In modern financial transactions, international money transfers have become an integral part of daily life, with SWIFT/BIC codes serving as the backbone for secure and efficient fund transfers. The SWIFT (Society for Worldwide Interbank Financial Telecommunication) system enables seamless and rapid execution of cross-border financial transactions. EASTERN BANK PLC., a prominent financial institution, utilizes the SWIFT code EBLDBDDH001 —a unique identifier that carries critical banking information to ensure accuracy and security in global money movements.
Understanding SWIFT/BIC Codes
A SWIFT/BIC code is an international standard used to identify banks and their branches. Typically composed of 8 to 11 characters, these codes include bank, country, and location identifiers, ensuring funds are routed precisely to their intended destinations. This system is indispensable for international wire transfers, as it allows financial institutions to quickly verify the recipient bank’s details. By minimizing errors, SWIFT/BIC codes enhance transaction efficiency and reduce the risk of misdirected funds.
Decoding EBLDBDDH001
The SWIFT code EBLDBDDH001 for EASTERN BANK PLC. follows a structured format:
- EBLD: The bank code uniquely identifies EASTERN BANK PLC. within the SWIFT network.
- BD: The country code signifies Bangladesh, clarifying the bank’s jurisdiction and facilitating compliance with international regulations.
- DH: The location code points to Dhaka, the capital city where the bank’s headquarters are situated.
- 001: The branch code specifies a particular branch. If the code were "XXX," it would denote the bank’s head office.
Each segment of the code plays a vital role in ensuring the accuracy of international fund transfers.
About EASTERN BANK PLC.
Founded in 1992, EASTERN BANK PLC. has established itself as a trusted financial service provider in Bangladesh. Headquartered in Dhaka at Jiban Bima Bhaban, Floor 1, 10, Dilkusha Commercial Area, Dhaka 1000 , the bank serves individuals, businesses, and institutional clients. Beyond traditional banking services, EASTERN BANK PLC. actively embraces technological advancements to meet evolving market demands. Its commitment to security and reliability makes it a preferred choice for both small-scale transactions and large commercial operations.
The Importance of SWIFT/BIC Codes in Global Finance
SWIFT/BIC codes are indispensable for international banking, offering several key advantages:
- Security: Each code is meticulously assigned to prevent fraud or misrouting of funds.
- Efficiency: Transactions are expedited, particularly critical in cross-border dealings involving multiple regulatory systems.
- Cost Reduction: By minimizing errors, SWIFT codes reduce administrative overhead and associated fees.
- Global Acceptance: As a universally recognized standard, SWIFT ensures interoperability among financial institutions worldwide.
- Streamlined Business Operations: For companies engaged in international trade, accurate SWIFT codes guarantee timely and transparent settlements.
Users initiating international transfers must verify the recipient’s SWIFT code to avoid complications. Consulting a banking professional is advisable for individuals or small businesses unfamiliar with the process.
Conclusion
Understanding the structure and function of SWIFT/BIC codes, such as EBLDBDDH001 , empowers users to conduct international transactions with confidence. As global financial integration accelerates, proficiency in these systems will become increasingly vital for individuals and businesses alike. Mastery of SWIFT codes transcends mere transactional knowledge—it represents a strategic advantage in navigating the complexities of international finance.