Mediocredito Italiano SPA SWIFT/BIC code

Mediocredito Italiano SPA SWIFT code: BCITIT61

BCITIT61 and BCITIT61XXX are two spellings of the same bank identifier, and both lead to Mediocredito Italiano SPA in Milano. Banks worldwide use BIC codes to direct payments between countries to the correct institution. In practice you usually come across the code on invoices from abroad, in your banking app and on the account details that Mediocredito Italiano SPA provides.

Further down you will find the practical side: money coming in from abroad, sending money abroad and how to verify the code before you hit send. Keep in mind that the SWIFT code only identifies the bank, not the person: the account number or IBAN does that part.

What the XXX in BCITIT61XXX means

A SWIFT code is made up of fixed blocks: characters one to four identify the bank, characters five and six give the country and characters seven and eight indicate the location. The result is BCITIT61 for Mediocredito Italiano SPA.

Many banks and apps accept either length. If a form requires eleven characters, enter BCITIT61XXX, otherwise BCITIT61 is fine.

In practice the code is typed in capitals, without spaces or dashes. Watch for O versus 0 or I versus 1; they are easy to mix up.

Changed bank details? Be careful

One of the most common tricks works like this: an email arrives with a request saying that a contact now has new bank details and that the next payment should go there. That BCITIT61 is a real code is no guarantee that a request mentioning it is legitimate; criminals use the codes of real banks too.

Before paying, verify changed bank details by phone. Be suspicious of urgent requests, odd spelling or a sender address that is slightly off. When money has already gone to the wrong account, call your bank right away.

Scams also work the other way. Someone claims to have sent more than agreed and asks you to refund the difference via a different route. A payment confirmation from the sender proves nothing; only your own account shows what has arrived.

What to give a sender who pays you at Mediocredito Italiano SPA

For a transfer from abroad at Mediocredito Italiano SPA, the sender has to have more than the BIC. Give them your name as the bank knows it, your account number or IBAN, the BIC BCITIT61XXX and your address, which some banks require.

Certain banks also ask for the name and address of Mediocredito Italiano SPA; it does no harm to include it. A mistake in the IBAN is harder to fix than you might think; copy them from your banking app rather than typing.

The amount you receive is often lower than what was sent. Correspondent banks can take a fee, and if the currency changes, a markup on the rate applies. On invoices, you can agree who bears the costs to avoid a shortfall.

How long does an international transfer to Mediocredito Italiano SPA take?

How quickly a payment arrives at Mediocredito Italiano SPA depends on a few things: the currency, how many intermediary banks are involved, daily processing deadlines and differences in time zone. Bank holidays in the sending or receiving country add a day or more, since banks do not process on those days. Occasionally a bank asks what the payment is for.

A growing number of banks use SWIFT gpi for faster and traceable payments. Every payment gets a unique reference, the UETR that banks can use to trace it. Save the payment confirmation until the money has arrived.

Only the sending bank is able to request a trace – the recipient’s bank often cannot see a payment that has not arrived. On the receiving end, it helps to check your account for a partial amount because fees can reduce the amount.

Is BCITIT61 still correct? How to check

The safest source for a SWIFT code is the recipient’s own bank details: an invoice, a bank statement or their online banking. Compare it against BCITIT61 here and ask if anything does not match.

An incorrect BIC can cause delays, a returned payment or additional charges for investigation. A mistake 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.

A format check in your banking app only tells you that the IBAN exists. More and more banks compare the name with the account before you confirm – do not ignore a mismatch warning. When you pay someone new, many people start with a small amount first and wait for confirmation.

Choosing between the 4 SWIFT codes of Mediocredito Italiano SPA

Mediocredito Italiano SPA has 4 separate SWIFT/BIC codes across 3 cities. Only one is the head office code, BCITIT61XXX; the rest belong to branches, and sometimes internal departments.

Unless the recipient tells you otherwise, go with BCITIT61XXX or its short form BCITIT61. Just use a branch code when the account holder gives you that exact code, for example on an invoice or in their bank details.

The best way is to copy the code directly from the account holder’s bank details. Branch codes can change when banks reorganise, so a code from an old document is not always valid.

Paying Mediocredito Italiano SPA in euros within SEPA

Inside SEPA, euro payments to Mediocredito Italiano SPA use the same rules, so the IBAN does the job in most cases. A field for the BIC is often optional in that case.

The BIC still come into play when the currency is not euros, and for transfers from outside SEPA. A few banks and apps also ask for the BIC; if so, fill in BCITIT61 or BCITIT61XXX.

Euro payments within SEPA usually arrive by the next business day; instant payments are faster if both banks offer them. Provided no currency is converted, the transfer tends to be cheap.

Paying into Mediocredito Italiano SPA in EUR

The currency in Italy is the Euro (EUR). If you send another currency gets converted at some point – by your bank, by Mediocredito Italiano SPA or by a bank in between. You rarely see a separate line for that conversion – the cost sits in the rate.

Where the conversion happens has an effect on how much arrives. Transferring the money already in EUR usually prevents an extra conversion at the receiving end, provided the rate you get is fair.

The EUR rate changes throughout the day and quotes are often valid only for a short time. For regular payments, a slightly better rate add up over a year.

Sending money abroad from Mediocredito Italiano SPA

The price of a payment abroad has more than one component. Besides a fixed fee, banks in between may take a cut, and if the money changes currency, the bank often applies a rate that is less favourable than the real market rate.

Many banks do not show the margin on the rate separately – you only notice it if you compare. Compare their rate with the mid-market rate, the midpoint between buy and sell rates you see on financial 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. GoldexPay compares the amount that arrives with different providers, which makes the cheapest option easy to spot. Using a transfer service does not require closing your account at Mediocredito Italiano SPA.

How up to date is this code?

The directory on GoldexPay draws on publicly available sources and is updated regularly. It is possible that a code here is no longer current. The figures on this page reflect what is in our directory, not official figures from Mediocredito Italiano SPA.

For a payment of any size, check the BIC with the recipient’s bank or the recipient. GoldexPay has no connection to Mediocredito Italiano SPA, we only compare transfer services. If you notice something that is out of date, we appreciate a short note.