In international money transfers, using the correct SWIFT/BIC code is crucial. Have you ever experienced delays or issues due to an incorrect code? Understanding the structure of SWIFT/BIC codes can help ensure smooth and secure fund transfers.
Let’s examine the SWIFT/BIC code for MUTUAL TRUST BANK PLC.: MTBLBDDHKTG . This 8- to 11-character code is divided into distinct sections, each serving a specific purpose:
- Bank Code (MTBL) : The first 4 letters uniquely identify MUTUAL TRUST BANK PLC.
- Country Code (BD) : The next 2 letters indicate the bank’s location in Bangladesh.
- Location Code (DH) : These 2 characters specify the bank’s primary office.
- Branch Code (KTG) : The final 3 characters pinpoint a specific branch. Note that codes ending with "XXX" typically refer to a bank’s head office.
Key Verification Steps Before Transferring Funds
To avoid transfer delays or complications, always verify the following details:
- Confirm the Bank : Double-check the bank name matches the recipient’s financial institution.
- Verify the Branch : If using a branch-specific SWIFT code, ensure it corresponds with the recipient’s branch.
- Check the Country : SWIFT codes are country-specific; confirm the code aligns with the recipient bank’s location.
By carefully reviewing these elements, you can minimize errors and enhance transaction security. Familiarity with SWIFT/BIC codes also provides valuable support for future international financial operations.
Whether for personal or business purposes, understanding these fundamentals is essential for navigating global financial transactions effectively.