In today's global economy, cross-border remittances have become an integral part of financial transactions for both individuals and businesses. With increasing international trade and accelerated globalization, the demand for secure, fast, and convenient remittance methods has grown exponentially. In this context, SWIFT/BIC codes serve as indispensable tools for international bank transfers, ensuring not only the secure movement of funds but also providing a standardized communication pathway between financial institutions.
1. Comprehensive Analysis of SWIFT/BIC Codes
SWIFT (Society for Worldwide Interbank Financial Telecommunication) operates a network responsible for global financial transactions. Its SWIFT codes provide financial institutions with unique alphanumeric identifiers. Each SWIFT code typically consists of 8 to 11 characters with the following structure:
- First four letters: Bank code representing the specific financial institution (e.g., "EBLD" for Eastern Bank PLC).
- Next two letters: Country code based on ISO 3166 standards (e.g., "BD" for Bangladesh).
- Following two characters: Location code indicating the city (e.g., "DH" for Dhaka).
- Final three characters (optional): Branch code specifying a particular office (e.g., "002").
The importance of accurate SWIFT codes cannot be overstated—using the correct identifier significantly reduces the risk of transfer errors and ensures prompt delivery of funds.
2. Overview of Eastern Bank PLC
Eastern Bank PLC (EBL) has established itself as a financial institution with international influence, leading in the provision of diverse banking services. Founded in 1992 and headquartered in Dhaka, Bangladesh, the bank has grown through stable management and innovative financial products to become a pillar of Bangladesh's financial sector.
Key Details:
- Bank Name: Eastern Bank PLC
- SWIFT/BIC Code: EBLDBDDH002
- Address: Jiban Bima Bhaban, Floor GF, 10, Dilkusha Commercial Area, Dhaka, 1000
The bank offers comprehensive services including personal banking, corporate banking, financial market services, and foreign exchange transactions—all designed to enhance customer experience and deliver maximum value.
3. Essential Steps for International Transfers
When initiating an international transfer using SWIFT/BIC codes, follow these critical steps to ensure successful completion:
3.1 Gathering Required Information
Before initiating a transfer, collect and verify the following details:
- Recipient bank's SWIFT/BIC code (e.g., EBLDBDDH002)
- Recipient's account name and number
- Recipient's complete address (when required)
- Transfer amount and currency
3.2 Selecting Transfer Methods
Modern digital solutions offer multiple transfer options:
- Online banking platforms
- Traditional bank branch services
- Specialized international transfer services
3.3 Verifying Transfer Details
Carefully review all entered information before submission, particularly the SWIFT/BIC code, account number, and recipient name. This critical verification step helps prevent transfer errors that could delay or misdirect funds.
3.4 Tracking Transfer Status
After submission, retain all transaction records and utilize available tracking tools to monitor the transfer progress through the bank's online services.
4. Security and Risk Management
Transaction security remains paramount in international transfers. Reputable institutions like Eastern Bank PLC implement multiple protective measures:
- Advanced encryption protocols for online transactions
- Multi-factor authentication for sensitive operations
- Regular audits and monitoring systems to detect suspicious activity
Customers should remain vigilant against potential fraud, avoiding unverified links and never sharing sensitive banking information.
5. Understanding Fees and Processing Times
International transfers typically involve various charges that customers should understand beforehand:
- Transfer fees: Vary depending on destination country and amount
- Exchange rates: Fluctuations may affect the final received amount
Standard processing times range between 3-5 business days, though this may vary based on the involved institutions and selected transfer method.
Eastern Bank PLC's SWIFT/BIC code (EBLDBDDH002) plays a vital role in global financial transactions. By understanding the structure of SWIFT codes, the bank's operational details, and proper transfer procedures, individuals and businesses can conduct international transactions with greater confidence and efficiency.