Banca Farmafactoring S.P.A. SWIFT/BIC code

SWIFT/BIC code of Banca Farmafactoring S.P.A.

FARAITM1 and FARAITM1XXX are two ways of writing the same SWIFT/BIC code, and both lead to Banca Farmafactoring S.P.A. in Milano. The code has a single purpose: it makes sure that an international payment reaches the right bank. You will need it mainly for transfers between countries and payments in foreign currencies.

This page is meant to help anyone who receives money at an account at Banca Farmafactoring S.P.A.. The BIC identifies a bank or branch, not a specific account.

Why Banca Farmafactoring S.P.A. has an 8- and an 11-character code

The layout of a BIC is always the same: four characters for the institution, a two-letter country code and a two-character location code, sometimes followed by a branch code. For Banca Farmafactoring S.P.A., that core is FARAITM1.

Most payment forms accept either length. If a form asks for eleven characters, enter FARAITM1XXX.

Type the code as one block, in capitals and without separators. Look out for the letter O and the digit 0 and I versus 1.

Transfer times and tracking a payment to Banca Farmafactoring S.P.A.

A SWIFT payment usually takes one to a few business days. Payments made after the cut-off time or just before a weekend or public holiday usually go out the next business day. Sometimes a bank wants to know about the purpose of a payment, which can hold things up.

Many banks are connected to SWIFT gpi for faster and traceable payments. Each payment gets a unique transaction reference, the UETR that banks can use to trace it. Specialist transfer services often provide tracking online so you can see how far the payment is.

A missing payment has to be traced from the sending side. Request from the sender the payment receipt.

Sending money abroad from Banca Farmafactoring S.P.A.

A bank transfer abroad costs rather more than the listed fee. There is the transfer fee, possibly charges from correspondent banks along the way and, most importantly, the exchange rate markup if the currency changes.

Most of the cost usually sits in the exchange rate: the bank converts at a rate that includes a margin. A simple test: set the rate you get next to the mid-market rate and work out the difference on your amount.

For many routes, a specialist provider is cheaper than a traditional bank transfer – mostly thanks to the rate. Next time you send money, it is worth comparing the total cost via GoldexPay instead of going straight to your bank. Choosing a specialist does not mean closing your account at Banca Farmafactoring S.P.A. – you pay the provider from your own account.

Getting paid from abroad into a Banca Farmafactoring S.P.A. account

A sender in another country will ask for a few details about your account, and missing ones are a common cause of delays. Share your name as the bank knows it, the IBAN or account number, SWIFT code FARAITM1XXX and your address.

It helps to include Banca Farmafactoring S.P.A. and its city as well. A mistake in the IBAN is harder to fix than you might think; copy them from your banking app rather than typing.

Do not be surprised if the incoming amount is smaller than the amount on the sender’s receipt. Fees for incoming transfers vary per bank – the price list of Banca Farmafactoring S.P.A. tells you what applies. Agree with the sender who pays which costs.

How up to date is this code?

We gather bank codes using public sources and check them regularly. Still, banks merge or change codes and our data may lag behind. Counts and locations come from our directory.

See our directory on this page as a handy check and rely on the recipient or Banca Farmafactoring S.P.A. for the final confirmation. GoldexPay is an independent comparison site and not affiliated with Banca Farmafactoring S.P.A.. If you notice a mistake, we welcome a message.

Changed bank details? Be careful

Criminals often use fake invoices with new bank details sent from what looks like a familiar address. A real SWIFT code says nothing about whether the request is genuine: scammers use real codes of real banks.

Verify changed bank details via a separate channel. Be suspicious of urgent requests, unusual wording or a sender address that is slightly off. If a payment was sent to the wrong account, contact your bank immediately.

Fraud also work the other way. Someone sends too much and asks you to refund the difference via a different route. Do not act before the money is actually in your account and check with Banca Farmafactoring S.P.A. if anything seems off.

Euro (EUR) and conversion costs

Most accounts at Banca Farmafactoring S.P.A. are usually held in EUR, the local currency of Italy. If you send another currency, the amount gets converted at some point: by your bank, an intermediary or Banca Farmafactoring S.P.A. itself. There is rarely a separate charge for that conversion.

Who converts the payment makes a difference, because each party uses its own rate. Often it is cheaper to send EUR straight away through a provider that converts near the mid-market rate rather than letting the receiving bank convert.

The rate for EUR changes throughout the day, so the amount you see is usually only valid for a short time. On larger amounts, a seemingly small difference in the rate adds up quickly.

Euro transfers to Banca Farmafactoring S.P.A.: is a BIC needed?

Inside SEPA, euro payments to an account in Italy use the same rules. The BIC field is usually optional or missing in that case.

Outside the euro and for senders outside SEPA, FARAITM1XXX remains part of the payment details. If a payment form has a field for the BIC anyway, entering FARAITM1 does no harm.

Instant euro transfers have become increasingly supported across SEPA; check with Banca Farmafactoring S.P.A. whether it applies to your account. As long as the payment stays in euros, the transfer tends to be inexpensive; costs rise once a conversion is involved.

Is FARAITM1 still correct? How to check

The best place to find the correct BIC remains a document from the bank itself like a bank statement or the account page in online banking. Compare it against FARAITM1 here and ask if anything does not match.

If the code is wrong, the payment might be delayed, be returned or end up costing more – sometimes after weeks of searching. An error in the IBAN or account number is a bigger problem, 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 IBAN exists – not that it belongs to the person you mean to pay. Where available, a payee name check on the recipient adds extra certainty. A small test payment can be worth it for large sums despite the extra fee.

Head office or branch code at Banca Farmafactoring S.P.A.?

Banca Farmafactoring S.P.A. has 2 different SWIFT/BIC codes. One of them is the head office code, FARAITM1XXX; the rest belong to branches, and sometimes specific services.

In most cases you do not need to look up a branch: transfers sent to FARAITM1XXX reach Banca Farmafactoring S.P.A. correctly. If you have been given a specific code, stick to it instead of swapping it for the head office code.

If you are not sure, ask the person you are paying which code their bank gave them. Branch codes are more likely to be retired than the head office code when a bank merges or closes offices.