Imagine a crucial international wire transfer delayed because of a minor SWIFT code error—a frustrating scenario that can easily be avoided. When sending money to Greece’s Eurobank S.A., accuracy is key. This guide explains how to use the bank’s SWIFT/BIC codes correctly to prevent unnecessary complications.
Eurobank S.A.’s SWIFT Code: Key Details
Eurobank S.A. (European Banking Company) uses the SWIFT/BIC code ERBKGRAAXXX for international wire transfers. However, it’s important to note that different branches or services may use distinct SWIFT codes. Always verify the correct code with the recipient or the bank before initiating a transfer.
Primary SWIFT Code: ERBKGRAAXXX
- Bank Name: EUROBANK S.A.
- SWIFT Code: ERBKGRAAXXX
- Bank Address: 8 Othonos Street
- City: Athens
- Country: Greece
This primary code is typically used in the following cases:
- International transfers to Eurobank S.A.: When sending funds from abroad to an account at Eurobank S.A.
- No specific branch code provided: If the recipient hasn’t specified a branch-specific SWIFT code, the primary code can be used.
- Centralized payment processing: If Eurobank S.A. handles payments through its headquarters.
- Default code: When a widely recognized default SWIFT/BIC code is needed.
The Importance of SWIFT Codes: Avoiding Delays
Before initiating a SWIFT transfer, double-check that the code matches the recipient bank’s details. Even a small error can lead to delays or returned transfers. If you’ve already sent a payment but suspect an error, contact your bank immediately.
How to Receive International Transfers at Eurobank S.A.
To receive funds in your Eurobank S.A. account, provide the sender with the correct SWIFT/BIC code, account number, and other banking details. Ensuring accuracy prevents processing delays.
Eurobank S.A.: A Key Player in Global Finance
As one of Greece’s leading banks, Eurobank S.A. plays a crucial role in international finance. Understanding its SWIFT code conventions ensures smooth and secure cross-border transactions.
Decoding the SWIFT Code: ERBKGRAAXXX
SWIFT codes consist of 8 to 11 characters, identifying banks and branches. Here’s how Eurobank S.A.’s primary code breaks down:
- ERBK: The bank’s unique identifier.
- GR: The country code for Greece.
- AA: The location code for the bank’s headquarters.
- XXX: An optional branch code. "XXX" indicates the primary office.
Verifying Recipient Details: A Critical Step
Before sending money internationally, confirm the following with the recipient:
- Full bank name: Ensure there’s no confusion with similarly named institutions.
- Correct SWIFT/BIC code: Request the precise code from the recipient.
- Accurate account number: Verify the account details, including currency type.
- Recipient’s full name and address: Required for bank verification.
Additional Considerations for Smooth Transfers
- Understand fees: Banks and transfer services charge varying fees—compare options beforehand.
- Monitor exchange rates: Fluctuations can affect the final amount received.
- Keep transaction records: Save receipts for future reference.
Case Study: A SWIFT Code Mistake Leads to Delays
A U.S. sender intended to wire money to a relative in Greece but entered an incorrect SWIFT code. The transfer was held for days at an intermediary bank until the error was corrected. This highlights the importance of precise banking details.
The Future: SWIFT GPI for Faster Transfers
SWIFT’s Global Payments Innovation (GPI) service enhances cross-border payments with real-time tracking and faster processing. Eurobank S.A. participates in this network, improving efficiency and transparency for international transfers.
Conclusion: Accuracy Ensures Successful Transfers
Sending money to Eurobank S.A. is straightforward when correct banking details are provided. By verifying SWIFT codes and recipient information, you can avoid delays. As innovations like SWIFT GPI expand, international payments will become even more seamless.