In today's globalized economy, the growth of international trade and financial transactions has led to a significant increase in cross-border money transfers. For those who have experienced sending money from one country to another, the complexity and necessary procedures involved are well understood. A critical component of this process is the use of SWIFT codes, and for DHAKA BANK PLC., a prominent bank in Bangladesh, its SWIFT code— DHBLBDDH102 —plays a pivotal role.
What Is a SWIFT Code?
SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, is an international network that facilitates communication between banks. Each participating financial institution is assigned a unique SWIFT code, which ensures accurate identification of banks and customers during international transfers. A SWIFT code typically consists of 8 to 11 characters, representing the bank code, country code, location code, and branch code. It serves not only as a tool to identify specific banks but also enhances the security and reliability of international financial transactions.
DHAKA BANK PLC. and Its SWIFT Code
DHAKA BANK PLC., established in 1995, is renowned for its exceptional customer service and innovative financial products. The bank offers a wide range of services, including personal banking, corporate banking, and international trade financing. To facilitate swift and accurate international remittances, DHAKA BANK PLC. uses the SWIFT/BIC code DHBLBDDH102 , which uniquely identifies the bank.
Decoding the SWIFT/BIC Code
The structure of a SWIFT code follows a logical pattern:
- Bank Code (DHBL): These four characters uniquely identify DHAKA BANK PLC. within the SWIFT network.
- Country Code (BD): The "BD" denotes Bangladesh, indicating the country where the bank is located.
- Location Code (DH): This code specifies the bank's geographic location, in this case, the headquarters of DHAKA BANK.
- Branch Code (102): This optional segment identifies a specific branch, ensuring funds are directed to the correct destination.
In essence, each part of DHBLBDDH102 carries vital information that is indispensable for international money transfers.
The Necessity of SWIFT Codes
Imagine initiating a transfer from abroad to DHAKA BANK PLC. The process requires filling out forms, and the SWIFT code is a mandatory field. Its use guarantees the accuracy of fund transfers, serving as the backbone of a seamless transaction. For instance, when using an international remittance platform, the SWIFT code ensures that the system correctly identifies DHAKA BANK, enabling the completion of the transfer.
Moreover, SWIFT codes mitigate risks in cross-border transactions. An incorrect SWIFT code can result in funds being sent to the wrong bank or branch, leading to delays and potential losses. Therefore, verifying the accuracy of the SWIFT code is paramount for anyone engaging in international remittances.
The Process of International Money Transfers
Understanding the importance of SWIFT codes, let’s explore the general steps involved in transferring money to DHAKA BANK PLC. from another country:
- Select a Transfer Method: Choose between banks, international remittance services, or online payment platforms.
- Gather Required Information: Provide the recipient’s name, address, bank account number, and DHAKA BANK’s SWIFT code ( DHBLBDDH102 ).
- Submit the Transfer Request: After completing the forms, submit the request to the bank or service provider for verification.
- Confirmation and Processing: Once approved, the funds are transferred. The duration varies depending on the service and country policies, typically ranging from hours to days.
- Recipient Verification: The recipient confirms the receipt of funds in their DHAKA BANK PLC. account.
While the process appears straightforward, each step is critical, particularly the accurate entry of the SWIFT code.
Enhancing Efficiency in Cross-Border Transfers
To ensure a smooth and expedited international transfer, consider the following tips:
- Verify the SWIFT Code: Double-check the SWIFT code with the bank’s official records to avoid errors.
- Confirm Bank Details: Ensure the bank’s address, contact information, and other particulars are accurate for seamless communication.
- Understand Fees and Timelines: Different transfer methods have varying fees and processing times; research these in advance to make informed decisions.
- Maintain Communication: In case of issues, promptly contact the bank or service provider to resolve any problems.
About DHAKA BANK PLC.
For a comprehensive understanding of DHAKA BANK PLC., here are some key details:
- Bank Name: DHAKA BANK PLC.
- SWIFT/BIC Code: DHBLBDDH102
- Address: 8, 2 North South Road, Bangshal Lane, Dhaka, 1000
- Country: Bangladesh
Conclusion
As globalization continues to shape the modern economy, cross-border transactions have become an integral part of daily life. Understanding the significance of DHAKA BANK PLC. and its SWIFT code, DHBLBDDH102 , is essential for executing international money transfers efficiently. Whether you are a business or an individual, familiarity with SWIFT codes and the remittance process will empower you to navigate the complexities of global finance with confidence and ease.