In global financial transactions, SWIFT/BIC codes serve as critical identifiers that ensure the smooth processing of international wire transfers. For those conducting business with Intesa Sanpaolo SPA, understanding how to properly use the bank's SWIFT/BIC code is fundamental to successful cross-border payments.
Intesa Sanpaolo SPA's SWIFT/BIC code: BCITITMM008
This 8-11 character code uniquely identifies the bank and its specific branch location at Sestiere di San Marco 4216, Venezia, VE, 30124 in Italy.
The SWIFT/BIC code follows an international standard format where each segment conveys specific information about the financial institution:
BCIT - Bank code for Intesa Sanpaolo SPA
IT - Country code for Italy
MM - Location code indicating Venice
008 - Optional branch identifier
Accuracy in using SWIFT codes cannot be overstated. An incorrect or outdated code may result in payment delays or, in worst-case scenarios, funds being routed to unintended accounts. Financial institutions strongly recommend verifying banking details before initiating any international transfer.
The consequences of using wrong banking identifiers extend beyond mere inconvenience. Financial institutions typically charge investigation fees for retrieving misdirected funds, and the recovery process can take weeks or even months in complex cases. Regulatory requirements for international transfers have also become more stringent in recent years, making proper identification increasingly important.
For individuals and businesses engaging in international transactions with Intesa Sanpaolo SPA, taking the time to confirm the correct SWIFT/BIC code represents a small but crucial step in financial due diligence. This simple verification process significantly reduces operational risks while ensuring the efficiency and security of global money transfers.