When conducting international money transfers, ensuring funds reach the correct destination bank is critical. One of the most important elements in this process is verifying the recipient bank's SWIFT code. For instance, CRDB Bank PLC in Dar es Salaam, Tanzania, uses the SWIFT/BIC code CORUTZTZXXX . Accuracy in providing this code is essential to prevent delays or misdirected transactions.
Understanding SWIFT Codes
SWIFT codes serve as unique identifiers for financial institutions in global transactions. These codes, typically 8 to 11 characters long, enable precise routing of funds between banks. For example, when sending money to CRDB Bank, the sender must include CORUTZTZXXX to ensure the transfer reaches the intended account.
Below are the key details for CRDB Bank PLC:
- Bank Name: CRDB BANK PLC
- City: DAR ES SALAAM
- Address: PLOT NO. 25, 26 ALI HASSAN MWINYI ROAD, DAR ES SALAAM, 11101
- Country: TANZANIA, UNITED REPUBLIC OF
Best Practices for International Transfers
Beyond confirming the SWIFT code, understanding the transfer process and potential fees is crucial. International transactions often involve intermediary banks, which may levy additional charges. For large transfers, consulting with the sending bank beforehand can clarify costs and prevent unexpected deductions from the recipient’s amount.
Financial experts recommend double-checking all details—account numbers, beneficiary names, and SWIFT codes—before initiating a transfer. A single error can lead to complications, including frozen funds or lengthy retrieval processes.
The Future of Cross-Border Payments
As globalization accelerates, the efficiency and security of international wire transfers remain pivotal in finance. Proficiency in navigating SWIFT codes is no longer optional but a necessity for individuals and businesses engaged in cross-border transactions. With evolving financial technologies, the industry continues to prioritize seamless and secure fund movement worldwide.