Imagine a cross-border payment delayed or returned due to a minor SWIFT code error, causing unnecessary inconvenience and potential financial losses for both sender and recipient. For international transfers involving Italy's Banca Monte dei Paschi di Siena (BMPS), accurate SWIFT code information is crucial. This article provides a comprehensive guide to the bank's SWIFT code system to facilitate seamless transactions.
BMPS Primary SWIFT Code: PASCITMMXXX
The main SWIFT/BIC code for Banca Monte dei Paschi di Siena S.p.A. is PASCITMMXXX. This unique identifier functions as the bank's "international passport" in global payment networks. Key details include:
- Bank Name: BANCA MONTE DEI PASCHI DI SIENA S.P.A.
- SWIFT Code: PASCITMMXXX
- Address: PIAZZA SALIMBENI 3
- City: SIENA
- Country: ITALY
This primary code serves as the default identifier when specific branch codes are unavailable or unknown.
Decoding SWIFT Code Structure
The PASCITMMXXX code follows standard SWIFT/BIC formatting conventions:
- PASC: Bank identifier for Banca Monte dei Paschi di Siena
- IT: Country code for Italy
- MM: Location code (typically indicates headquarters)
- XXX: Branch identifier (XXX denotes primary office)
Branch-Specific SWIFT Codes
While PASCITMMXXX serves as the primary identifier, BMPS maintains distinct codes for various branches across Italy. Notable examples include:
- PASCITM1MI8: Milan Branch (VIA DELLA MOSCOVA 44, 20121)
- PASCITMMABB: Abbadia San Salvatore Branch (53021)
- PASCITMMADR: Adria Branch (45011)
- PASCITMMALA: Alba Branch (12051)
- PASCITMMALE: Alessandria Branch (PIAZZA SOLFERINO 11, 15100)
When to Use the Primary SWIFT Code
The PASCITMMXXX code is appropriate in these scenarios:
- International transfers to BMPS accounts in Italy
- Cases where recipients don't specify branch codes
- Transactions processed through the bank's centralized payment system
- Situations requiring a universally recognized default identifier
Essential Considerations for International Transfers
To ensure successful cross-border transactions:
- Verify the SWIFT code with both recipient and bank
- Confirm account holder name and number accuracy
- Understand applicable fees and exchange rates
- Account for potential currency conversion impacts
- Retain transaction documentation for reference
Receiving International Payments
BMPS account holders expecting international transfers should provide senders with:
- Correct SWIFT/BIC code (primary or branch-specific)
- Full bank account number
- Complete bank name (BANCA MONTE DEI PASCHI DI SIENA S.P.A.)
- Personal identification details matching bank records
Frequently Asked Questions
What happens with incorrect SWIFT codes?
Transactions may face delays, returns, or complete failure to reach intended recipients.
How to locate branch-specific SWIFT codes?
Consult the bank directly or reference specialized financial information platforms.
Primary vs. branch SWIFT codes?
Branch codes offer precision when required, while the primary code serves general purposes.
Standard transfer duration?
International transfers typically complete within 1-5 business days, depending on multiple factors.
Conclusion
Accurate SWIFT code information forms the foundation of successful international banking with Banca Monte dei Paschi di Siena. When in doubt, the primary PASCITMMXXX code provides a reliable default option, though branch-specific codes may be preferable when available. Proper verification of all transaction details remains essential to avoid processing issues and ensure efficient fund transfers.