In today's globalized financial landscape, international money transfers have become a routine necessity. However, ensuring the security and accuracy of these transactions hinges on using the correct SWIFT/BIC codes. For those conducting business with Libya's BANK OF COMMERCE AND DEVELOPMENT (L.J.S.C.), understanding these identifiers is crucial.
Understanding SWIFT/BIC Codes
SWIFT/BIC (Society for Worldwide Interbank Financial Telecommunication/Bank Identifier Code) is an 8-11 character alphanumeric sequence that uniquely identifies financial institutions worldwide. These codes follow a standardized structure:
- Bank Code (CDBL): Identifies BANK OF COMMERCE AND DEVELOPMENT (L.J.S.C.)
- Country Code (LY): Denotes Libya as the bank's home country
- Location Code (LT): Specifies the bank's geographic location
- Branch Code (017): Identifies specific branches (XXX typically indicates the head office)
Complete SWIFT/BIC Information
The BANK OF COMMERCE AND DEVELOPMENT (L.J.S.C.) maintains the following identifiers:
- Full SWIFT Code: CDBLLYLT017
- 8-Character Version: CDBLLYLT
- Branch Code: 017
- Branch Name: BANK OF COMMERCE AND DEVELOPMENT (L.J.S.C.)
- Address: 2nd Ring Round Al Hadaik, Benghazi
Critical Verification Steps
To prevent transaction errors or delays, consider these essential verification measures:
- Bank Name Confirmation: Cross-check that the recipient bank's name matches the SWIFT code being used.
- Branch Verification: When using branch-specific codes, ensure the designated branch is the intended recipient.
- Country Alignment: Verify that the SWIFT code's country designation corresponds with the transfer destination.
Security Considerations
International fund transfers require meticulous attention to detail. Proper use of SWIFT/BIC codes not only facilitates timely transactions but also safeguards against potential financial losses. Financial professionals recommend implementing these verification protocols for every international transfer.