When sending money internationally, have you ever worried about whether your funds will arrive safely and on time? The correct use of SWIFT/BIC codes is crucial to ensuring smooth transactions. Take Italy's INTESA SANPAOLO SPA bank as an example—its SWIFT/BIC code is BCITITMM 015 . This short alphanumeric sequence plays a vital role in global payments.
Understanding the SWIFT/BIC Code Structure
The SWIFT/BIC code for INTESA SANPAOLO SPA is structured as follows:
- BCIT : The bank code, representing INTESA SANPAOLO SPA in Italy.
- IT : The country code, indicating the bank is located in Italy.
- MM 015 : The branch code, which identifies a specific service location.
This information is essential for international payments. Whether you are an individual or a business, verifying the recipient's bank details before initiating a cross-border transfer ensures funds reach the intended account accurately.
A Practical Example
Suppose you want to send money to a friend in Alessandria, Italy. In this case, you would need the full address of INTESA SANPAOLO SPA: VIA MARENGO 28, ALESSANDRIA, AL, 15100, Italy . Additionally, you must include the correct SWIFT/BIC code— BCITITMM 015 —on your transfer form.
Avoiding Common Pitfalls
Using an incorrect SWIFT/BIC code can lead to delays or even loss of funds. Before initiating any international transfer, always confirm that the code matches the recipient's bank. It’s also worth noting that SWIFT codes are not the only identifiers—some transactions may require an IBAN (International Bank Account Number) for additional verification.
To minimize errors, thorough preparation is key. Double-check all recipient details, especially when using electronic transfers, bank wires, or other financial services. By ensuring the accuracy of SWIFT/BIC codes, you can prevent financial losses and improve transaction efficiency, making the entire process seamless and worry-free.