When sending international wire transfers, inaccurate banking details can lead to delays or failed transactions. Proper use of SWIFT/BIC codes ensures secure fund transfers. This article explains the structure and verification process for Banco Central del Paraguay's SWIFT/BIC code.
Decoding the SWIFT/BIC Structure
SWIFT/BIC codes consist of 8-11 alphanumeric characters that uniquely identify banks globally. Banco Central del Paraguay's code breaks down as follows:
- Bank Code (BCPA): The first 4 letters represent Banco Central del Paraguay.
- Country Code (PY): These 2 letters indicate Paraguay as the bank's location.
- Location Code (PX): The next 2 characters specify the bank's headquarters.
- Branch Code (GON): The final 3 digits identify a specific branch (if present).
A code ending with 'XXX' denotes the bank's primary office rather than a specific branch.
Essential Verification Steps
Before initiating any international transfer, confirm these critical details:
- Bank Name: Ensure the recipient's bank name matches exactly with the SWIFT code's registered institution.
- Branch Specificity: When using a branch-specific code, verify it corresponds to the recipient's branch.
- Country Accuracy: Confirm the SWIFT code's country designation aligns with the recipient bank's location.
These precautions help prevent processing errors that could delay transactions or require costly recovery procedures.