When conducting international wire transfers, selecting the correct SWIFT code is crucial. Taking BANCO UNION S.A. as an example, its SWIFT code BAUNBO22CBB breaks down as follows:
- BAUN represents the bank code
- BO indicates the country code for Bolivia
- 22 is the location code for Cochabamba region
- CBB identifies the specific branch
The bank's physical address is CALLE SUCRE E-0348. Using incorrect SWIFT codes may result in delayed transactions or funds being sent to wrong accounts. To prevent such issues, careful verification of several key details is essential.
Key Verification Points
1. Bank Name: Ensure the recipient bank's name matches exactly with the SWIFT code being used. Discrepancies in names could lead to transaction failures.
2. Branch Information: When using a branch-specific SWIFT code, confirm that the designated branch is indeed where the recipient's account is held.
3. Country Accuracy: Verify that the SWIFT code's country designation corresponds with the intended destination country of the transfer.
These precautionary measures significantly reduce risks in international money transfers, ensuring funds reach their intended destination securely and promptly. Such attention to detail proves particularly important in cross-border transactions and personal remittances.