F L Putnam SWIFT/BIC code

What PUTNUS31 means for a payment to F L Putnam

PUTNUS31 and PUTNUS31XXX are two spellings of the same bank identifier, and both lead to F L Putnam in Portland,me. Every bank on the SWIFT network uses these codes to direct international transfers to the right bank. It comes up mostly when dealing with payments that cross a border.

On this page you will find what the code means, when you need it and what else a transfer to or from F L Putnam requires. Keep in mind that the BIC just identifies the bank, not the account: the account number or IBAN does that part.

What a transfer from F L Putnam abroad really costs

An international bank payment can cost rather more than the listed fee. On top of the transfer fee, banks in between can deduct a fee, and if currencies are converted, the bank often uses a rate below the actual market rate.

Banks rarely show their exchange rate markup as a cost, but you pay it all the same. Check their rate against the mid-market rate.

Specialist money transfer services often offer a rate near the mid-market rate and lower fees. GoldexPay lists these services side by side so you can see what actually arrives. Choosing a specialist does not mean closing your account at F L Putnam – you pay the provider from your own account.

How up to date is this code?

The codes on this page are taken from publicly available data. It is possible that a code here is out of date. The number of codes we show are based on our own data and not on information from F L Putnam itself.

See the information here as a helpful check. GoldexPay is not affiliated with F L Putnam. Spotted an error? Let us know through the contact page.

Transfer times and tracking a payment to F L Putnam

A SWIFT payment usually takes one to a few business days – it depends on currency, route and the banks in between. Bank holidays in either country can add a day or more, since banks do not process on those days. Sometimes a bank wants to know what the payment is for before releasing it.

When a payment takes longer than expected, ask the sending bank about the status so they can trace it along the chain. Specialist transfer services often provide tracking online so you can see where the payment is.

If a payment has not arrived after a few business days, the sender needs to start with the bank that sent it, not the receiving bank. On the receiving end, you can look at your statements to see a slightly lower amount.

The US Dollar and what conversion costs you

The currency of United States is the US Dollar (USD). Money sent in a different currency will be converted into USD, and whoever converts it chooses the rate. Each conversion costs the amount.

Which bank converts the money matters: every bank has its own margin. Sending the amount already in USD usually prevents a second conversion.

Rates for USD change during the day, and some providers let you lock in a rate. On larger amounts, a small difference in the rate can be worth more than the fee.

Why F L Putnam has an 8- and an 11-character code

The structure of a BIC never changes: four characters for the institution, two for the country and two for the location, sometimes followed by a branch code. In this case, that core is PUTNUS31.

XXX at the end of PUTNUS31XXX does not stand for a placeholder or an error: it stands for the head office of F L Putnam. Some forms insist on 11 characters, in which case you can enter XXX after PUTNUS31.

Leave out spaces or dashes when you type PUTNUS31. Look out for the letter O and the digit 0 or the letter I and the digit 1; they are easy to mix up.

Before you send: check the F L Putnam code

The most reliable source for a SWIFT code is the bank details provided by the recipient. Compare it with PUTNUS31 on this page and ask if anything does not match.

Mistakes in the BIC tend to be annoying more than disastrous: often the payment comes back, minus fees. A mistake in the IBAN or account number can be more serious, because the money may be credited to someone else; 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 an extra layer of safety. Sending a small amount first is worth it for large sums, even if it costs an extra fee.

What to give a sender who pays you at F L Putnam

If you are waiting for a payment from another country, send the payer a complete set of details. Give them your name as the bank knows it, your account number or IBAN, the BIC PUTNUS31XXX and your address, which some banks require.

Their bank might request the bank address of F L Putnam. Double-check every detail before you send them, because the sender’s bank usually copies them as is.

Expect that the incoming amount is smaller than what the sender paid. Correspondent banks can take a fee and your own bank may charge for processing, and if the money is converted, a markup on the rate comes on top. For business payments, you can state how the fees are split.

Protect yourself against fake payment requests

A common scam works like this: an email arrives with a request saying that a contact has a new bank account. A correct SWIFT code says nothing about whether the request is genuine.

Do not rely on a phone number in the same message that announces the change. Watch out for urgent requests, odd spelling or a sender address that is slightly off. If a payment has already gone to a fraudster, call your bank right away – speed improves the chance of getting it back.

Scams also target the receiver. Someone sends too much and asks you to refund the difference to a new account. Wait until the money is actually in your account and check with F L Putnam if anything seems off.

Head office or branch code at F L Putnam?

With 2 codes, F L Putnam is one of the banks that use individual codes for branches and departments. The main code is PUTNUS31XXX.

For the vast majority of payments to a private or business account, the head office code PUTNUS31XXX works fine. If you have been given a branch code, stick to it rather than swapping it for the head office code.

Not sure which code applies? Ask the recipient, or look at a recent statement from F L Putnam. Branch codes are sometimes changed or retired over time, so a code from an old document is not always valid.