Samsung Asia Pte LTD. SWIFT/BIC code

SWIFT/BIC code of Samsung Asia Pte LTD.

SECTSGS1 and SECTSGS1XXX are the short and the long form of the same bank identifier, and both point to Samsung Asia Pte LTD. in Singapore. A SWIFT code tells the sending bank which institution should receive the money, a bit like a postal address for banks. It comes up mainly for payments that cross a border and payments in foreign currencies.

On this page you will find how the code means, when it matters and what else you need for a transfer to or from Samsung Asia Pte LTD.. Remember that the BIC just identifies the bank, not the person: the IBAN or account number takes care of that.

Changed bank details? Be careful

One of the most common tricks goes like this: you receive a request claiming that a supplier has new bank details. The fact that SECTSGS1 exists does not mean that a request mentioning it is genuine.

Always verify changed bank details through a phone call. Watch out for time pressure, unusual wording or a sender address that is slightly off. When a payment has already gone to the wrong account, call your bank right away – speed improves the chance of getting it back.

Fraud can also work the other way. Someone claims to have sent more than agreed and wants you to return the extra to a new account. A payment confirmation from the sender proves nothing.

How up to date is this code?

We gather bank codes using public sources and check them from time to time. Banks reorganise, change names and retire codes, and a directory never catches every change immediately. The figures we show reflect our own data, not official figures from Samsung Asia Pte LTD..

Before a payment of any size, check the BIC with Samsung Asia Pte LTD. or with the recipient. GoldexPay is independent of Samsung Asia Pte LTD., we only compare transfer services. Spotted outdated information? Tell us through the contact page so we can correct it.

Sending money abroad from Samsung Asia Pte LTD.

The price of a payment abroad has more than one component. You pay the transfer fee, possibly charges from correspondent banks along the way and, above all, the exchange rate markup.

The real cost is often in the rate: the bank converts using an exchange rate that includes a margin. 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.

Specialist money transfer services frequently use a rate near the mid-market rate. GoldexPay compares the amount that arrives across services, so you can pick the cheapest route. Using a transfer service does not require leaving Samsung Asia Pte LTD..

Tracking a transfer to or from Samsung Asia Pte LTD.

A SWIFT payment usually takes anywhere from one to several business days, depending on the currency, the route and the banks involved. Weekends and public holidays in either country add extra days. Occasionally a bank asks about the purpose of a payment.

When a payment takes longer than expected, contact the sending bank for the tracking status or the UETR. Specialist transfer services often show a status in their app so you can see where the payment has got.

If a payment has not arrived within the expected time, the person who paid needs to contact their own bank rather than Samsung Asia Pte LTD.. Request from the sender a copy of the payment confirmation.

Sending SGD to Samsung Asia Pte LTD.

Accounts at Samsung Asia Pte LTD. are usually held in SGD, the national currency of Singapore. Money sent in a different currency will be converted into SGD – and the bank that does it picks the rate. You rarely see a separate line for the conversion; it is built into the rate.

Which bank converts the payment matters. Compare what SGD arrives via several services.

The SGD rate fluctuates throughout the day. If you pay regularly, a slightly better rate add up over a year.

Verifying the SWIFT code of Samsung Asia Pte LTD.

The safest source for a SWIFT code is the recipient’s own bank details – an invoice, a statement or a screenshot from online banking. When the code you were given differs from SECTSGS1 or SECTSGS1XXX, stop and ask.

If the code is wrong, the transfer might get stuck, bounce back or cost extra, and tracing it can take weeks. Do not forget the IBAN: a mistake there is more difficult to correct than a wrong BIC.

Most online banking apps validate the format of IBANs. Where available, a payee name check on the recipient gives an extra layer of safety. For a first payment, many people send a small amount first before sending the rest.

Why Samsung Asia Pte LTD. has an 8- and an 11-character code

The structure of every SWIFT code is always the same: four characters for the institution, two for the country and two for the location, sometimes followed by a branch code. Together, these eight characters form SECTSGS1, the code most people search for.

XXX at the end of SECTSGS1XXX does not stand for a missing value or an error: it stands for the head office of Samsung Asia Pte LTD.. Some banking apps ask for 11 characters, in which case you simply add XXX behind SECTSGS1.

Type the code as one block, in upper case and without spaces. A wrong letter may route a payment to another bank.

Receiving money from abroad at Samsung Asia Pte LTD.

To receive a transfer from abroad into your account at Samsung Asia Pte LTD., the person paying you has to have not just the SWIFT code. Share your name as the bank knows it, the IBAN or account number, SWIFT code SECTSGS1XXX and your address, which some banks require.

The sender’s bank might request the bank address of Samsung Asia Pte LTD.; the head office in Singapore is usually fine. Check the details before you send them.

What lands in your account is often lower than what was sent. Correspondent banks can take a fee, and if the money is converted, an exchange rate margin comes on top. Agree with the sender who covers the fees, especially for larger amounts.

Which of the 2 codes of Samsung Asia Pte LTD. do you need?

Having 2 codes in 1 locations, Samsung Asia Pte LTD. belongs to the banks that use individual codes for branches. The head office code remains SECTSGS1XXX.

Usually you do not need to pick a branch: transfers sent to SECTSGS1XXX are routed within Samsung Asia Pte LTD. without problems. Only use a branch code when the account holder explicitly asks for it, for example on a letter or invoice.

Not sure which code to use? Check with the recipient. Branch codes are more prone to change than the head office code when a bank merges or closes offices.