In global financial transactions, SWIFT/BIC codes serve as indispensable identifiers. Consider the frustration of delayed fund transfers when sending money to Eastern Bank PLC due to an incorrect SWIFT code. To facilitate seamless international transactions, we examine the essential details regarding Eastern Bank PLC's SWIFT/BIC codes.
Understanding SWIFT/BIC Code Structure
Comprising 8 to 11 alphanumeric characters, SWIFT/BIC codes uniquely identify specific banks and their branches worldwide. For Eastern Bank PLC, the code breaks down as follows:
- Bank Code (EBLD): Identifies Eastern Bank PLC
- Country Code (BD): Denotes Bangladesh as the bank's location
- Location Code (DH): Indicates the bank's headquarters city
- Branch Code (008): Specifies particular branches (XXX denotes the head office)
Verification Protocol for International Transfers
Accurate SWIFT/BIC information proves crucial for preventing transaction delays or failures. Before initiating transfers, users should verify three critical elements:
- Bank Name: Confirm exact matching between the recipient bank's registered name and your records
- Branch Specifics: When using branch-specific codes, ensure correspondence with the recipient's branch details
- Country Alignment: The SWIFT code's country designation must match the destination bank's location
Transaction platforms offering competitive exchange rates and transparent fee structures can significantly enhance cost efficiency for frequent international transfers. Many services now provide real-time processing, with most transfers completing within the same business day when initiated during operational hours.
Financial institutions continue refining their international transfer protocols to minimize errors and processing times. The standardization of SWIFT/BIC codes remains fundamental to these improvements, ensuring reliable cross-border financial operations in an increasingly interconnected banking landscape.