When sending money across borders, ensuring the funds reach the intended recipient requires more than just entering an amount and account number. International transfers involve currency conversion and the precise use of banking codes, with the SWIFT/BIC code playing a critical role in the process.
For transfers to Finland, the SWIFT/BIC code SPFBFIHHCON identifies Suomen Pankki (Finland’s Bank) and its specific branch. This code is essential for routing payments through the SWIFT network. Verifying the accuracy of the SWIFT code is particularly crucial when sending funds to avoid delays or misdirected transactions.
Consider a transfer of $10,000.00 where the recipient ultimately receives €8,484.00. The difference arises from bank fees and exchange rates, which should be factored into the sender’s budget beforehand. Transfers processed via direct debit typically take three business days, though processing times may vary depending on the banks involved and the complexity of the transaction.
To safeguard against errors, always double-check the SWIFT/BIC code and recipient bank details before initiating a transfer. Whether conducting frequent international business or making occasional remittances, understanding these fundamentals ensures smoother and more secure cross-border payments.