In today's globalized economy, international money transfers have become a common necessity. The SWIFT code (also known as the Bank Identifier Code) plays a crucial role in this process, serving as a vital tool that connects financial institutions worldwide and ensures funds reach their intended destinations quickly and accurately.
Understanding SWIFT Codes: The Case of Dhaka Bank PLC
When sending funds to Dhaka Bank PLC in Bangladesh, the specific SWIFT code DHBLBDDH102 must be used. This unique identifier combines elements of the bank's name, country, and location to create a standardized address for international transactions. The complete address associated with this code is:
8, 2 North South Road, Bangshal Lane, Dhaka, Dhaka, 1000, Bangladesh .
Ensuring Transaction Accuracy
Verifying the accuracy of SWIFT codes before initiating any international transfer is critical. Any discrepancy between the code used and the recipient bank's actual information may result in processing delays or even loss of funds. These codes undergo regular review and updates by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), making it advisable to confirm the current code before each transaction.
Most banking institutions and money transfer services provide easy access to SWIFT code information through their official websites. This accessibility helps customers conduct secure transactions across different financial entities.
The Importance of Financial Literacy
Proper understanding and use of SWIFT codes like DHBLBDDH102 significantly enhance the efficiency and security of cross-border financial activities. In an era of frequent international money movement, mastering such fundamental banking knowledge represents both a practical necessity and a basic responsibility for all users of financial services.