When making international wire transfers, using the correct SWIFT/BIC code is essential. An incorrect code may result in delayed or lost funds, causing inconvenience for both the sender and the recipient. Therefore, verifying the SWIFT code is a fundamental skill every user must master.
For example, Eastern Bank PLC. (EASTERN BANK PLC.) has the SWIFT code EBLDBDDH and is located in Dhaka, Bangladesh. The bank’s full address is: Jiban Bima Bhaban, Floor GF, 10, Dilkusha Commercial Area, Dhaka, Dhaka, 1000, Bangladesh . This demonstrates that matching the correct bank with its corresponding SWIFT code is critical for successful international transactions.
Key Considerations for Smooth International Transfers
To ensure a seamless transfer process, pay close attention to the following details before using a SWIFT code:
- Verify Bank Information: Confirm that the bank name matches the recipient’s actual bank to avoid settlement failures due to discrepancies.
- Check Branch Details: If using a branch-specific SWIFT code, ensure the branch aligns with the recipient’s designated branch.
- Confirm Country: Since banks operate globally, always verify that the SWIFT code corresponds to the correct country where the recipient’s bank is located.
Using the precise SWIFT code not only enhances transfer efficiency but also significantly reduces operational risks. Any uncertainties regarding international SWIFT transfers should be clarified before proceeding to prevent complications.