Samsung Electronics Italia SPA SWIFT/BIC code

SWIFT/BIC code of Samsung Electronics Italia SPA

SECTITM1 and SECTITM1XXX are two spellings of the same bank identifier, and both lead to Samsung Electronics Italia SPA in Cernusco Sul Naviglio. A BIC has a single purpose: it makes sure that money from abroad ends up at the right bank. You will need it mostly when dealing with payments that cross a border or a currency.

On this page we explain how the code means, when you need it and which other details you need for a transfer to or from Samsung Electronics Italia SPA. A SWIFT code identifies an institution, not a single account; the IBAN or account number does that.

Choosing between the 3 SWIFT codes of Samsung Electronics Italia SPA

Having 3 codes in 1 locations, Samsung Electronics Italia SPA is one of the banks that use separate codes for parts of the organisation and departments. The head office code remains SECTITM1XXX.

For most payments to a private or business account, the head office code SECTITM1XXX is the right choice. Just use a branch code when the recipient gives you that exact code, for example on an invoice or in their bank details.

Unsure which code applies? Check with the recipient or the bank itself. Branch codes are sometimes changed or retired when banks reorganise, so do not rely on old paperwork.

Receiving money from abroad at Samsung Electronics Italia SPA

To receive an international payment at Samsung Electronics Italia SPA, the person paying you has to have more than the BIC. That means: your name exactly as it appears on the account, your account number or IBAN, the SWIFT/BIC code SECTITM1XXX and usually your postal address.

Some banks also ask for the address of Samsung Electronics Italia SPA in Cernusco Sul Naviglio, so keep it at hand. Double-check every detail before you share them, because the sender’s bank usually copies them as is.

The amount you receive is often lower than what was sent. Fees for incoming transfers differ per bank – the price list of Samsung Electronics Italia SPA tells you what applies. Make clear with the sender who covers the fees before the money is sent.

Do you need SECTITM1 for a SEPA transfer?

Within the SEPA zone, euro payments to an account in Italy follow common rules, so the IBAN does the job in most cases. A field for the BIC is usually optional or missing in that case.

You will still need SECTITM1XXX when sending payments in other currencies or money from outside the SEPA area. A few banks and apps still show a field for the BIC; in that case, fill in SECTITM1 or SECTITM1XXX.

Instant euro transfers have become increasingly supported across SEPA – whether Samsung Electronics Italia SPA offers them for your account is worth checking. Fees for SEPA payments are generally low, as long as no currency conversion is involved.

When will the money arrive at Samsung Electronics Italia SPA?

An international transfer usually takes one to a few business days, depending on the currency, the route and the banks involved. Payments made after the cut-off time or on weekends and holidays often go out a business day later. Extra checks by one of the banks can also cause a delay.

Many banks are connected to SWIFT gpi. Every gpi transfer gets a unique reference, the UETR that banks can use to trace it. Specialist transfer services often show a status online showing where the money is.

A missing payment has to be traced from the sending side, using the payment confirmation. As a recipient, you can check your account to see a partial amount, since fees may have been deducted.

Why Samsung Electronics Italia SPA has an 8- and an 11-character code

A SWIFT code is built from fixed blocks: characters one to four stand for the bank, characters five and six show the country and characters seven and eight mark the location. That gives you SECTITM1, the short form of the code.

XXX at the end of SECTITM1XXX does not stand for a placeholder or an error: it indicates the head office of Samsung Electronics Italia SPA. Some banking apps ask for 11 characters, in which case you can add XXX after SECTITM1.

Leave out spaces or dashes when you type SECTITM1; the code is always written in one block. Watch for the letter O and the digit 0 and the letter I and the digit 1, a common source of typos.

How up to date is this code?

This directory is compiled from publicly available sources. It can happen that a code on this page is out of date. Counts and locations are from our directory and may differ from what Samsung Electronics Italia SPA publishes.

Treat our directory on this page as a handy check and rely on the recipient or Samsung Electronics Italia SPA for the final confirmation. GoldexPay is a comparison site and not part of Samsung Electronics Italia SPA. If you notice a mistake, we appreciate a short note.

Paying into Samsung Electronics Italia SPA in EUR

The currency of Italy is the Euro (EUR). A payment in a foreign currency is converted into EUR on its way to Samsung Electronics Italia SPA – and the bank that does it picks the rate. Each conversion eats into the amount, even when no fee is shown.

Which bank converts the money makes a difference: every bank has its own margin. Sending the amount directly in EUR usually prevents an extra conversion at the receiving end.

Exchange rates move all the time – some services let you fix a rate in advance. If you pay regularly, small differences in the rate add up over time.

Scams that use SWIFT codes

A common scam goes like this: you receive a message claiming that a contact has a new bank account and asking you to pay there from now on. A correct SWIFT code tells you nothing about who owns the account: scammers use real codes of real banks.

Never rely on a phone number from the same email that contains the change. Urgency and secrecy tend to be red flags. Acted too fast? Call the bank you paid from without delay and have them start a recall; also report it to the police.

Fraud can also target the receiver: someone claims to have sent more than agreed and asks you to refund the difference via a different route. Do not act before the money has really arrived and check with Samsung Electronics Italia SPA if anything seems off.

What a transfer from Samsung Electronics Italia SPA abroad really costs

When you transfer money abroad from Samsung Electronics Italia SPA, the fee you see is only part of what you pay. Besides the transfer fee, banks in between may take a cut, and if currencies are converted the bank usually applies a rate below the actual market rate.

Most of the cost usually sits in the exchange rate, rather than in the fee: many banks convert using an exchange rate that includes a margin. Compare the rate you are offered against the mid-market rate, the midpoint between buy and sell rates you see on financial sites.

Specialist money transfer services frequently offer a rate near the mid-market rate. GoldexPay lists these services next to each other, showing the amount the recipient gets before you commit. Using a transfer service does not require closing your account at Samsung Electronics Italia SPA – you pay the provider from your own account.

Is SECTITM1 still correct? How to check

The safest source for a SWIFT code is the recipient’s own bank details. When the code you were given does not match SECTITM1 or SECTITM1XXX, stop and ask – contact the recipient or Samsung Electronics Italia SPA.

With a wrong code, the payment may get stuck, bounce back or end up costing more – sometimes after weeks of searching. A mistake in the IBAN or account number can be a bigger problem, because the money may be credited to someone else.

A validity check by your bank only confirms that the IBAN exists, not that it is the right account. Some banks now check the payee name with the account – do not ignore a mismatch warning. For a first payment, some people start with a small test amount.