Eastern Bank PLC SWIFT Code Essential Guide

This article introduces the SWIFT code EBLDBDDH007 for EASTERN BANK PLC, highlighting its importance and usage in international remittances. Understanding the composition of SWIFT codes can help ensure the safe and efficient transfer of funds. It is also recommended to use Xe remittance services to benefit from better exchange rates.
Eastern Bank PLC SWIFT Code Essential Guide

In today's globalized world, cross-border money transfers have become increasingly common. Whether for personal needs, educational expenses, or business transactions, understanding how to conduct international transfers safely and efficiently is crucial. If your transfer destination is EASTERN BANK PLC., knowing its SWIFT code—EBLDBDDH007—is the first step toward successful completion. This article explains the meaning and function of SWIFT codes and how they ensure your funds reach their intended destination securely.

1. What Is a SWIFT Code?

A SWIFT code (also known as a BIC code) is a standardized identifier developed by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) to uniquely identify participating banks and financial institutions. Each SWIFT code consists of 8 to 11 characters that provide information about the bank's country, city, and specific branch. For anyone making international transfers, the SWIFT code is indispensable—it ensures funds are routed accurately to the correct financial institution.

2. Decoding EBLDBDDH007: EASTERN BANK PLC.'s SWIFT Code

For EASTERN BANK PLC., the SWIFT code is EBLDBDDH007. Here's what each segment represents:

  • Bank Code (EBLD): Identifies EASTERN BANK PLC.
  • Country Code (BD): Indicates the bank is located in Bangladesh.
  • Location Code (DH): Specifies the bank's headquarters city.
  • Branch Code (007): Points to a specific branch of the bank.

SWIFT codes ending with "XXX" typically represent a bank's head office, while codes like EBLDBDDH007 with specific branch identifiers ensure more precise routing of funds to particular locations.

3. Why SWIFT Codes Matter in International Transfers

SWIFT codes play a vital role in international banking by providing a standardized system for identifying financial institutions. They streamline the transfer process, making it faster and more secure. Key benefits include:

  • Accuracy: Ensures funds are directed to the correct bank and branch.
  • Security: Reduces the risk of fraud in cross-border transactions.
  • Speed: Facilitates quicker processing compared to traditional methods.

4. How to Send an International Transfer

While international transfers might seem complex, following these steps can simplify the process:

4.1 Gather Required Information

Before initiating a transfer, ensure you have:

  • Recipient's full name (exactly as it appears on their account)
  • Recipient's account number
  • Bank's SWIFT code (EBLDBDDH007 for EASTERN BANK PLC.)
  • Bank name and address

4.2 Choose a Transfer Method

Options include:

  • Bank branch: Visit a local bank to initiate the transfer.
  • Online banking: Use your bank's digital platform.
  • Third-party services: Specialized money transfer providers.

4.3 Complete the Transfer Form

Whether submitting online or in person, ensure all information is accurate to prevent delays or errors.

4.4 Verify Details

Double-check all information, especially the SWIFT code and account number, before submission.

4.5 Submit and Confirm

After submitting, retain confirmation details for reference. Most services provide tracking options.

5. SWIFT vs. Traditional Transfer Methods

SWIFT-based transfers offer distinct advantages over conventional methods:

  • Faster processing: Transfers often complete within hours rather than days.
  • Greater transparency: Real-time tracking is typically available.
  • Cost efficiency: Fees are generally more transparent and competitive.

6. Key Considerations for International Transfers

To ensure smooth transactions:

  • Verify all recipient details before sending
  • Monitor exchange rates for optimal timing
  • Maintain communication with the recipient to confirm receipt
  • Keep records of all transaction details

7. Conclusion

International money transfers are straightforward when you understand the role of SWIFT codes. For transfers to EASTERN BANK PLC., the code EBLDBDDH007 ensures your funds reach their destination securely and efficiently. By following proper procedures and verifying all details, you can navigate global financial transactions with confidence.