Banca Profilo SPA SWIFT/BIC code

What PROFITMM means for a payment to Banca Profilo SPA

PROFITMM and PROFITMMXXX are two spellings of the same bank identifier, and both lead to Banca Profilo SPA in Milano. A SWIFT code tells every bank in the chain which institution should receive the money, much like a postcode for banks. In daily life you usually come across the code on international invoices, in your banking app and on the account details of Banca Profilo SPA customers.

On this page you will find how the code means, when it matters and which other details a transfer to or from Banca Profilo SPA requires. The SWIFT code on its own cannot identify an individual account holder; that is what the IBAN or account number .

How to check PROFITMM before you pay

The most reliable place for the right code remains a document from the bank itself. When the code you were given does not match PROFITMM or PROFITMMXXX, do not guess.

Errors in the SWIFT code tend to be annoying rather than disastrous: often the payment comes back, minus fees. An error in the IBAN or account number can be a bigger problem, because the money may be credited to someone else.

Most online banking apps check the structure of IBANs and some suggest the matching BIC – that confirms the format, not the owner. If your bank offers it, a payee name check before sending adds extra certainty. When you pay someone new, many people send a small test amount before sending the rest.

International transfers from Banca Profilo SPA: the real cost

What you pay for an international transfer is made up of several parts, and the transfer fee is only the most visible one. There is the transfer fee, possibly fees charged by intermediary banks along the way and, most importantly, the margin on the exchange rate when the money is converted.

Most of the cost usually sits in the exchange rate: many banks convert using an exchange rate with a margin built in. Check the rate you are offered with the mid-market rate, the midpoint between buy and sell rates you see on financial sites. The difference is your real conversion cost.

Specialist money transfer services frequently offer rates closer to the mid-market rate. On GoldexPay you can compare what recipients receive across providers, which makes the cheapest option easy to spot. Choosing a specialist does not mean leaving Banca Profilo SPA – you pay the provider from your own account.

Choosing between the 2 SWIFT codes of Banca Profilo SPA

Banca Profilo SPA uses 2 separate SWIFT/BIC codes. Only one is the head office code, PROFITMMXXX; the others belong to branches or departments.

For the vast majority of payments to a private or business account, the head office code PROFITMMXXX is the right choice. Just use a branch code when the account holder explicitly asks for it, for example on a letter or invoice.

The best way is to copy the code directly from the recipient’s statement. Branch codes are more prone to be retired than the head office code.

What the XXX in PROFITMMXXX means

Each SWIFT/BIC code starts with an 8-character core: a four-letter bank code, two letters for the country and two characters for the location. For Banca Profilo SPA, the 8-character core is PROFITMM.

Many payment forms work with either length. If a form requires eleven characters, enter PROFITMMXXX, otherwise PROFITMM is fine.

In practice the code is typed in capitals and without spaces. A wrong character may route a payment to a different institution, so check it twice.

SEPA payments and the Banca Profilo SPA BIC

Inside SEPA, euro transfers to Banca Profilo SPA follow common rules and in most cases need only the IBAN. The BIC field is usually optional or missing in that case.

Outside the euro and from non-SEPA countries, PROFITMMXXX is still required. A few forms also show a field for the BIC; in that case, enter PROFITMM.

Instant euro transfers are increasingly available across SEPA; check with Banca Profilo SPA whether it applies to your account. Provided the payment stays in euros, a SEPA transfer tends to be cheap; it is the conversion that costs money.

Euro (EUR) and conversion costs

Most accounts at Banca Profilo SPA are typically held in EUR, the national currency of Italy. When you pay another currency it gets converted at some point: by your bank, an intermediary or Banca Profilo SPA itself. There is rarely a separate line for that conversion – the cost sits in the rate.

Who converts the money makes a difference, because each party uses its own rate. Check what EUR the recipient gets with different providers before choosing one.

The EUR rate changes throughout the day, so the amount you see is usually only valid for a short time. With bigger transfers, a small difference in the rate can be worth more than the fee.

Changed bank details? Be careful

Criminals regularly send fake invoices with changed bank details, sometimes in an email that looks completely genuine. The fact that PROFITMM exists does not mean that the account is legitimate – fraudsters use real bank codes as well.

Before paying, confirm changed bank details by phone. Urgency and requests to keep it quiet tend to be warning signs. When a payment was sent to the wrong account, contact your bank immediately: the sooner they act, the better the chance of a recall.

Fraud also work the other way: someone sends more than agreed and wants you to refund the extra. Do not act before the money is actually in your account – ask Banca Profilo SPA if something looks wrong.

Receiving money from abroad at Banca Profilo SPA

If you are waiting for money from abroad, give the sender all details at once. In practice that means: your full name exactly as it appears on the account, your account number or IBAN, the BIC PROFITMMXXX (or PROFITMM) and usually your address.

Certain banks want the address of Banca Profilo SPA; it does no harm to include it. Check each detail before you share them – a sender rarely spots a mistake in someone else’s details.

Expect that the amount credited is below what the sender paid. Charges on incoming payments differ from bank to bank. On invoices, it is common to state how the fees are split, so that nobody is left short.

About this information

The details here come from public sources. It is possible that a code here is no longer current. Figures such as the number of codes are from our directory and are not confirmed by Banca Profilo SPA.

Treat this page as a reference, not as the last word – the bank details from the recipient are leading. GoldexPay is a comparison service for money transfers and not part of Banca Profilo SPA. If you notice a mistake, we appreciate a short note.

How long does an international transfer to Banca Profilo SPA take?

There is no fixed delivery time for every transfer: some land the same day or the next while others need several business days. Bank holidays in either country can add extra days. Extra checks by one of the banks can also cause a delay, regardless of the details.

Many banks are connected to SWIFT gpi, which lets them follow a payment from bank to bank. Each gpi transfer gets a unique reference, the UETR, which your bank can use to see where the money is. Keep your transfer receipt until the money has arrived – you will need it for any trace request.

The bank that sent the money is able to start an official trace or a recall; the receiving side usually has nothing to trace yet. Ask the sender for the payment receipt including the reference.