Banco de Desarrollo Economico Espanol SWIFT/BIC code

DEEEESM1 – the SWIFT/BIC code of Banco de Desarrollo Economico Espanol

DEEEESM1 and DEEEESM1XXX are two ways of writing the same SWIFT/BIC code, and both point to Banco de Desarrollo Economico Espanol in Madrid. A SWIFT code shows the banks handling a payment exactly which bank is meant to get the money. You will need it mainly when dealing with payments that cross a border and payments in foreign currencies.

Further down you will find the practical side: money coming in from abroad, paying someone in another country and how to check a SWIFT code before you confirm a payment. The SWIFT code on its own does not identify an individual account holder; that is what the account number or IBAN is for.

How long does an international transfer to Banco de Desarrollo Economico Espanol take?

How fast a payment arrives at Banco de Desarrollo Economico Espanol is determined by a few things: which currency you send, the number of banks in between, daily processing deadlines and time zones. Transfers sent after the cut-off time or on weekends and holidays often go out the next business day. Compliance checks on larger or unusual payments can also cause a delay, even when all details are correct.

If the money seems late, ask the sending bank for the tracking status and the transaction reference; with that reference banks can see where the payment is. Keep the payment confirmation until the recipient confirms; it contains the details a bank needs to start a trace.

A missing payment is traced from the sending side, using the payment confirmation. Request from the sender a copy of the payment confirmation – it helps your own bank look for the money.

Paying someone abroad from your Banco de Desarrollo Economico Espanol account

The price of an international transfer is made up of several parts. Besides the transfer fee, correspondent or intermediary banks may take a cut, and when the money changes currency, the bank often applies a rate below the real market rate.

The markup on the rate is often the largest item even though it is not listed as a fee. 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 a lot of currency pairs, a transfer service turns out to be less expensive than a bank. On GoldexPay you can compare what recipients receive with different services, so you can pick the cheapest route. You can always keep your account at Banco de Desarrollo Economico Espanol, while a cheaper service handles the conversion.

Paying Banco de Desarrollo Economico Espanol in euros within SEPA

Within the SEPA zone, euro payments to an account in Spain use the same rules. A field for the BIC is usually optional or missing in that case.

The BIC does matter when the currency is not euros, and for transfers from outside SEPA. If a payment form has a field for the BIC regardless, entering DEEEESM1 does no harm.

Instant euro transfers have become widely available across SEPA; check with Banco de Desarrollo Economico Espanol whether it applies to your account. As long as no currency is converted, a SEPA transfer is cheap; it is the conversion that costs money.

Incoming international payments to Banco de Desarrollo Economico Espanol

For an international payment at Banco de Desarrollo Economico Espanol, the sender has to have more than the SWIFT code. Give them your name as the bank knows it, your account number or IBAN, SWIFT code DEEEESM1XXX and your address.

It helps to add the bank name and its city too, because some payment forms have separate fields for them. A typo in your account number can be more trouble than it looks; copy them from your banking app rather than typing.

An incoming payment will not always land for the full amount. Fees for incoming transfers differ per bank – the price list of Banco de Desarrollo Economico Espanol tells you what applies. On invoices, you can state who bears the costs, so that nobody is left short.

Protect yourself against fake payment requests

One of the most common tricks works like this: an email arrives with a request claiming that a company has a new bank account and that the next payment should go there. The fact that DEEEESM1 exists does not mean that a request mentioning it is legitimate; criminals use the codes of real banks too.

Verify changed bank details through a different channel, not by replying to the message. Urgency or secrecy tend to be warning signs; a genuine business can wait for you to check. Already paid? Call your bank straight away and ask them to start a recall.

Fraud also target the receiver: someone claims to have sent more than agreed and wants you to refund the extra via a different route. Do not act before the money has really arrived.

Euro (EUR) and conversion costs

Spain uses the Euro, with the currency code EUR. A payment in a foreign currency is converted into EUR on its way to Banco de Desarrollo Economico Espanol. Every conversion eats into the amount, even when no fee is shown.

Who does the conversion has an effect on the final amount, as rates and margins differ per bank. Check how much EUR arrives via different providers; the difference between options can be larger than you expect.

The rate for EUR fluctuates throughout the day and quotes are often valid only for a short time. If you pay regularly, a slightly better rate make a real difference over a year.

Head office or branch code at Banco de Desarrollo Economico Espanol?

With 2 codes in 2 locations, Banco de Desarrollo Economico Espanol is one of the banks that register individual codes for branches and departments. The main code is DEEEESM1XXX.

For the vast majority of payments to a private or business account, the head office code DEEEESM1XXX is what you need. Branch codes are only needed when the account holder specifically mentions it.

Unsure which code to use? Ask the recipient or the bank itself. Branch codes can change over time, so do not rely on old paperwork.

About this information

The codes here come from public sources. Still, banks merge or retire codes and our data may lag behind. The number of codes on this page reflect what is in our directory and not on information from Banco de Desarrollo Economico Espanol itself.

Use this page as a starting point, rather than as the final word: the recipient’s bank details come first. GoldexPay is independent of Banco de Desarrollo Economico Espanol; we are a comparison site for money transfers. Found an error? Let us know via our contact form and we will look into it.

Verifying the SWIFT code of Banco de Desarrollo Economico Espanol

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 it with DEEEESM1 on this page; if they differ, ask before you pay.

With a wrong code, the payment might get stuck, bounce back or cost extra, and tracing it can take weeks. An error in the account number can be more serious; check it just as carefully.

Many banking apps validate the structure of an IBAN and some suggest the matching BIC, but that does not prove the account belongs to the right person. Where available, a name check before sending gives extra certainty. When you pay someone new, many people start with a small amount first.

8 or 11 characters: DEEEESM1 versus DEEEESM1XXX

A BIC is built from a few fixed parts: the first four letters identify the bank, the next two show the country and the two after that mark the location. Combined, these eight characters form DEEEESM1 – the version you usually see online.

XXX at the end of DEEEESM1XXX is not a placeholder or a mistake: it stands for the head office of Banco de Desarrollo Economico Espanol. Some forms ask for 11 characters, and then you can add XXX behind DEEEESM1.

Do not add spaces or dashes when you enter DEEEESM1; 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; they are easy to mix up.