When making international wire transfers, the SWIFT/BIC code plays a critical role in ensuring funds reach the correct destination. Errors in these codes can lead to delays or failed transactions. Understanding how to properly use SWIFT/BIC codes, particularly for Bancolombia S.A., can streamline the process and minimize complications.
Overview of SWIFT/BIC Codes
A SWIFT/BIC code is a unique identifier consisting of 8 to 11 alphanumeric characters, used to identify banks and their branches globally. The code is structured as follows:
- Bank Code (4 letters): "COLO" represents Bancolombia S.A.
- Country Code (2 letters): "CO" indicates Colombia.
- Location Code (2 letters): "BM" refers to the bank's primary office location.
- Branch Code (3 letters, optional): "PEI" specifies a particular branch. A code ending with "XXX" typically denotes the bank's headquarters.
Bancolombia S.A.'s SWIFT/BIC Code Details
- Full SWIFT/BIC Code: COLOCOBMPEI
- Shortened Code (8 characters): COLOCOBM
- Branch Code: PEI
- Branch Name: Bancolombia S.A.
- Address: Carrera 8, Pereira, Colombia
Key Considerations for Using SWIFT/BIC Codes
To avoid errors and ensure smooth transactions, follow these guidelines:
- Verify the Bank Name: Ensure the recipient bank's name matches the institution associated with the SWIFT/BIC code.
- Confirm the Branch: If using a branch-specific code, confirm that the branch is the correct one for the recipient.
- Check the Country: Verify that the SWIFT/BIC code corresponds to the recipient bank's country.
Efficient International Transfers
For secure and efficient transfers to Bancolombia S.A., using a reputable international money transfer service can provide competitive exchange rates and faster processing times.
By understanding the structure and proper use of SWIFT/BIC codes, individuals and businesses can facilitate seamless international transactions and avoid unnecessary delays.