When preparing to send money to a friend in Chile, few things are more frustrating than getting stuck on what seems like a simple SWIFT code. This guide explains the SWIFT code for BancoEstado (Chile's state-owned bank) to help streamline international transfers and avoid unnecessary complications.
What Is a SWIFT Code?
A SWIFT code, also known as a BIC (Bank Identifier Code), is a unique identification number used for international bank transfers. Managed by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), these codes serve as a bank's "passport," ensuring funds reach the correct financial institution.
BancoEstado's Primary SWIFT Code: BECHCLRMXXX
BancoEstado's main SWIFT code is BECHCLRMXXX , which breaks down as follows:
- BECH: Bank code for BancoEstado
- CL: Country code for Chile
- RM: Location code (typically representing Santiago, the bank's headquarters)
- XXX: Branch code (XXX indicates the primary office)
Why SWIFT Codes Matter
SWIFT codes play several critical roles in international banking:
- Precisely identify recipient banks to prevent transfer failures or delays
- Streamline cross-border payments through standardized verification
- Reduce manual entry errors in international transactions
When to Use BECHCLRMXXX
BancoEstado's primary SWIFT code applies in these situations:
- Sending international transfers to BancoEstado accounts
- When recipients don't provide specific branch codes
- For BancoEstado's centralized payment processing (even for branch accounts)
- When financial systems require a default SWIFT code
Branch-Specific Considerations
While BECHCLRMXXX serves as the primary code, some BancoEstado services or branches may use variations. For maximum accuracy:
- Always confirm the exact SWIFT code with the recipient
- Contact BancoEstado directly if recipient information is unavailable
Finding Branch-Specific SWIFT Codes
To locate specialized SWIFT codes:
- Check BancoEstado's official website for branch listings
- Use verified SWIFT code lookup tools (with verification from the bank)
- Contact BancoEstado's customer service for confirmation
Proper SWIFT code verification helps ensure secure, efficient international transfers to Chile. Always double-check codes before initiating transactions to prevent processing delays.