Spain-Irl transfer - what is the "compensation code"?

T

thimble

Registered User
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I'm looking to set up an Irish bank account as a payee on a Spanish bank account, and apart from IBAN and Swift/BIC, it asks for the "compensation code" (código compensación). This detail is only required for transfers to USA, UK or Irish accounts. Does anyone know what it is? Thanks.
 
I assumed it wasn't, since they'd know the sort code anyway because it's part of the IBAN. However, can't seem to find anything else, so will give it a try. Thanks. Other countries besides UK, Irl and USA have sort codes though.
 
Some bank transfers require you to input both the IBAN and sort code. I know it makes no sense.

Most US transfers require an ABA code which is akin to a sort code.
 
OK - thanks. I've put in the sort code and it wasn't rejected, so I've done a test transfer. We'll see if/when it arrives.
 
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