In today's globalized financial landscape, SWIFT codes serve as standardized identifiers for international bank transfers, ensuring seamless and accurate transactions across borders. Each financial institution is assigned a unique SWIFT/BIC code, which plays a pivotal role in directing funds to their intended destinations.
Eastern Bank PLC, a leading financial institution in Bangladesh, is identified by the SWIFT code EBLDBDDH007 . This code precisely distinguishes the bank and its specific branch in international transactions. When using this code, it is essential to maintain its exact format to prevent potential delays or errors in fund transfers.
Key Details of Eastern Bank PLC
- Bank Name: Eastern Bank PLC
- City: Dhaka
- Registered Address: Floor 1, 05 English Road, Dhaka, 1100
- Country: Bangladesh
Decoding the SWIFT Structure
The SWIFT code EBLDBDDH007 follows a standardized format:
- The first four characters ( EBLD ) represent the bank's unique identifier.
- The next two characters ( BD ) denote the country code (Bangladesh).
- The following two characters ( DH ) specify the location (Dhaka).
- The final three digits ( 007 ) identify the specific branch.
This structured approach ensures precision in international transactions, minimizing the risk of misdirected funds.
How to Use SWIFT Codes for International Transfers
Initiating an international transfer with a SWIFT code involves straightforward steps:
- The sender provides their local bank with the recipient's bank details, including the SWIFT code, bank name, and address.
- Funds are routed through the SWIFT network, followed by domestic clearing and settlement processes.
While SWIFT codes are widely used, exceptions may apply depending on the country or transaction type. Senders are advised to confirm requirements with the recipient or their bank beforehand.
Ensuring Accuracy and Timeliness
Financial institutions periodically update and validate SWIFT codes. To avoid complications, users should verify the latest code before initiating transfers. Relying on outdated information may result in delays or failed transactions.
As a cornerstone of the global financial system, SWIFT codes are indispensable for cross-border transactions. Proper utilization of Eastern Bank PLC's SWIFT code guarantees efficient and secure fund transfers, fostering international economic collaboration.