When sending money across borders, ensuring funds reach the correct bank is a critical concern. The SWIFT (Society for Worldwide Interbank Financial Telecommunication) code serves as the global standard for identifying financial institutions and facilitating secure cross-border transactions.
The Significance of SWIFT/BIC Codes
Each SWIFT/BIC code represents a unique alphanumeric identifier that enables precise routing of funds to the intended bank and branch. For EASTERN BANK PLC., the SWIFT code EBLDBDDH007 contains specific information structured as follows:
- EBLD - Bank code (identifies EASTERN BANK PLC.)
- BD - Country code (Bangladesh)
- DH - Location code (Dhaka)
- 007 - Branch code
When to Use EASTERN BANK PLC.'s SWIFT Code
This identifier is essential for both sending and receiving international payments involving EASTERN BANK PLC. Key details to include with the SWIFT code are:
- Bank name: EASTERN BANK PLC.
- City: DHAKA
- Address: FLOOR 1, 05 ENGLISH ROAD, DHAKA, DHAKA, 1100
- Country: BANGLADESH
Verification Best Practices
To prevent transfer delays or errors, consider these verification steps:
- Confirm the recipient bank's exact legal name
- Verify the specific branch information if applicable
- Double-check the destination country details
SWIFT/BIC codes typically contain 8-11 characters, combining letters and numbers to uniquely identify financial institutions worldwide. The standardized format enhances security and efficiency in international fund transfers.
While international transactions may appear complex, proper use of SWIFT codes ensures reliable and efficient money transfers for both individuals and businesses operating globally.