In today's globalized economy, cross-border financial transactions have become increasingly common. International wire transfers serve as a vital financial service, enabling individuals and businesses to move funds across countries. At the heart of this process lies the SWIFT code—a critical component that ensures secure and efficient international money transfers.
The Fundamentals of SWIFT Codes
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) operates a global financial messaging network that facilitates secure communication between banks. SWIFT codes—also known as Bank Identifier Codes (BIC)—serve as unique identifiers assigned to each financial institution within this network.
A standard SWIFT code consists of 8 to 11 alphanumeric characters that convey specific information:
- First 4 characters : Bank code (identifies the financial institution)
- Next 2 characters : Country code (ISO country identifier)
- Following 2 characters : Location code (identifies the bank's headquarters)
- Last 3 characters (optional) : Branch code (identifies specific bank branches)
DHAKA BANK PLC and Its SWIFT Code
DHAKA BANK PLC, established in 1995, ranks among Bangladesh's pioneering private commercial banks. Headquartered at 73/B Kemal Ataturk Avenue in Banani, Dhaka, the bank offers comprehensive financial services including personal banking, corporate banking, and investment solutions.
The bank's SWIFT code— DHBLBDDH103 —breaks down as follows:
- DHBL : Bank code for DHAKA BANK PLC
- BD : Country code for Bangladesh
- DH : Location code indicating Dhaka
- 103 : Branch identifier for specific banking operations
The Critical Role of SWIFT Codes in International Transfers
SWIFT/BIC codes serve multiple essential functions in cross-border payments:
- Precision routing : Ensures funds reach the intended financial institution without intermediary delays
- Security enhancement : Provides a standardized verification method to prevent fraudulent transactions
- Operational efficiency : Enables automated processing through global banking systems
Incorrect SWIFT codes can lead to significant complications, including delayed transfers or funds being routed to wrong accounts. Financial institutions typically require several business days to resolve such errors, during which the transferred amount may remain inaccessible.
Locating Accurate SWIFT Code Information
Several reliable methods exist to verify SWIFT codes:
- Official bank documentation or account statements
- Verified banking portals and financial institution websites
- Direct communication with bank representatives
- Regulatory databases maintained by financial authorities
The International Transfer Process
Executing an international wire transfer typically involves these key steps:
- Selecting a transfer method (online banking, mobile app, or in-person branch service)
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Completing the transfer form with recipient details including:
- Beneficiary name and account number
- Recipient bank's SWIFT/BIC code
- Bank name and branch information
- Verifying exchange rates and applicable fees
- Confirming transaction details before submission
Standard processing times range from 1-3 business days, though complex transactions or compliance reviews may extend this timeframe.
Security Considerations for International Transfers
When initiating cross-border payments, consider these security measures:
- Use secure networks and updated devices for financial transactions
- Verify recipient details through multiple channels before transferring
- Monitor account activity for unauthorized transactions
- Understand your bank's fraud protection policies and liability terms
Recipients should promptly verify incoming transfers against expected amounts and notify their bank of any discrepancies.
Conclusion
SWIFT/BIC codes represent a foundational component of global financial infrastructure, enabling secure and efficient international money movement. For transactions involving DHAKA BANK PLC, proper use of the DHBLBDDH103 identifier ensures accurate fund routing. As international banking continues evolving, understanding these financial mechanisms becomes increasingly important for businesses and individuals engaged in cross-border economic activities.