Banca Consulia SWIFT/BIC code

INPIITM1 – the SWIFT/BIC code of Banca Consulia

INPIITM1 and INPIITM1XXX are two spellings of the same SWIFT/BIC code, and both lead to Banca Consulia in Milano. A BIC does one job: it makes sure that a cross-border transfer reaches the right bank. In practice you mostly come across the code on invoices from abroad, in your banking app and on the account details of Banca Consulia customers.

Below we go through the practical side: money coming in from abroad, paying someone in another country and how to verify a SWIFT code before you confirm a payment. The BIC identifies a bank or branch, not a specific account, which is why you always need the account number too.

Paying into Banca Consulia in EUR

Italy pays in the Euro, code EUR. A payment in a foreign currency is converted into EUR before it reaches the account – and the bank that does it picks the rate. There is rarely a separate line for the conversion – the cost sits in the rate.

Who converts the money makes a difference: every bank has its own margin. Compare how much EUR the recipient gets with several providers; the difference between options can be larger than you expect.

The EUR rate fluctuates throughout the day and quotes are often valid only for a short time. If you pay regularly, small differences in the rate add up over time.

Scams that use SWIFT codes

Scammers regularly use fake invoices containing new bank details sent from what looks like a familiar address. That INPIITM1 is a real code is no guarantee that the account is legitimate.

Never trust contact details from the same email that announces the change. Urgency and secrecy are red flags – a real supplier can wait a day. When a payment has already gone to the wrong account, call your bank right away: the sooner they act, the better the chance of a recall.

Recipients can be targeted as well: a classic trick is a buyer who pays too much followed by a request to refund the difference. Do not act before the money has really arrived and check with Banca Consulia if anything seems off.

Tracking a transfer to or from Banca Consulia

A SWIFT payment typically needs anywhere from one to several business days – it depends on currency, route and the banks in between. Weekends and public holidays in the sending or receiving country can add extra days, since banks do not process on those days. Extra checks on larger or unusual payments can also add a delay, even when all details are correct.

If a transfer seems late, contact your bank for the status and the transaction reference; with that reference banks can see where the payment is. Specialist transfer services usually provide a status in their app showing how far the money has got.

Only the sending bank can start an official trace or a recall; the receiving side usually has nothing to trace yet. Ask the sender for a copy of the payment confirmation including the reference; that often settles the question quickly.

Banca Consulia: head office code versus branch codes

Having 3 codes in 3 cities, Banca Consulia is one of the banks that use individual codes for parts of the organisation. The head office code is INPIITM1XXX.

For most incoming transfers, the head office code INPIITM1XXX is what you need. If you have been given a specific code, stick to it instead of swapping it for the head office code.

The best way is to copy the code straight from the recipient’s invoice. Branch codes are sometimes changed or retired when banks reorganise.

Is INPIITM1 still correct? How to check

The most reliable source for the BIC is the bank details provided by the recipient: an invoice, a bank statement or their online banking. When the code you were given differs from INPIITM1 or INPIITM1XXX, stop and ask – contact the recipient or Banca Consulia.

If the code is wrong, the payment might be delayed, be returned or cost extra – sometimes after weeks of searching. An error in the account number is more serious, because the money may be credited to someone else, so check that just as carefully.

An automatic check by your bank merely tells you that the code is valid – not that it belongs to the person you mean to pay. Some banks now compare the name with the account before you confirm – do not ignore a mismatch warning. When you pay someone new, some people send a small amount first before sending the rest.

Incoming international payments to Banca Consulia

If you expect money from abroad, send the payer everything they need in one go. The basics are: your name, account number or IBAN, INPIITM1XXX and often your home address.

Their bank might also ask for the address of your bank, in which case the Milano head office is the usual answer. A typo in your account number can be harder to fix than you might think, so copy the details from your online banking.

Money from abroad will not always arrive in full. Intermediary banks may deduct a fee and your own bank may charge for processing, and when currencies differ, an exchange rate margin comes on top. Agree with the sender who covers the fees, especially for larger amounts.

How up to date is this code?

The details on this page come from publicly available data that we update regularly. It can happen that information on this page is no longer current. The figures on this page reflect what is in our directory.

Before a payment of any size, always confirm the code with the recipient’s bank or the recipient. GoldexPay is an independent comparison site for money transfers and not affiliated with Banca Consulia. If you notice a mistake, we appreciate a short note.

Euro transfers to Banca Consulia: is a BIC needed?

Inside SEPA, euro payments to Banca Consulia use common rules. A field for the BIC is often optional for those payments.

You still need INPIITM1XXX for payments in other currencies or money from outside the SEPA area. If your banking app has a field for the BIC anyway, adding INPIITM1 is fine.

SEPA transfers usually arrive by the next business day, and instant transfers in seconds where both banks support them. Charges on SEPA transfers tend to be low, as long as no currency conversion is involved.

What the XXX in INPIITM1XXX means

The structure of every SWIFT code never changes: a bank code of four letters, a two-letter country code and a two-character location code. For Banca Consulia, the 8-character core is INPIITM1.

The long version adds three more characters that identify a branch or department. If the last three are XXX, they simply mean the head office, so INPIITM1XXX and INPIITM1 are interchangeable.

Do not add spaces or dashes when you enter INPIITM1. Pasting the code beats typing it by hand: a typo can point to another bank.

Sending money abroad from Banca Consulia

When you send money abroad from Banca Consulia, the fee you see is only part of the cost. There is the transfer fee, possibly fees charged by intermediary banks along the way and, most importantly, the margin on the exchange rate if the currency changes.

The real cost is often in the rate, not in the fee: many banks convert at a rate that includes a margin. A simple test: set the bank’s rate against the mid-market rate for the same moment and work out the difference on your amount.

Money transfer services often use rates closer to the mid-market rate and lower fees. On GoldexPay we compare what recipients receive with different services, which makes the cheapest option easy to spot. You can still use your account at Banca Consulia.