In the process of international money transfers, selecting the wrong SWIFT/BIC code can lead to significant complications. For individuals and businesses conducting cross-border transactions, the accuracy of these codes is paramount. The correct SWIFT code not only ensures funds reach their destination securely but also prevents delays and additional fees.
Take NATIONAL BANK LIMITED as an example. Its SWIFT code, NBLBBDDH001 , includes the following details:
- Bank Name : NATIONAL BANK LIMITED
- City : DHAKA
- Address : 48, DILKUSHA C/A, DHAKA, DHAKA, 1000
- Country : BANGLADESH
Understanding SWIFT Code Structure
A SWIFT code consists of 8 to 11 alphanumeric characters, uniquely identifying a specific bank and its branch. In the case of NBLBBDDH001 , the components break down as follows:
- NBLB represents the bank code for NATIONAL BANK LIMITED.
- BD denotes the country code for Bangladesh.
- DH indicates the bank's location in Dhaka.
- 001 specifies the branch code, allowing precise identification of the service outlet.
Ensuring Smooth Transactions
To guarantee a seamless transfer process, it is essential to verify the SWIFT code before initiating any transaction. Confirming that the code belongs to the recipient's bank and cross-checking the bank name with the details provided by the beneficiary can prevent errors. Meticulous attention to these details minimizes the risk of delays or complications, particularly in international transfers where even minor mistakes may result in funds being held or returned.
Locating a SWIFT code is straightforward, but it should never be treated casually. For anyone sending money internationally—whether for personal or business purposes—understanding and correctly using SWIFT codes is a fundamental requirement. Proper preparation ensures confidence and efficiency in cross-border financial transactions.