Samsung Electronica Espanola SWIFT/BIC code

What SECTESM1 means for a payment to Samsung Electronica Espanola

SECTESM1 and SECTESM1XXX are two ways of writing the same bank identifier, and both point to Samsung Electronica Espanola in Madrid. A BIC has a single purpose: it ensures that money from abroad reaches the right bank. In practice you usually see it on invoices from abroad, in payment forms and on the account details that Samsung Electronica Espanola provides.

Further down we go through the practical side: receiving money at Samsung Electronica Espanola, sending money abroad and how to verify the code before you confirm a payment. The SWIFT code alone does not identify an individual account holder; that is what the IBAN or account number is for.

Choosing between the 2 SWIFT codes of Samsung Electronica Espanola

Our database contains 2 SWIFT/BIC codes for Samsung Electronica Espanola. Next to the head office code SECTESM1XXX, there are codes for individual branches and departments.

In most cases there is no need to pick a branch: transfers addressed to SECTESM1XXX reach Samsung Electronica Espanola correctly. A branch code only makes sense when the recipient’s bank explicitly mentions it.

The safest route is to take the code straight from the account holder’s statement. Branch codes can change over time.

What the XXX in SECTESM1XXX means

The layout of a BIC is always the same: a bank code of four letters, a two-letter country code and a two-character location code, sometimes followed by a branch code. For Samsung Electronica Espanola, the 8-character core is SECTESM1.

XXX at the end of SECTESM1XXX is not a missing value or an error: it stands for the main office of Samsung Electronica Espanola. Some banking apps ask for 11 characters, in which case you can enter XXX behind SECTESM1.

As a rule the code is typed in capitals, without spaces or dashes. Watch for the letter O and the digit 0 or I versus 1, a common source of typos.

Is SECTESM1 still correct? How to check

The most reliable source for the BIC is the bank details provided by the recipient: an invoice, a bank statement or their online banking. If the code you have differs from SECTESM1 or SECTESM1XXX, do not guess – contact the recipient or Samsung Electronica Espanola.

A wrong SWIFT code can cause a delay, a returned payment or extra fees for investigation. Do not forget the account number: an error there can be more difficult to correct than a wrong code.

Many banking apps validate the structure of IBANs and some suggest the matching BIC, but that does not prove the account belongs to the right person. If your bank offers it, a name check on the recipient adds an extra layer of safety. When you pay someone new, some people send a small test amount.

Getting paid from abroad into a Samsung Electronica Espanola account

When you are waiting for a payment from another country, send the payer a complete set of details. The basics are: the account holder’s name, IBAN or account number, SECTESM1XXX or SECTESM1 and, for some countries, your postal address.

Some sending banks also ask for the address of Samsung Electronica Espanola, so keep it at hand. Double-check every detail before you send them, because the sender’s bank usually copies them as is.

Expect that the amount credited is below the amount on the sender’s receipt. Correspondent banks can take a fee and your own bank may charge for processing, and if the money is converted, an exchange rate margin comes on top. For business payments, it is common to agree who bears the costs.

What a transfer from Samsung Electronica Espanola abroad really costs

A bank transfer abroad costs more than the listed fee. There is the transfer fee, sometimes fees charged by intermediary banks along the way and, above all, the exchange rate markup.

Many banks do not list their exchange rate markup as a cost – you only notice it if you compare. A simple test: set the bank’s rate against the mid-market rate and look at the difference.

For many routes, a transfer service is less expensive than a traditional bank transfer – mostly thanks to the rate. GoldexPay compares these services side by side, showing what actually arrives for the same amount sent. Choosing a specialist does not mean closing your account at Samsung Electronica Espanola.

The Euro and what conversion costs you

Spain pays in the Euro. 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 charge for the conversion – the cost sits in the rate.

Where the conversion happens affects how much arrives, as rates and margins differ per bank. Sending the amount directly in EUR usually prevents a second conversion at the receiving end – as long as your own rate is good.

Rates for EUR change all the time. For recurring payments, a slightly better rate add up over a year.

About this information

The details here come from publicly available data that we update regularly. Still, banks merge or retire codes. Figures such as the number of codes come from our directory and are not confirmed by Samsung Electronica Espanola.

Use this page as a reference, rather than as the last word. GoldexPay has no connection to Samsung Electronica Espanola. Found an error? Tell us through the contact page so we can correct it.

When will the money arrive at Samsung Electronica Espanola?

There is no fixed answer for international payments: some land within a day, others take several business days. Weekends and public holidays in the sending or receiving country can add a day or more to the journey. Compliance checks by one of the banks can also add some delay.

When a payment takes longer than expected, ask your bank for the status and the transaction reference so they can trace it along the chain. Keep your transfer receipt until the money has arrived.

The bank that sent the money can start an official trace. Request from the sender the payment receipt with the date and reference.

Euro transfers to Samsung Electronica Espanola: is a BIC needed?

Since Spain is part of SEPA, a euro transfer to Samsung Electronica Espanola from another SEPA country normally only needs the IBAN. Many banks do not require the BIC for these payments.

A SWIFT code like SECTESM1 does come into play for payments in other currencies and when the money comes from outside SEPA. A few banks and apps also ask for the BIC out of habit; if so, fill in SECTESM1.

Euro payments within SEPA usually arrive by the next business day, and instant transfers in seconds where both banks support them. As long as no currency is converted, a SEPA transfer is inexpensive; costs rise once a conversion is involved.

Protect yourself against fake payment requests

Scammers regularly use payment requests containing changed bank details. A real SWIFT code says nothing about whether the request is genuine – scammers simply use real codes.

Verify changed payment details through a different channel, not by replying to the message. Pressure and requests to keep it quiet are red flags; a genuine business can wait for you to check. If money was sent to the wrong account, contact your bank immediately – speed improves the chance of getting it back.

People receiving money are targeted too: one known trick is an overpayment and then sends a request to refund the difference abroad. Do not act before the money has really arrived – ask Samsung Electronica Espanola if something looks wrong.