Space SPA SWIFT/BIC code

Space SPA SWIFT code: PPACITM1

Whether a recipient gives you PPACITM1 or PPACITM1XXX, it is the same address for Space SPA in Italy. A BIC has a single purpose: it makes sure that an international payment reaches the right bank. In practice you usually see it on invoices from abroad, in your banking app and on the account details that Space SPA provides.

We wrote this page to help people who pays into an account at Space SPA and wants to get the details right. The SWIFT code alone cannot identify an individual account holder; for that you need the IBAN or account number is for.

Paying someone abroad from your Space SPA account

An international bank payment costs rather more than the listed fee. You pay the transfer fee, sometimes charges from correspondent banks along the way and, above all, the exchange rate markup if the currency changes.

Most of the cost usually sits in the exchange rate, not in the fee: many banks convert at a rate with a margin built in. A simple test: put the bank’s rate next to the mid-market rate for the same moment and work out the difference on your amount.

For many currency pairs, a specialist provider turns out to be less expensive than a bank, mainly because of the exchange rate. GoldexPay compares transfer providers side by side, showing what actually arrives for the same amount sent. Using a transfer service does not require leaving Space SPA – you pay the provider from your own account.

Euro (EUR) and conversion costs

Accounts at Space SPA are usually held in EUR, the local currency of Italy. A payment in a foreign currency is exchanged into EUR before it reaches the account – and the bank that does it picks the rate. You rarely see a separate line for that conversion; it is built into the rate.

Which bank converts the money matters: every bank has its own margin. Sending the amount directly in EUR usually prevents an extra conversion.

Rates for EUR change all the time, and some providers let you lock in a rate. If you pay regularly, small differences in the rate add up over a year.

Transfer times and tracking a payment to Space SPA

A SWIFT payment usually takes one to a few business days – it depends on currency, route and the banks in between. Transfers sent after the cut-off time or on a weekend or public holiday usually go out the next business day. Compliance checks by one of the banks can also cause a delay, even when all details are correct.

A growing number of banks are connected to SWIFT gpi. Every gpi transfer gets a unique reference, the UETR, which your bank can use to see where the money is. Money transfer services often provide a status in their app showing where the payment has got.

The bank that sent the money can start an official trace or a recall. Request from the sender the payment receipt including the reference; that often settles the question quickly.

Watch out for payment fraud

Fraudsters often send payment requests containing new bank details, sometimes in an email that looks completely genuine. That PPACITM1 is a real code is no guarantee that a request mentioning it is legitimate; criminals use the codes of real banks too.

Never trust a phone number in the same message that contains the change. Pressure or secrecy tend to be red flags. If money has already gone to the wrong account, call your bank right away: the sooner they act, the better the chance of a recall.

People receiving money are targeted too: a classic trick is a buyer who pays too much and then sends a request to send back the difference to another account. Do not act before the money has really arrived – ask Space SPA if something looks wrong.

Where our SWIFT data comes from

The directory on GoldexPay draws on publicly available sources. Even so, banks merge, rename themselves or change codes. Figures such as the number of codes are from our directory.

Treat this page as a starting point, not as the final word. GoldexPay has no connection to Space SPA. Found outdated information? Let us know via our contact form so we can correct it.

SEPA payments and the Space SPA BIC

Italy is a member of the SEPA area, the zone for standardised euro payments. When you send euros from another SEPA country, you normally only need the IBAN; many banks no longer ask for the BIC.

A SWIFT code like PPACITM1 still matter when the currency is not euros and when the money comes from outside SEPA. If your banking app has a field for the BIC regardless, entering PPACITM1 is fine.

SEPA transfers usually arrive within one 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; costs rise once a conversion is involved.

Choosing between the 2 SWIFT codes of Space SPA

Our database contains 2 SWIFT/BIC codes for Space SPA, spread over 2 cities. Next to the head office code PPACITM1XXX, you will find codes for branches, departments or specific services.

In most cases you do not need to look up a branch: payments sent to PPACITM1XXX are routed within Space SPA without problems. Branch codes are only needed when the account holder explicitly mentions it.

Unsure which code applies? Check with the recipient, or look at a recent statement from Space SPA. Codes are sometimes changed or retired over time, so a code from an old document is not always valid.

Getting paid from abroad into a Space SPA account

To receive an international payment into your account at Space SPA, the sender has to have not just the SWIFT code. What they need is: the account holder’s name, account number or IBAN, PPACITM1XXX or PPACITM1 and, for some countries, your postal address.

It helps to add Space SPA and Milano as well. A typo 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 less than what was sent. Correspondent banks can take a fee and your own bank may charge for processing, and when currencies differ, an exchange rate margin applies. Make clear with the sender who covers the fees.

8 or 11 characters: PPACITM1 versus PPACITM1XXX

The structure of a BIC is always the same: a bank code of four letters, two for the country and two for the location, plus an optional branch code. For Space SPA, that core is PPACITM1.

Many banks and apps accept either length. If a form asks for eleven characters, enter PPACITM1XXX.

Leave out spaces or dashes when you type PPACITM1; the code is always written in one block. A wrong character can send the money to another bank, so check it twice.

Is PPACITM1 still correct? How to check

The most reliable place for the correct BIC is a document from the bank itself like a bank statement or the account page in online banking. Check that code against PPACITM1 on this page.

If the code is wrong, the transfer might get stuck, bounce back or cost extra, and tracing it can take weeks. A mistake in the account number is more serious, so check that just as carefully.

Most online banking apps validate the format of an IBAN. Some banks now check the name against the account; take any warning seriously. A small test payment is a sensible step for large sums.