Raiffeisen Albania Simplifies SWIFT Transfers for Global Banking

This article provides a detailed explanation of Raiffeisen Bank Albania's SWIFT code, SGSBALTXXXX. It clarifies the structure and usage scenarios of SWIFT codes, offering guidance on locating specific branch codes. Furthermore, it highlights important considerations for cross-border transfers to this bank. The aim is to assist readers in successfully completing international remittances to Raiffeisen Bank Albania by providing necessary information and tips for a smooth transaction process.

Imagine preparing to send money to family or friends in Albania, only to get stuck when filling out the bank information. What exactly is a SWIFT code? Which one should you use? Could entering the wrong code cause the transfer to fail? This article provides a detailed explanation of Raiffeisen Bank Albania's SWIFT code to help you complete cross-border transactions with confidence.

Understanding SWIFT/BIC Codes

Before examining Raiffeisen Bank Albania's specific SWIFT code, it's important to understand what SWIFT/BIC codes represent. A SWIFT (Society for Worldwide Interbank Financial Telecommunication) code, also known as a BIC (Bank Identifier Code), serves as a unique identification number used for international bank transfers. Functioning like a bank's "ID card," it ensures funds reach the correct financial institution.

Raiffeisen Bank Albania's Primary SWIFT Code

The primary SWIFT/BIC code for Raiffeisen Bank Albania is SGSBALTXXXX . This is the most commonly used code for international transfers, particularly when the recipient's specific branch code isn't available. Consider this the bank's headquarters code, as most international payments are processed through it.

Code Structure Breakdown

SGSB : Bank code representing Raiffeisen Bank
AL : Country code for Albania
TX : Location code for Tirana
XXX : Branch identifier (typically represents the head office)

When to Use the Primary SWIFT Code

The SGSBALTXXXX code should be used in these situations:

When sending international transfers to Raiffeisen Bank Albania accounts
When the recipient hasn't provided a specific branch SWIFT code
When the bank processes payments through its central office (common practice)
When you need a widely recognized default SWIFT code

Locating Branch-Specific SWIFT Codes

While the primary code works for most transactions, you might occasionally need a branch-specific code. These methods can help:

Request the information directly from the recipient
Contact Raiffeisen Bank Albania through official channels

Verification Checklist Before Transfer

Always double-check these critical details before initiating a SWIFT transfer:

Confirm the SWIFT code matches the recipient's bank
Verify the account number and recipient name are accurate

Even minor errors can cause transaction failures. If you discover any mistakes after sending funds, contact your bank immediately to attempt corrections.

Receiving International Payments

To receive international payments into your Raiffeisen Bank Albania account, provide senders with:

The correct SWIFT/BIC code (SGSBALTXXXX)
Your account number
Your full name as registered with the bank
The bank's address

Accurate information prevents processing delays.

Key Takeaways

Understanding Raiffeisen Bank Albania's SWIFT code is essential for successful international money transfers. Remember the primary code SGSBALTXXXX and always verify transaction details before submission. With this knowledge, you can navigate cross-border payments efficiently and avoid common pitfalls related to SWIFT codes.