Chebanca SPA SWIFT/BIC code

Chebanca SPA SWIFT code: MICSITM1

The short code MICSITM1 and the full code MICSITM1XXX identify the same bank: Chebanca SPA. A SWIFT code tells every bank in the chain exactly which bank is meant to get the money. In practice you usually come across the code on invoices from abroad, in payment forms and in the bank details of Chebanca SPA customers.

This page is meant to help people who pays into an account at Chebanca SPA and wants to get the details right. A SWIFT code identifies an institution, never a single account; the IBAN or account number does that.

8 or 11 characters: MICSITM1 versus MICSITM1XXX

Every SWIFT/BIC code starts with the same eight core characters: four letters for the bank, a two-letter country code and a two-character location code. That gives you MICSITM1, the short form of the code.

XXX at the end of MICSITM1XXX does not stand for a missing value or a mistake: it indicates the main office of Chebanca SPA. Some banking apps ask for 11 characters, and then you simply add XXX after MICSITM1.

In practice the code is written in capitals, without spaces or dashes. Look out for the letter O and the digit 0 or the letter I and the digit 1.

How to check MICSITM1 before you pay

The best place to find the right code is paperwork issued by the bank like a bank statement or the account page in online banking. Compare that code with MICSITM1 on this page.

A wrong SWIFT code may lead to delays, a returned payment or extra fees. Do not forget the IBAN: an error there is more difficult to correct than a wrong code.

Most online banking apps check the format of an IBAN and some suggest the matching BIC, but that does not prove the account belongs to the right person. Some banks now compare the payee name against the account. A small test payment is worth it for large sums.

What to give a sender who pays you at Chebanca SPA

To receive a transfer from abroad at Chebanca SPA, the sender needs not just the SWIFT code. The basics are: the account holder’s name, account number or IBAN, MICSITM1XXX and in many cases your postal address.

Their bank might request the address of your bank; the head office in Milano is usually fine. A typo in the IBAN is more trouble than it looks.

What lands in your account is often lower than what was sent. Correspondent banks can take a fee, Chebanca SPA may charge for incoming payments, and when currencies differ, an exchange rate margin applies. On invoices, you can agree who bears the costs to avoid a shortfall.

Protect yourself against fake payment requests

A common scam goes like this: an email arrives with a request claiming that a company has new bank details and asking you to pay there from now on. That MICSITM1 is a real code is no guarantee that the account is legitimate – fraudsters use real bank codes as well.

Always verify changed bank details through a phone call. Watch out for time pressure, odd spelling or a sender address that is slightly off. When a payment was sent to the wrong account, call your bank right away.

People receiving money can be targeted as well: one known trick is an overpayment followed by a request to refund the difference abroad. Wait until the money is actually in your account.

Transfer times and tracking a payment to Chebanca SPA

How quickly a transfer arrives at Chebanca SPA depends on several factors: which currency you send, the number of banks in between, cut-off times and time zones. Bank holidays in either country can add extra days to the journey. Sometimes a bank wants to know about the purpose of a payment.

When a payment takes longer than expected, ask the sending bank about the tracking status; with that reference banks can see where the payment is. Keep your transfer receipt – you will need it for any trace request.

A missing payment is investigated from the sending side. Ask the sender for the payment receipt including the reference.

Head office or branch code at Chebanca SPA?

Chebanca SPA uses 3 separate SWIFT/BIC codes. One of them is the head office code; the rest belong to branches, and sometimes specific services.

For the vast majority of incoming transfers, the head office code MICSITM1XXX is the right choice. A branch code only makes sense when the account holder explicitly mentions it, which is more common for business accounts and trade services.

If you are not sure, check with the recipient for the exact BIC in their bank details. Codes are sometimes changed or retired over time, so do not rely on old paperwork.

A note on our data

This directory is based on publicly available sources and is updated regularly. Still, banks merge, rename themselves or change codes and our data may lag behind. The figures we show are based on what is in our directory and not on information from Chebanca SPA itself.

For a payment that matters, confirm the BIC with Chebanca SPA or the recipient. We are an independent comparison site for money transfers and not part of Chebanca SPA. Should you notice a mistake, we appreciate a short note via the contact page.

Paying into Chebanca SPA in EUR

Most accounts at Chebanca SPA are usually held in EUR, the national currency. When you pay money in a different currency, the amount has to be converted somewhere along the way – by your bank, by Chebanca SPA or by a bank in between. Every conversion eats into the amount – usually through the rate rather than a fee.

Who converts the payment makes a difference: every bank has its own margin. Check what EUR the recipient gets via several services before choosing one.

The rate for EUR fluctuates constantly, so the amount you see is usually only valid for a short time. On larger amounts, a seemingly small difference in the rate can be worth more than the fee.

What a transfer from Chebanca SPA abroad really costs

When you transfer money abroad from Chebanca SPA, the visible fee is rarely all of what you pay. You pay the fee for the transfer itself, possibly charges from correspondent banks in between and, most importantly, the margin on the exchange rate.

The markup on the rate is often the largest cost even though it is not listed as a fee. Check the rate you are offered with the mid-market rate – the rate you find on financial news sites.

For a lot of routes, a transfer service turns out to be less expensive than a traditional bank transfer. GoldexPay lists these services next to each other so you can see the amount the recipient gets. Choosing a specialist does not require closing your account at Chebanca SPA.

SEPA payments and the Chebanca SPA BIC

Within the SEPA zone, euro transfers to Chebanca SPA follow the same rules and in most cases need only the IBAN. A field for the BIC is usually optional or missing for those payments.

A SWIFT code like MICSITM1 does matter when the currency is not euros and when the money comes from outside SEPA. Some forms also show a field for the BIC out of habit; if so, enter MICSITM1 or MICSITM1XXX.

Euro payments within SEPA usually arrive within one business day. Provided the payment stays in euros, a SEPA transfer tends to be inexpensive; costs rise once a conversion is involved.