In today's globalized economy, cross-border remittances have become an integral part of financial transactions for both businesses and individuals. When transferring funds through Allied Bank Limited, understanding how to ensure secure and timely delivery of your payment is crucial. The proper use of SWIFT/BIC codes plays a vital role in this process.
Bank Details and SWIFT Code
Allied Bank Limited, headquartered at Floor 1, Jinnah Avenue, Blue Area, Islamabad, Punjab 44000, Pakistan, requires its unique SWIFT code— ABPAPKKA443 —for international wire transfers.
Understanding SWIFT/BIC Codes
A SWIFT code is an 8-11 character unique identifier that ensures your funds reach the correct financial institution safely. Breaking down Allied Bank's code:
- ABPA : Bank identifier for Allied Bank Limited
- PK : Country code for Pakistan
- KA : Location code for the bank's headquarters
- 443 : Specific branch identifier
The Transfer Process
Executing an international transfer involves several key steps:
First, confirm the transfer amount—for example, a $10,000 draft. Then verify the recipient's currency (such as EUR) and the applicable exchange rate. Currency conversion rates may vary slightly across platforms, and it's advisable to check current rates before initiating the transfer.
Selecting the appropriate payment method, typically bank account transfer, ensures smooth processing. Each step requires careful attention to detail, particularly when entering recipient information. Using the correct SWIFT code significantly reduces the risk of transfer errors and helps guarantee secure delivery of funds.
Important Considerations
Financial institutions periodically update SWIFT codes as part of operational changes. Always verify the current code before initiating any transaction. When sending funds to Allied Bank Limited, using the most recent SWIFT code and double-checking all recipient details helps prevent processing delays.
Modern financial transactions demand precision—minor errors can cause significant complications. By understanding these fundamental elements of international transfers, both individuals and businesses can conduct cross-border payments with greater confidence through Allied Bank Limited.