Banco Cofiec C.a. SWIFT/BIC code

What COFBECE1 means for a payment to Banco Cofiec C.a.

The short code COFBECE1 and the full code COFBECE1XXX identify the same bank: Banco Cofiec C.a., with its head office in Quito. Banks worldwide use these codes to direct international transfers to the right institution. It comes up mainly when dealing with transfers between countries and payments in foreign currencies.

On this page we explain how the code means, when you need it and what else you need for a transfer to or from Banco Cofiec C.a.. The SWIFT code alone cannot identify an individual account holder; for that you need the IBAN or account number .

Why Banco Cofiec C.a. has an 8- and an 11-character code

Every SWIFT/BIC code starts with an 8-character core: four letters for the bank, a two-letter country code and a two-character location code. Together, these eight characters make up COFBECE1 – the version you usually see online.

XXX at the end of COFBECE1XXX does not stand for a missing value or a mistake: it stands for the main office of Banco Cofiec C.a.. Certain payment forms insist on 11 characters, in which case you simply add XXX behind COFBECE1.

As a rule the code is written in capitals and without spaces. Look out for the letter O and the digit 0 or the letter I and the digit 1.

International transfers from Banco Cofiec C.a.: the real cost

If you transfer money to another country through Banco Cofiec C.a., the visible fee is only part of the cost. On top of a fixed fee, banks in between may take a cut, and when currencies are converted the bank often applies a rate that is less favourable than the actual market rate.

Banks rarely show their exchange rate markup separately, but you pay it all the same. A simple test: put the rate you get next to the mid-market rate and work out the difference on your amount.

For many routes, a transfer service turns out to be less expensive than a traditional bank transfer, mainly because of the exchange rate. GoldexPay lists these services side by side, showing what actually arrives for the same amount sent. You can always keep your account at Banco Cofiec C.a. to fund the transfer; only the conversion and sending happen elsewhere.

Is COFBECE1 still correct? How to check

The best place to find the right code remains a document from the bank itself like a bank statement or the account page in online banking. If the code you have differs from COFBECE1 or COFBECE1XXX, stop and ask: check with the recipient or with Banco Cofiec C.a. directly.

If the code is wrong, the transfer may be delayed, be returned or end up costing more, and tracing it can take weeks. Remember the account number: a mistake there can be harder to correct than a wrong code.

A format check by your bank merely confirms that the IBAN exists, not that it is the right account. More and more banks compare the payee name with the account before you confirm – do not ignore a mismatch warning. Sending a small amount first can be a sensible step for a large first payment, even if it costs an extra fee.

Protect yourself against fake payment requests

Scammers often send fake invoices with changed bank details, sometimes in an email that looks completely genuine. A valid SWIFT code says nothing about whether the request is genuine – scammers simply use real codes.

Always confirm a change of bank details through a phone call, using a number you already had. Be suspicious of urgent requests, odd spelling or an email address that differs by one letter. Acted too fast? Contact your bank without delay and have them start a recall and report the fraud.

Scams also work the other way. Someone claims to have sent too much and wants you to return the difference to a new account. Wait until the money is actually in your account.

Incoming international payments to Banco Cofiec C.a.

Someone abroad who wants to pay you will ask for a few details about your account. Share the account holder’s name, the IBAN or account number, SWIFT code COFBECE1XXX and your address.

Certain sending banks also ask for the address of Banco Cofiec C.a. in Quito, so keep it at hand. Check the details before you send them, because the sender’s bank usually copies them as is.

Expect that the incoming amount is smaller than what the sender paid. Correspondent banks can take a fee, and when currencies differ, a markup on the rate applies. For business payments, you can state who bears the costs.

A note on our data

This directory is compiled from publicly available sources and we update it periodically. It can happen that a code on this page is out of date. The number of codes on this page reflect what is in our directory.

Treat this page as a reference, not as the last word. We are an independent comparison service for money transfers and not part of Banco Cofiec C.a.. Found outdated information? Let us know via our contact form so we can correct it.

US Dollar (USD) and conversion costs

Ecuador uses the US Dollar, code USD. If you send money in a different currency it has to be converted somewhere along the way – by your bank, by Banco Cofiec C.a. or by a bank in between. Every conversion costs something, even when no fee is shown.

Who converts the payment makes a difference: every bank has its own margin. Often you pay less to send USD straight away through a provider that converts near the mid-market rate, so that the receiving bank does not need to convert again.

Rates for USD change during the day – some services let you fix a rate in advance. On larger amounts, a small gap in the rate adds up quickly.

Head office or branch code at Banco Cofiec C.a.?

Banco Cofiec C.a. has 5 separate SWIFT/BIC codes. One of them is the head office code; the others belong to branches.

Usually you do not need to look up a branch: payments addressed to COFBECE1XXX reach Banco Cofiec C.a. without problems. Only use a branch code when the account holder explicitly asks for it.

When in doubt, check with the recipient which code their bank gave them. Codes are sometimes changed or retired when banks reorganise.

How long does an international transfer to Banco Cofiec C.a. take?

There is no fixed answer: many land the same day or the next while others need several business days. Bank holidays in either country can add a day or more. Occasionally a bank wants to know about the purpose of a payment.

When a payment takes longer than expected, contact your bank for the tracking status and the transaction reference so they can trace it along the chain. Specialist transfer services often provide a status online so you can see where the payment has got.

A delayed transfer has to be investigated by the sending bank, using the payment confirmation. Request from the sender a copy of the payment confirmation – it helps your own bank look for the money.