Bank of America Merrill Lynch International Limited, Milan Branch SWIFT/BIC code

BOFAIT2X – the SWIFT/BIC code of Bank of America Merrill Lynch International Limited, Milan Branch

The 8-character code BOFAIT2X and the 11-character code BOFAIT2XXXX refer to the same bank: Bank of America Merrill Lynch International Limited, Milan Branch. A SWIFT code tells every bank in the chain exactly which bank is meant to get the money, much like a postcode for banks. In practice you usually see the code on international invoices, in payment forms and in the bank details of Bank of America Merrill Lynch International Limited, Milan Branch customers.

We wrote this page to help anyone who sends money to an account at Bank of America Merrill Lynch International Limited, Milan Branch without mistakes. Keep in mind that the BIC only identifies the bank, not the person: the IBAN or account number takes care of that.

The Euro and what conversion costs you

Italy pays in the Euro, with the currency code EUR. A payment in a foreign currency is exchanged into EUR on its way to Bank of America Merrill Lynch International Limited, Milan Branch – and the bank that does it picks the rate. There is rarely a separate line for the conversion.

Who converts the money makes a difference. Compare what EUR arrives with several services.

The EUR rate fluctuates constantly. With bigger transfers, a seemingly small difference in the rate adds up quickly.

Before you send: check the Bank of America Merrill Lynch International Limited, Milan Branch code

Ask the recipient to copy their bank details straight from their banking app. Check that code against BOFAIT2X here; if they differ, ask before you pay.

Mistakes in the SWIFT code are annoying rather than fatal: often the payment comes back, minus fees. A mistake in the account number is a bigger problem, because the money may be credited to someone else; check it just as carefully.

An automatic check in your banking app only confirms that the code is valid, not that it is the right account. Some banks now check the payee name with the account before you confirm. Sending a small amount first is worth it for large sums despite the extra fee.

What the XXX in BOFAIT2XXXX means

Each SWIFT/BIC code starts with an 8-character core: a four-letter bank code, a two-letter country code and two characters for the location. In this case, the 8-character core is BOFAIT2X.

XXX at the end of BOFAIT2XXXX does not stand for a placeholder or a mistake: it indicates the main office of Bank of America Merrill Lynch International Limited, Milan Branch. Certain payment forms ask for 11 characters, in which case you can add XXX after BOFAIT2X.

Leave out spaces or dashes when you enter BOFAIT2X or BOFAIT2XXXX. Watch for O versus 0 or the letter I and the digit 1.

Bank of America Merrill Lynch International Limited, Milan Branch: head office code versus branch codes

Bank of America Merrill Lynch International Limited, Milan Branch has 2 separate SWIFT/BIC codes across 1 locations. One of them is the head office code; the others identify branches or departments, and sometimes specific services.

Usually you do not need to look up a branch: transfers sent to BOFAIT2XXXX reach Bank of America Merrill Lynch International Limited, Milan Branch correctly. A branch code only makes sense when the account holder explicitly asks for it.

Unsure which code to use? Ask the recipient or the bank itself. Codes for branches are more likely to be retired than the head office code when a bank merges or closes offices.

Getting paid from abroad into a Bank of America Merrill Lynch International Limited, Milan Branch account

If you are waiting for money from abroad, send the payer all details at once. The basics are: your name, IBAN or account number, BOFAIT2XXXX and in many cases your postal address.

It helps to include Bank of America Merrill Lynch International Limited, Milan Branch and its city as well, since some forms ask for it. Double-check the details before you share them, because the sender’s bank usually copies them as is.

Expect that the amount credited is smaller than what the sender paid. Charges on incoming payments vary per bank. Make clear with the sender who pays which costs, especially for larger amounts.

Watch out for payment fraud

Stay wary if someone suddenly asks you to pay into a different account. A valid SWIFT code says nothing about whether the request is genuine: scammers use real codes of real banks.

Before paying, verify changed bank details by phone, using a number you already had. Be suspicious of time pressure, odd spelling or a sender address that is slightly off. If money has already gone to the wrong account, contact your bank immediately – speed improves the chance of getting it back.

Scams can also target the receiver. Someone claims to have sent more than agreed and wants you to return the extra to a new account. A payment confirmation from the sender proves nothing – check your own account.

Paying Bank of America Merrill Lynch International Limited, Milan Branch in euros within SEPA

Within the SEPA zone, euro payments to an account in Italy use the same rules and in most cases need only the IBAN. The BIC field is often optional for those payments.

You will still need BOFAIT2XXXX for payments in other currencies or money from outside the SEPA area. A few banks and apps also ask for the BIC; if so, enter BOFAIT2X or BOFAIT2XXXX.

SEPA transfers normally land by the next business day, and instant transfers in seconds where both banks support them. As long as no currency is converted, a SEPA transfer tends to be inexpensive; it is the conversion that costs money.

Where our SWIFT data comes from

We collect SWIFT/BIC codes from publicly available data and update them regularly. It can happen that information on this page is no longer current, for example after a merger. Counts and locations are from our own dataset and are not confirmed by Bank of America Merrill Lynch International Limited, Milan Branch.

See the information here as a handy check. GoldexPay is not affiliated with Bank of America Merrill Lynch International Limited, Milan Branch, we only compare transfer services. Found outdated information? Tell us via our contact form and we will look into it.

Transfer times and tracking a payment to Bank of America Merrill Lynch International Limited, Milan Branch

How quickly a payment arrives at Bank of America Merrill Lynch International Limited, Milan Branch depends on several factors: which currency you send, how many intermediary banks are involved, daily processing deadlines and differences in time zone. Payments made after the cut-off time or just before a weekend or public holiday often start the next business day. Compliance checks on larger or unusual payments may also cause a delay.

Many banks use SWIFT gpi. Every payment carries a unique transaction reference, the UETR, which your bank can use to see where the money is. Specialist transfer services often provide tracking online showing where the money has got.

A missing payment is traced by the sending bank on the basis of the transfer details. Request from the sender a copy of the payment confirmation – it helps your own bank look for the money.

Paying someone abroad from your Bank of America Merrill Lynch International Limited, Milan Branch account

What you pay for an international transfer is made up of more than one component – not just the fee on your screen. Besides the transfer fee, banks in between can deduct a fee, and if currencies are converted, the bank usually applies a rate below the actual market rate.

The markup on the rate tends to be the biggest item, and it is easy to miss. Check their rate with the mid-market rate – the rate you find on financial news sites. The difference is your real conversion cost.

For many currency pairs, a transfer service turns out to be less expensive than a traditional bank transfer. Next time you send money, it is worth to compare the total cost via GoldexPay rather than accepting the bank’s rate by default. You can always keep your account at Bank of America Merrill Lynch International Limited, Milan Branch to fund the transfer; only the conversion and sending happen elsewhere.