In today's globalized economy, international money transfers have become an essential component of personal and business transactions. Whether paying international bills, sending funds to family members, or conducting cross-border trade, using the correct transfer methods and accurate information is paramount. Among the many details requiring attention, SWIFT/BIC codes stand as indispensable elements. This article provides a comprehensive analysis of Dhaka Bank PLC's SWIFT/BIC code, key considerations for international transfers, and practical recommendations to ensure successful transactions.
Understanding SWIFT/BIC Codes
The SWIFT code (Society for Worldwide Interbank Financial Telecommunication), also known as the BIC (Bank Identifier Code), serves as a unique identifier for banks and financial institutions during international transactions. Comprising 8 to 11 characters, these codes provide global uniqueness, significantly simplifying international transfers while enhancing financial security.
The SWIFT/BIC code structure consists of:
- Bank code (4 letters): Identifies the bank's name
- Country code (2 letters): Indicates the bank's home country
- Location code (2 letters/numbers): Specifies the bank's primary operational location
- Branch code (3 letters/numbers, optional): Identifies specific branches when applicable
Dhaka Bank PLC's SWIFT/BIC code is DHBLBDDH 103 , indicating it operates in Bangladesh with branch number 103 as the specific destination.
About Dhaka Bank PLC
Established in 1995, Dhaka Bank PLC ranks among Bangladesh's leading commercial banks, renowned for its exceptional customer service and innovative financial products. The institution has demonstrated consistent excellence across multiple sectors including deposits, loans, foreign exchange, and digital banking services. Committed to providing convenient and secure financial solutions, Dhaka Bank PLC has established itself as a trusted partner for clients' banking needs.
The Critical Role of SWIFT/BIC Codes in Transfers
SWIFT/BIC codes serve as the backbone of international money transfers. Correct codes ensure accurate and efficient fund routing between financial institutions. Errors in these codes may result in:
- Transaction delays: Incorrect codes prevent recipient bank identification, potentially postponing transfers
- Lost funds: Erroneous information may direct money to wrong accounts, creating recovery challenges
- Additional fees: Banks may charge extra for processing transactions with incorrect details
Step-by-Step Transfer Process
Transferring funds to Dhaka Bank PLC requires careful attention to specific procedures:
1. Verify Banking Information
Before initiating any transfer, confirm the bank's complete details including its full name, address, and SWIFT/BIC code. For Dhaka Bank PLC, ensure the SWIFT code DHBLBDDH 103 matches the official address at 73/B Kemal Ataturk Avenue, Banani, Dhaka 1212 .
2. Complete Transfer Documentation
Precisely enter all required information on transfer forms, including the SWIFT/BIC code, bank address, and recipient details. Even minor errors can cause transaction failures or significant delays.
3. Select Transfer Method
Modern banking offers multiple international transfer options including traditional bank transfers, online banking platforms, and third-party services. Processing times and fees vary between methods—select the option best suited to your requirements.
4. Review Transaction Details
Thoroughly verify all entered information—including transfer amounts, account details, and SWIFT/BIC codes—before submission. This critical step prevents numerous potential complications.
5. Maintain Communication Channels
Should questions arise during the transfer process, immediately contact Dhaka Bank PLC's customer service for professional guidance and to confirm all necessary steps have been completed.
Identifying International Transfer Risks
While Dhaka Bank PLC provides secure transfer services, international transactions inherently carry certain risks:
- Exchange rate fluctuations: Currency value changes may affect final transfer amounts
- Fraud potential: Transfers through unverified channels increase vulnerability to financial crimes
- Fee structures: Varying charges between institutions and transfer methods may create unexpected costs
Mitigate these risks by exclusively using reputable financial institutions, thoroughly understanding all applicable fees, and double-checking transaction details before submission.
Frequently Asked Questions
What distinguishes SWIFT codes from IBAN numbers?
SWIFT codes identify specific banks internationally, while IBANs (International Bank Account Numbers) designate individual accounts within those banks for transaction purposes.
How long do international transfers typically take?
Most international transfers complete within 1-5 business days, depending on the selected transfer method, amount, and processing times at involved financial institutions.
What information must recipients provide?
Recipients must supply exact banking details including the bank's official name, SWIFT/BIC code, and complete account information to ensure successful fund transfers.
Essential Transfer Tips
For optimal international transfer experiences:
- Regularly update and verify all banking information before initiating transfers
- Select transfer platforms with established reputations for security and reliability
- Maintain detailed records of all transactions, including receipts and reference numbers
- Monitor accounts regularly to confirm successful transfers and detect any irregularities