Banca Mediolanum SWIFT/BIC code

What MEDBITMM means for a payment to Banca Mediolanum

If an invoice shows MEDBITMM or MEDBITMMXXX, you are looking at the identical identifier for Banca Mediolanum in Italy. Every bank on the SWIFT network uses BIC codes to direct international transfers to the right bank. In daily life you mostly see it on invoices from abroad, in payment forms and on the account details that Banca Mediolanum provides.

Further down you will find the practical side: receiving money at Banca Mediolanum, sending money abroad and how to check a SWIFT code before you confirm a payment. The SWIFT code on its own does not identify an individual account holder; for that you need the IBAN or account number .

About this information

The details here come from public sources that we update regularly. Even so, banks merge, rename themselves or retire codes, so information can be out of date. Figures such as the number of codes are from our directory and may differ from what Banca Mediolanum publishes.

Treat our directory on this page as a handy check, and let the details from the recipient or Banca Mediolanum have the final say. GoldexPay is an independent comparison service and not affiliated with Banca Mediolanum. Should you notice something that is out of date, we appreciate a short note via the contact page.

Paying someone abroad from your Banca Mediolanum account

An international bank payment can cost rather more than the listed fee. You pay the transfer fee, possibly charges from correspondent banks in between and, above all, the exchange rate markup.

The markup on the rate tends to be the biggest item. Check the rate you are offered against the mid-market rate, the midpoint between buy and sell rates you see on financial sites.

Money transfer services frequently use a rate near the mid-market rate. GoldexPay lists these services next to each other, showing what actually arrives for the same amount sent. Using a transfer service does not mean closing your account at Banca Mediolanum.

Transfer times and tracking a payment to Banca Mediolanum

An international transfer usually takes one to a few business days, depending on the currency, the route and the banks involved. Bank holidays in the sending or receiving country add extra days to the journey. Occasionally a bank wants to know what the payment is for, which can hold things up.

When a payment takes longer than expected, ask your bank about the tracking status so they can trace it along the chain. Keep your transfer receipt.

Only the sending bank is able to request a 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.

Paying Banca Mediolanum in euros within SEPA

Italy is part of the SEPA area. For a regular euro transfer from another SEPA country, you normally only need the IBAN.

For anything other than euros and from non-SEPA countries, MEDBITMMXXX or MEDBITMM remains required. If your banking app asks for the BIC anyway, entering MEDBITMM does no harm.

Instant payments in euros are widely available across SEPA – whether Banca Mediolanum offers them for your account is worth checking. Provided the payment stays in euros, the transfer tends to be inexpensive.

Which of the 2 codes of Banca Mediolanum do you need?

Banca Mediolanum uses 2 different SWIFT/BIC codes. One of them is the head office code; the rest identify branches.

Usually there is no need to look up a branch: payments addressed to MEDBITMMXXX are routed within Banca Mediolanum without problems. Branch codes are only needed if the account holder specifically asks for it.

The safest approach is to copy the code directly from the recipient’s statement. Branch codes can change when banks reorganise, so do not rely on old paperwork.

What to give a sender who pays you at Banca Mediolanum

A sender in another country needs a few details about your account. The basics are: your name, account number or IBAN, MEDBITMMXXX or MEDBITMM and often your postal address.

Certain banks want the bank’s address. A mistake in the IBAN is more trouble than you might think.

Do not be surprised if the incoming amount is below what the sender paid. Intermediary banks may deduct a fee and your own bank may charge for processing, and if the currency changes, a markup on the rate comes on top. Agree with the sender who covers the fees, especially for larger amounts.

Protect yourself against fake payment requests

Stay alert when someone suddenly asks you to pay into another account. The fact that MEDBITMM exists does not mean that the account is legitimate; criminals use the codes of real banks too.

Do not rely on a phone number from the same email that announces the new account. Be suspicious of time pressure, odd spelling or an email address that differs by one letter. If money has already gone to a fraudster, contact your bank immediately – speed improves the chance of getting it back.

Recipients are targeted too: one known trick is an overpayment followed by a request to refund the difference abroad. Do not act before the money has really arrived.

Before you send: check the Banca Mediolanum code

Ask the recipient to copy their account details directly from their online banking. Compare it against MEDBITMM here.

An incorrect BIC may lead to a delay, a payment being sent back or extra fees. Do not forget the account number: a mistake there is harder to undo than a wrong BIC.

An automatic check in your banking app only confirms that the code is valid, not that it is the right account. Where available, a payee name check before sending gives extra certainty. Sending a small amount first is a sensible step for a large first payment.

8 or 11 characters: MEDBITMM versus MEDBITMMXXX

A SWIFT code is made up of fixed blocks: characters one to four identify the bank, characters five and six show the country and characters seven and eight mark the location. In this case, that core is MEDBITMM.

The full version adds a three-character extension that identify a branch or department. When those three characters are XXX, they simply mean the head office, which is why MEDBITMMXXX and MEDBITMM lead to the same place.

Type the code in one piece, in upper case and without spaces. A single letter can send the money to another bank, so copy it carefully.

The Euro and what conversion costs you

Accounts at Banca Mediolanum are usually held in EUR, the national currency of Italy. When you pay another currency it has to be converted at some point: by your bank, an intermediary or Banca Mediolanum itself. You rarely see a separate line for that conversion; it is built into the rate.

Where the conversion happens has an effect on how much arrives, as rates and margins differ per bank. Transferring the amount already in EUR often prevents a second conversion at the receiving end.

Exchange rates change all the time. With bigger transfers, even seemingly small gap in the rate adds up quickly.