In today's globalized world, cross-border financial transactions have become increasingly common. Whether for work, study, travel, investment, or trade, international money transfers are often necessary. During this process, selecting the correct bank and its associated codes is crucial. When it comes to Bangladesh's DHAKA BANK PLC. , understanding its SWIFT code is essential for every customer.
What Is a SWIFT Code?
A SWIFT code, also known as a Bank Identifier Code (BIC), is a unique identification system established by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). It helps identify banks and financial institutions worldwide, ensuring the security and accuracy of international transactions. The code typically consists of 8 to 11 characters, structured as a combination of letters and numbers. The first six characters represent the bank's unique identifier, followed by country, location, and branch codes.
About DHAKA BANK PLC.
Founded in 1995, DHAKA BANK PLC. is a leading commercial bank in Bangladesh, headquartered in Dhaka. As a full-service financial institution, it offers a wide range of services, including personal and corporate banking, investment solutions, and financing. Known for its high-quality service and innovative financial products, the bank has built a strong reputation in Bangladesh and neighboring regions.
Why the Correct SWIFT Code Matters
When initiating a transfer to DHAKA BANK PLC. , using the correct SWIFT code is critical. The bank's SWIFT code is DHBLBDDH 105 . This code acts as a safeguard, ensuring your funds reach the intended destination securely. An incorrect SWIFT code may lead to delays or even loss of funds, so always verify the details before proceeding with a transaction.
How to Obtain and Verify a SWIFT Code
Accessing SWIFT codes has become easier than ever. Most banks, including DHAKA BANK, list their SWIFT codes on their official websites, along with relevant branch details. Alternatively, customers can confirm the code by contacting the bank's customer service. For both personal and corporate clients, multiple verification methods are available.
Before initiating a transfer, consulting your own bank for additional guidance is advisable. Bank representatives can clarify questions regarding fees, processing times, and other necessary documentation.
Steps for International Money Transfers
To transfer funds to DHAKA BANK PLC. , follow these steps:
- Confirm recipient details: Ensure you have the correct recipient name, address, and account number, and verify that the recipient holds an account with DHAKA BANK.
- Obtain the SWIFT code: Use DHBLBDDH 105 for transfers to DHAKA BANK.
- Select a transfer method: Options include bank wire transfers, online transfers, or third-party financial services. Compare fees and processing times before choosing.
- Complete the transfer form: Accurately enter all required details, including the SWIFT code, recipient information, and transfer amount.
- Review the information: Double-check all entries before submission.
- Submit the transfer: Confirm the transaction and pay any applicable fees.
- Track the transfer: Most banks provide tracking services to monitor the status of your funds.
Understanding the SWIFT Code Structure
Breaking down DHAKA BANK's SWIFT code ( DHBLBDDH 105 ) provides insight into its components:
- DHBL: Bank code for DHAKA BANK.
- BD: Country code for Bangladesh.
- DH: Location code for Dhaka.
- 105: Branch-specific identifier.
For transfers to a specific branch, including the correct branch number ensures smooth processing.
Choosing the Right Branch
DHAKA BANK operates multiple branches across Dhaka and surrounding areas, offering services such as personal loans, corporate financing, and foreign exchange. For certain transactions, selecting the appropriate branch is essential. Always confirm the correct SWIFT code and branch details to avoid complications.
Fees and Processing Times
International transfer fees and processing times vary by bank. Before initiating a transfer, inquire about applicable charges, exchange rates, and estimated delivery times. Wire transfers typically incur higher fees but offer faster processing, while online transfers may be more cost-effective for less urgent transactions.
Helpful Tips for Smooth Transfers
- Plan ahead: For large transfers, consult your bank in advance to understand potential risks and procedures.
- Verify details: Incorrect account information can result in failed transfers, so review all entries carefully.
- Stay accessible: Ensure you can communicate with your bank if issues arise during or after the transfer.
- Keep records: Save transaction receipts for future reference and dispute resolution.
Conclusion
In an era of growing global financial activity, understanding SWIFT codes and bank-specific details is vital for secure and efficient international transactions. For customers dealing with DHAKA BANK PLC. , using the correct SWIFT code ( DHBLBDDH 105 ) is a critical step in ensuring successful fund transfers. Before your next international transaction, verify all details to prevent delays or losses. With this knowledge, you can confidently navigate cross-border banking and support your personal and business endeavors on the global stage.