Sgss SPA SWIFT/BIC code

SWIFT/BIC code of Sgss SPA

The 8-character code TWOSITMM and the full code TWOSITMMXXX refer to one and the same institution: Sgss SPA. A SWIFT code tells every bank in the chain exactly which bank should receive the money, a bit like a postal address for banks. In practice you usually see it on invoices from abroad, in payment forms and in the bank details that Sgss SPA provides.

Further down we go through the practical questions: receiving money at Sgss SPA, paying someone in another country and how to check the code before you hit send. The SWIFT code on its own cannot identify an individual account holder; that is what the account number or IBAN .

8 or 11 characters: TWOSITMM versus TWOSITMMXXX

A BIC is built from fixed blocks: characters one to four stand for the bank, the next two give the country and the two after that indicate the location. For Sgss SPA, that core is TWOSITMM.

XXX at the end of TWOSITMMXXX is not a placeholder or a mistake: it stands for the main office of Sgss SPA. Some banking apps ask for 11 characters, in which case you can add XXX behind TWOSITMM.

Leave out spaces or dashes when you enter TWOSITMM; the code is always written in one block. A wrong letter may route the money to a different institution.

The Euro and what conversion costs you

Most accounts at Sgss SPA are typically held in EUR, the local currency of Italy. Money sent in a different currency will be converted into EUR – and the bank that does it picks the rate. Every conversion eats into something.

Where the conversion happens affects how much arrives, as rates and margins differ per bank. Transferring the money already in EUR often prevents a second conversion.

The EUR rate fluctuates constantly. On larger amounts, even seemingly small difference in the rate adds up quickly.

What to give a sender who pays you at Sgss SPA

Someone abroad who wants to pay you will ask for several details about your account, and missing ones are a common cause of delays. Share the account holder’s name, the IBAN or account number, the BIC TWOSITMMXXX and your address, which some banks require.

You can include Sgss SPA and its city too, because some payment forms have separate fields for them. A mistake in your account number is harder to fix than it looks.

Money from abroad does not always land in full. Correspondent banks can take a fee and your own bank may charge for processing, and if the currency changes, a markup on the rate comes on top. Make clear with the sender who covers the fees.

Is TWOSITMM still correct? How to check

The most reliable source for a SWIFT code is the recipient’s own bank details: an invoice, a bank statement or their online banking. Compare that code against TWOSITMM on this page; if they differ, ask before you pay.

With a wrong code, the transfer might get stuck, be returned or end up costing more. Do not forget the IBAN: a mistake there can be more difficult to correct than a wrong BIC.

A format check by your bank only tells you that the IBAN is valid, not that it is the right account. More and more banks check the payee name with the account – do not ignore a mismatch warning. For a first payment, some people start with a small amount first.

Choosing between the 57 SWIFT codes of Sgss SPA

Our directory lists 57 SWIFT/BIC codes for Sgss SPA. Besides the head office code TWOSITMMXXX, you will find codes for branches, departments or specific services.

For most payments to a private or business account, the head office code TWOSITMMXXX works fine. Just use a branch code when the account holder explicitly asks for it.

Unsure which code applies? Check with the recipient or the bank itself. Branch codes are more likely to change than TWOSITMMXXX.

Changed bank details? Be careful

Scammers often send payment requests with new bank details sent from what looks like a familiar address. A valid SWIFT code says nothing about whether the request is genuine: scammers use real codes of real banks.

Verify changed bank details via a different channel, never via the email that asked for the change. Urgency and requests to keep it quiet tend to be warning signs. Already paid? Contact your bank straight away and ask them to start a recall and report the fraud.

Fraud can also target the receiver: someone sends too much and asks you to refund the difference. Wait until the money is actually in your account and check with Sgss SPA if anything seems off.

Sending money abroad from Sgss SPA

When you send money abroad through Sgss SPA, the visible fee is only part of the cost. You pay the transfer fee, sometimes charges from correspondent banks along the way and, above all, the exchange rate markup when the money is converted.

Banks rarely show the margin on the rate as a cost. An easy check: set the bank’s rate next to the mid-market rate for the same moment and work out the difference on your amount.

For a lot of currency pairs, a specialist provider is cheaper than a bank, mainly because of the exchange rate. Before your next transfer, it is worth to compare the total cost via GoldexPay. Choosing a specialist does not mean leaving Sgss SPA.

Transfer times and tracking a payment to Sgss SPA

An international transfer typically takes one to a few business days, depending on the currency, the route and the banks involved. Weekends and public holidays in either country add a day or more, since banks do not process on those days. Sometimes a bank wants to know what the payment is for.

A growing number of banks use SWIFT gpi. Each gpi transfer carries a unique transaction reference, the UETR that banks can use to trace it. Specialist transfer services often provide tracking online showing where the money has got.

If the money does not arrive after a few business days, the sender needs to contact their own bank. Request from the sender the payment receipt with the date and reference – it helps your own bank look for the money.

Euro transfers to Sgss SPA: is a BIC needed?

Because Italy is part of SEPA, a euro transfer to Sgss SPA from another SEPA country normally only needs the IBAN. Most banking apps do not require the BIC for these payments or fill it in for you.

You will still need TWOSITMMXXX when sending non-euro payments or transfers from countries outside SEPA. A few forms also show a field for the BIC; if so, enter TWOSITMM or TWOSITMMXXX.

SEPA transfers normally land within one business day; instant payments are faster if both banks offer them. Provided the payment stays in euros, the transfer tends to be cheap.

Where our SWIFT data comes from

The codes here come from public sources that we update regularly. Even so, banks merge or change codes, so information can be out of date. The figures we show reflect our own data, not official figures from Sgss SPA.

See the information here as a helpful check, and let the details from the recipient or Sgss SPA have the final say. GoldexPay is not affiliated with Sgss SPA; we are a comparison site for money transfers. If you notice a mistake, we appreciate a short note.