In today's globalized world, international money transfers have become commonplace for many individuals. Whether supporting family abroad, paying for overseas education, or conducting business across borders, the need to securely transfer funds between countries continues to grow. However, the process isn't always straightforward, particularly when dealing with SWIFT codes and banking details.
This guide provides essential information about National Bank Limited's SWIFT/BIC code (NBLBBDDH002) to help ensure your international transactions proceed smoothly and securely.
What Is a SWIFT Code?
The SWIFT code (Society for Worldwide Interbank Financial Telecommunication), also known as BIC (Bank Identifier Code), serves as a unique identifier for financial institutions worldwide. These standardized codes, typically 8-11 characters long, specify the bank, country, location, and sometimes branch information.
For National Bank Limited based in Chittagong, Bangladesh, the complete SWIFT code breaks down as follows:
- Bank Code (NBLB): Identifies National Bank Limited
- Country Code (BD): Indicates Bangladesh
- Location Code (DH): Specifies the bank's headquarters location
- Branch Code (002): Designates the specific branch (XXX typically indicates the head office)
Essential Information for International Transfers
When sending funds internationally, accuracy is paramount. Always verify the recipient's:
- Full name as registered with their bank
- Complete account number
- Bank name and physical address
- Correct SWIFT/BIC code
Financial institutions and online verification tools can help confirm SWIFT code accuracy. Even minor errors in these details may delay transactions or result in lost funds.
Understanding Transfer Costs and Exchange Rates
International transfers involve several cost considerations:
- Transaction Fees: Vary significantly between providers
- Exchange Rates: Can substantially impact the final received amount
- Processing Times: Range from same-day to several business days
Modern digital services like Wise (formerly TransferWise), PayPal, and Xe often provide competitive exchange rates and lower fees compared to traditional banks. These platforms support transfers to numerous countries and currencies while offering transparent pricing structures.
Security Considerations for International Transfers
With increasing digital financial fraud, security measures are essential:
- Use updated security software on all devices
- Verify recipient details through multiple channels
- Be cautious of unsolicited payment requests
- Monitor exchange rates and transfer confirmations
Additionally, understanding international tax regulations and potential withholding requirements can prevent unexpected complications.
As global financial systems evolve, international money transfers continue becoming more accessible. Whether using traditional banking channels or modern digital platforms, accurate information and proper verification remain fundamental to successful cross-border transactions.