Cross-border money transfers can encounter unexpected hurdles, particularly when dealing with SWIFT codes. In emerging markets like Angola, accurately identifying a bank's SWIFT code becomes crucial for successful transactions. This article provides a comprehensive analysis of Banco de Fomento Angola (BFA)'s SWIFT/BIC code to facilitate efficient international payments.
BFA's Primary SWIFT/BIC Code: BFMXAOLUXXX
Understanding BFA's SWIFT Code Details
The primary SWIFT/BIC code for Banco de Fomento Angola is BFMXAOLUXXX . This unique identifier ensures funds reach the intended recipient within the international payment system. The complete details associated with this code are:
- Bank Name: BANCO DE FOMENTO ANGOLA, S.A.
- SWIFT Code: BFMXAOLUXXX
- Address: EDIFICIO ROBERT HUDSON, RUA AMILCAR CABRAL 58
- City: LUANDA
- Country: ANGOLA
When to Use BFMXAOLUXXX
The primary SWIFT/BIC code BFMXAOLUXXX should be used in these specific scenarios:
- International transfers to BFA: This represents the most common use case when sending funds from abroad to an account held with Banco de Fomento Angola.
- Absence of branch-specific SWIFT code: When the recipient only provides BFA account details without specifying a branch code, the primary SWIFT code serves as a valid alternative.
- Centralized payment processing: BFA may process international payments through its Luanda headquarters, even for accounts held at branch locations.
- System recognition requirements: Some financial systems require a generic SWIFT code to identify the bank, making BFMXAOLUXXX an appropriate choice.
Branch-Specific SWIFT Codes: Importance and Verification
While BFMXAOLUXXX serves as BFA's primary identifier, various branches may operate with distinct SWIFT/BIC codes. Using an incorrect branch code could potentially delay or prevent successful fund transfers.
To obtain accurate branch-specific SWIFT codes, consider these verification methods:
- Direct recipient consultation: Request the account holder to confirm the correct SWIFT code with their BFA branch.
- Bank verification: Contact BFA's customer service department with the recipient's account details and branch information for precise code confirmation.
The Critical Role of SWIFT Codes in International Banking
SWIFT codes (Bank Identifier Codes) function as unique identifiers within the global banking network, serving several essential purposes:
- Bank identification: These codes uniquely distinguish financial institutions worldwide.
- Transaction security: The SWIFT network facilitates secure exchange of payment information, minimizing fraud risks.
- Transfer efficiency: Accurate SWIFT codes ensure prompt and precise delivery of funds to recipient accounts.
Key Considerations for International Money Transfers
Beyond SWIFT codes, several factors require attention when executing cross-border payments:
- Recipient details: Ensure complete accuracy in beneficiary name and address information, matching bank records exactly.
- Account verification: Double-check the recipient's account number to prevent input errors.
- Currency selection: Choose the appropriate transaction currency to avoid unnecessary conversion losses.
- Fee structure: Understand both originating and receiving banks' fee schedules to make informed decisions.
- Transfer purpose: Select the correct payment classification (e.g., "personal remittance" or "commercial payment") as required.
Conclusion
Successful international transfers to Banco de Fomento Angola require precise identification of the appropriate SWIFT code. While BFMXAOLUXXX serves as the primary identifier, verification of branch-specific codes when available enhances transaction reliability. By understanding SWIFT code functionality and cross-border payment requirements, individuals and businesses can execute international transfers with greater confidence and efficiency.