In today's rapidly evolving global economy, international money transfers have become a crucial method for individuals and businesses to move funds across borders. Whether for paying overseas expenses, making international purchases, or supporting family and friends abroad, providing accurate banking details is essential for successful transactions. One of the most critical pieces of information required for cross-border payments is the SWIFT code.
What Is a SWIFT Code?
A SWIFT code, also known as a Bank Identifier Code (BIC), is a standardized format used to identify banks and financial institutions globally. Established by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), these codes consist of 8 to 11 alphanumeric characters. The first four letters represent the bank's name, followed by a two-letter country code, two letters (or digits) indicating the location, and an optional three-digit branch code.
In essence, a SWIFT code acts as a unique identifier that ensures funds are routed to the correct financial institution during international transfers.
Why Is the SWIFT Code Important?
Accuracy in providing a SWIFT code is paramount for secure and efficient international transactions. An incorrect code may result in delayed payments, misdirected funds, or even legal complications. Given the variations in financial systems and regulatory frameworks across countries, ensuring the correctness of banking details is critical.
Eastern Bank Plc. SWIFT Codes and Branch Information
For customers of Eastern Bank Plc. in Bangladesh, the following SWIFT codes correspond to specific branches. Whether receiving funds through a personal or business account, providing the correct SWIFT code is vital for seamless transactions.
| SWIFT Code | Branch Address |
|---|---|
| EBLDBDDH001 | Jiban Bima Bhaban, Floor 1, 10, Dilkusha Commercial Area, Dhaka, 1000 |
| EBLDBDDH002 | Jiban Bima Bhaban, Floor GF, 10, Dilkusha Commercial Area, Dhaka, 1000 |
| EBLDBDDH003 | 75, Agrabad Commercial Area, Chittagong, 4100 |
| EBLDBDDH004 | 07 Old Jessore Road, Khulna, 9100 |
| EBLDBDDH005 | Swadhinata Bhaban, Floor GF, 88, Motijheel Commercial Area, Dhaka, 1000 |
| EBLDBDDH006 | 173 Badsha Market, Khatungonj, Chittagong, 4000 |
| EBLDBDDH007 | Floor 1, 05 English Road, Dhaka, 1100 |
| EBLDBDDH008 | 1818 Laldighir Paar, New Market, Sylhet, 3100 |
Locating a Specific Branch's SWIFT Code
If your branch is not listed above, you may still use the bank's primary SWIFT code for international transfers. The central office typically processes incoming payments and forwards them to the respective local branch. However, for direct and secure transfers, it is advisable to provide the exact SWIFT code of your branch.
Verifying SWIFT Code Accuracy
While the information provided here has been verified, it is prudent to confirm the SWIFT code with your bank before initiating a transfer. Banks occasionally update their codes, and discrepancies may lead to processing delays. Contacting your branch or visiting the official bank website can help ensure accuracy.
Additional Considerations for International Transfers
Beyond the SWIFT code, several other factors contribute to a successful international money transfer:
- Account Information: Provide the correct account number, and if required, the International Bank Account Number (IBAN).
- Recipient Details: Ensure the recipient's name and address match the bank records to avoid rejection.
- Transfer Amount: Double-check the amount to be sent to prevent errors.
- Fees and Exchange Rates: Understand the applicable charges and exchange rates, as they vary across providers.
- Purpose of Payment: Some transactions require a description, particularly for large sums.
The Benefits of Using SWIFT Codes
Understanding SWIFT codes simplifies international financial transactions for both individuals and businesses. Whether for personal remittances or global trade, accurate banking details enhance transparency and efficiency in cross-border payments.
Conclusion
Providing the correct SWIFT code is fundamental to ensuring the smooth processing of international transfers. Customers of Eastern Bank Plc. in Bangladesh should refer to the listed codes for their respective branches. For any uncertainties, consulting the bank directly or reviewing official documentation is recommended. With the right details, your international transactions can be completed securely and without delay.