. This simple verification step significantly reduces the risk of payment processing issues or funds being routed incorrectly.