In today's globalized financial landscape, the importance of SWIFT/BIC codes has become increasingly evident. These unique identifiers, typically consisting of 8 to 11 characters, serve as crucial tools for identifying banks and their branches worldwide. A prime example is the SWIFT/BIC code of EASTERN BANK PLC., which offers valuable insights into how international money transfers operate.
Decoding the SWIFT/BIC Structure
Let's examine the components of EASTERN BANK PLC.'s SWIFT/BIC code: EBLDBDDH002. This sequence breaks down into distinct sections:
Bank Code (4 characters): EBLD - Identifies EASTERN BANK PLC.
Country Code (2 characters): BD - Indicates Bangladesh as the bank's location
Location Code (2 characters): DH - Specifies the bank's headquarters
Branch Code (3 characters): 002 - Points to a specific branch (XXX typically denotes the head office)
The complete details for EASTERN BANK PLC. are as follows:
SWIFT Code: EBLDBDDH002
Bank Code: EBLDBDDH
Branch Code: 002
Branch Name: EASTERN BANK PLC.
Address: DHAKA, JIBAN BIMA BHABAN, FLOOR GF
Essential Verification Steps for International Transfers
Ensuring the accuracy of SWIFT codes is paramount for successful international transactions. Consider these critical verification points:
- Bank Information: Verify that the recipient's bank name matches the institution represented by the SWIFT code.
- Branch Details: When using a specific branch code, confirm it correctly identifies the recipient's actual branch location.
- Country Verification: As banks operate globally, ensure the SWIFT code corresponds with the recipient's country of residence.
Mastering the use of SWIFT/BIC codes not only facilitates personal international transfers but also enhances the security of business transactions. In our rapidly evolving financial era, proficiency with these banking identifiers empowers individuals and organizations to navigate global finance with confidence and efficiency.