Imagine this scenario: You urgently need to send money to family or friends in Paraguay, but due to a minor error in the SWIFT code, the funds are delayed or even risk being returned. This not only wastes time but may also result in unnecessary financial losses. In today's world of frequent cross-border transactions, accurately knowing a bank's SWIFT code is crucial, especially for international banks like Banco Itau Paraguay S.A.
Banco Itau Paraguay SWIFT Code Explained
Banco Itau Paraguay S.A's primary SWIFT/BIC code is UBBRPYPXXXX . However, like many large banks, Itau may use different SWIFT codes for specific services or branches. This means knowing only the primary code doesn't guarantee successful transactions.
To avoid complications, always verify the exact SWIFT code of the recipient's specific branch before initiating an international transfer. If the recipient cannot provide this information, contact Banco Itau Paraguay directly. Ensuring accuracy is paramount for successful transactions.
Proper Usage of the SWIFT Code
The primary SWIFT code UBBRPYPXXXX can be used in these situations:
- International transfers to Banco Itau Paraguay: This is the most common use case when the recipient's account is with the bank and no specific branch code is provided.
- Recipient hasn't specified a branch code: When only the bank name and account number are available, the primary code serves as a default.
- Centralized payment processing: If Banco Itau Paraguay processes international payments through its headquarters, the primary code suffices.
- General default option: When more detailed information is unavailable, using the bank's primary SWIFT code is a safe alternative.
Key Bank Information:
Bank Name: BANCO ITAU PARAGUAY S.A.
SWIFT Code: UBBRPYPXXXX
Address: CALLE OLIVA, CON CALLE CHILE 349
City: ASUNCION
Country: PARAGUAY
The Importance of SWIFT Codes
SWIFT (Society for Worldwide Interbank Financial Telecommunication) codes, also called BIC (Bank Identifier Codes), serve as unique identifiers for banks in international transactions. Functioning as a bank's "international ID," they ensure funds are accurately transferred between banks across different countries and regions.
SWIFT codes are essential for international transfers. Missing or incorrect codes may cause failed transactions, delays, or additional fees. Always double-check the SWIFT code's accuracy.
Finding the Correct SWIFT Code
- Ask the recipient: The most reliable method is requesting the SWIFT code directly from the recipient, who can obtain it from bank statements, online banking, or by contacting their bank.
- Contact the bank: If you cannot reach the recipient, contact the recipient bank directly with the account holder's name, account number, and branch details to verify the correct code.
- Online SWIFT code tools: Some free online tools can search SWIFT codes by bank name and country, but these may not always be accurate, so bank verification is recommended.
Additional Considerations for International Transfers
Beyond the SWIFT code, consider these factors when making international transfers:
- Recipient details: Ensure the recipient's name and address exactly match their bank account information.
- Account number: Verify the recipient's bank account number carefully to prevent errors.
- Amount and currency: Confirm the transfer amount and currency type are correct.
- Transfer fees: Understand both the sending and receiving banks' fee structures, including potential intermediary bank charges.
- Processing time: International transfers typically take several business days, depending on the involved banks and intermediaries.
- Transfer purpose: Some transfers require specifying a purpose, such as "family support" or "business payment."
Local Branches in Paraguay
While Banco Itau Paraguay operates multiple local branches, specific branch information should be obtained directly from the bank's official website or customer service for the most current details.
Using the correct SWIFT code is fundamental for successful international transfers. When sending funds to Banco Itau Paraguay, always verify the accuracy of the provided SWIFT code. If a specific branch code isn't available, the primary code UBBRPYPXXXX serves as a reliable alternative. By carefully confirming all transaction details—including recipient information, account numbers, and transfer amounts—you can ensure secure and efficient cross-border payments.