When sending money from abroad to Albania, navigating complex banking codes can be challenging. This guide explains Raiffeisen Bank Albania's SWIFT/BIC code to facilitate smooth cross-border transactions.
What Is a SWIFT/BIC Code?
Before examining Raiffeisen Bank's specific code, it's essential to understand SWIFT/BIC codes. The SWIFT code (Society for Worldwide Interbank Financial Telecommunication), also known as BIC (Bank Identifier Code), serves as a unique identifier for banks in international transfers. Functioning like a bank's "passport," it ensures funds reach the correct financial institution.
Raiffeisen Bank Albania's Primary SWIFT Code: SGSBALTXXXX
The main SWIFT/BIC code for Raiffeisen Bank Albania is SGSBALTXXXX . This code consists of the following components:
- SGSB: Bank code representing Raiffeisen Bank
- AL: Country code for Albania
- TX: Location code for Tirana
- XXX: Branch code (default value when no specific branch is designated)
When to Use SGSBALTXXXX
Use Raiffeisen Bank Albania's primary SWIFT/BIC code in these situations:
- When making international transfers to Raiffeisen Bank Albania
- When the recipient hasn't provided a specific branch code
- When the bank processes payments through its central office
- When a widely recognized default code is required
Important Considerations
Raiffeisen Bank Albania may use different SWIFT/BIC codes for specific branches or services. For guaranteed transaction success, always verify the exact code with the recipient or the bank directly.
Required Information for Successful Transfers
To ensure your international transfer reaches the intended Raiffeisen Bank Albania account, provide these details to the sending bank:
- SWIFT/BIC code: Preferably the specific branch code provided by the recipient
- Account number: The complete and correct bank account number
- Bank name: Raiffeisen Bank Sh.A.
- Bank address: Rr 'Deshmoret e 4 Shkurtit' 6, Tirana, Albania
- Recipient name: Exactly as registered with the bank account
- Recipient address: Complete mailing address
Preventing Delays
Double-check all transfer information before submission. Inaccurate details may cause delays or failed transactions, potentially resulting in additional fees for returned transfers.
Additional Considerations
- Intermediary bank fees: Cross-border transfers may involve intermediary banks that charge processing fees
- Exchange rate fluctuations: Currency values fluctuate, potentially affecting the final received amount
- Recipient bank charges: Raiffeisen Bank Albania may deduct processing fees from incoming transfers
Conclusion
Understanding Raiffeisen Bank Albania's SWIFT/BIC code is essential for successful international money transfers. By carefully verifying all transaction details, senders can ensure funds reach their intended destination securely and efficiently.