In today's globalized economy, international money transfers have become an essential part of personal and business operations. Whether for foreign investments, overseas education, or financial support to family members, more people are sending funds to banks in different countries. In this process, knowing and using the correct SWIFT code is crucial. A SWIFT code (also known as a BIC code) is an international standard identifier for banks, ensuring that funds reach the correct financial institution.
This article provides a detailed guide on Eastern Bank in Bangladesh and its SWIFT code. Whether you are an individual or a business client planning to transfer money to Eastern Bank, understanding this information will help facilitate a smooth transaction.
What Is a SWIFT Code?
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global banking communication network that facilitates secure financial transactions. A SWIFT code is a standardized format for bank identification, consisting of 8 to 11 characters. The structure of a SWIFT code is as follows:
- First 4 letters: Bank code (e.g., EBLD for Eastern Bank)
- Next 2 letters: Country code (e.g., BD for Bangladesh)
- Next 2 letters/digits: Location code (city or specific branch)
- Optional last 3 digits: Branch code (if applicable)
For example, Eastern Bank's SWIFT code is EBLDBDDHXXX , where "EBLD" represents the bank, "BD" stands for Bangladesh, and "DH" indicates Dhaka. This code is essential for completing international transfers.
Eastern Bank’s SWIFT Code Details
Eastern Bank is a leading commercial bank in Bangladesh, offering services in personal banking, corporate banking, and investment banking. Its services include savings accounts, loans, remittances, and financial advisory.
The primary SWIFT/BIC code for Eastern Bank is:
- SWIFT Code: EBLDBDDHXXX
- Bank Name: EASTERN BANK PLC
- Address: 100 GULSHAN AVENUE, GULSHAN
- City: DHAKA
- Country: BANGLADESH
Note that Eastern Bank may use different SWIFT codes for specific branches or services. If unsure, always verify the correct code with the recipient or the bank’s official website before initiating a transfer.
Why Is the SWIFT Code Important?
SWIFT codes play a vital role in international money transfers for several reasons:
- Ensures Accurate Delivery: Providing the correct SWIFT code guarantees that funds reach the intended bank account. Errors can lead to delays or misdirected payments.
- Speeds Up Transactions: Banks and financial institutions rely on the SWIFT network for secure and efficient processing. Accurate codes help reduce processing time.
- Minimizes Risks: Incorrect or incomplete SWIFT codes may result in frozen funds, returns, or additional fees. Double-checking details mitigates these risks.
How to Transfer Money to Eastern Bank
To send money to Eastern Bank, follow these steps:
1. Choose a Transfer Method
Common options include bank transfers, online remittance services (e.g., PayPal, Wise), or traditional money transfer companies (e.g., Western Union). Compare fees and processing times before selecting a method.
2. Gather Required Information
You will need:
- Recipient’s full name
- Recipient’s bank account number
- Eastern Bank’s SWIFT code (EBLDBDDHXXX)
- Additional details (e.g., recipient’s address, transaction notes)
3. Complete the Transfer Form
Whether submitting the request online or at a bank branch, ensure all details are entered accurately.
4. Verify and Submit
Review all information before finalizing the transaction to avoid errors.
5. Keep Transaction Records
Save receipts or confirmation details for future reference or tracking.
Common Questions About Transfers
Q1: What happens if I don’t know the recipient’s SWIFT code?
A: Transfers may be delayed or rejected without a valid SWIFT code. Contact the recipient or check the bank’s official resources for confirmation.
Q2: What fees apply to international transfers?
A: Fees vary by provider and transfer method. Banks and remittance services may charge processing fees, exchange rate margins, or intermediary costs.
Q3: How long do transfers take?
A: Processing times range from a few hours to several business days, depending on the banks and countries involved.
Conclusion
Sending money to Eastern Bank in Bangladesh is straightforward when the correct SWIFT code and recipient details are provided. By following the outlined steps and verifying all information, individuals and businesses can ensure secure and efficient transactions. Always cross-check details and consult banking professionals if uncertainties arise.