In today's globalized economy, international money transfers have become increasingly common. Businesses and individuals engaging in cross-border transactions, paying for goods and services, or simply sending money to family and friends abroad often need to use SWIFT codes provided by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). These codes are crucial for ensuring secure and timely fund transfers.
This is particularly true in Bangladesh, where the National Bank Limited, as one of the leading financial institutions, has its SWIFT codes serving as vital references for customers conducting international transactions.
Understanding SWIFT Codes and Their Importance
A SWIFT code is a unique identifier assigned to banks worldwide by the Society for Worldwide Interbank Financial Telecommunication. Typically consisting of 8 to 11 characters, these codes precisely identify a bank and its location. The first four characters represent the bank code, followed by two letters indicating the country, then two characters for the location, with the final three optional characters specifying a particular branch.
SWIFT codes not only accelerate global payments but also enhance the security of cross-border transactions. Therefore, accurately entering the SWIFT code is a critical step when initiating international transfers.
National Bank Limited and Its SWIFT Codes Overview
Established in 1993, National Bank Limited has rapidly expanded its market share through stable growth, excellent customer service, and innovative financial products. As one of Bangladesh's most trusted financial institutions with branches nationwide, customers need to locate specific branch SWIFT codes for seamless international transactions.
The bank offers various convenient financial services including personal banking, corporate banking, and foreign exchange transactions. Below is a comprehensive list of SWIFT codes for National Bank Limited's major branches in Bangladesh:
| SWIFT Code | Address | City | Postal Code | Contact Number |
|---|---|---|---|---|
| NBLBBDDH001 | 48, DILKUSHA C/A | DHAKA | 1000 | +880 2 956 0789 |
| NBLBBDDH002 | 34 CHAND MEAH LANE | CHITTAGONG | 4100 | +880 31 710 400 |
| NBLBBDDH003 | 1 MOULVI BAZAR | DHAKA | 1100 | +880 2 966 6103 |
| NBLBBDDH004 | 67, AGRABAD C/A | CHITTAGONG | 4100 | +880 31 710 932 |
| NBLBBDDH005 | 106-109 SHAHEB BAZAR | RAJSHAHI | 6100 | +880 721 616 227 |
| NBLBBDDH006 | CHAMBER BHABAN, G.L. ROY ROAD | RANGPUR | 5400 | +880 521 644 429 |
| NBLBBDDH007 | 2 SIR IQBAL ROAD | KHULNA | 9100 | +880 41 731 560 |
| NBLBBDDH008 | LALDIGHIR PAR | SYLHET | 3100 | +880 82 165 608 |
Each SWIFT code corresponds to a specific branch address, enabling accurate identification of recipient banks worldwide. If a particular branch isn't listed above, customers can use the bank's head office SWIFT code (NBLBBDDH) to ensure successful fund transfers.
Proper Usage of SWIFT Codes
When initiating international transfers, extreme caution must be exercised when entering SWIFT codes. Even minor errors can result in funds being sent to wrong accounts or delayed payments. To avoid such issues, consider verifying the following information before submitting your payment:
- SWIFT Code: Ensure the code matches exactly with the recipient bank's official code.
- Beneficiary Information: Verify the recipient's name, address and other details are completely accurate.
- Account Number: Confirm the provided account number is correct, especially when dealing with banks in different countries where account formats may vary.
Many banks offer online SWIFT code lookup tools on their official websites, allowing customers to quickly find the correct codes without navigating complex processes.
International Money Transfer Platforms and Options
Technological advancements have diversified options for international money transfers. While traditional banks remain primary channels, emerging digital platforms like Xe, PayPal, and Wise (formerly TransferWise) have gained significant traction by offering more convenient alternatives.
Advantages of Digital Platforms Like Xe
Xe stands out among international money transfer services by offering several notable benefits:
- Real-Time Exchange Rates: Provides frequently updated currency conversion rates.
- Transparent Fees: Clear cost structures without hidden charges.
- Global Coverage: Services available across numerous countries and regions.
- Fast Processing: Transfers often completed within one business day.
Limitations of Traditional Banks
While major banks emphasize security and brand reputation for international transfers, several drawbacks exist:
- Cumbersome Procedures: Extensive paperwork and lengthy verification processes.
- Opaque Fee Structures: Hidden charges that increase transfer costs.
- Less Competitive Exchange Rates: Typically offer poorer rates compared to fintech alternatives.
Essential Preparation for International Transfers
Before initiating an international money transfer, gather all necessary information to ensure smooth processing:
- Confirm the correct SWIFT code and branch information
- Verify complete recipient details including full name and contact information
- Prepare documentation regarding the purpose of transfer if required
- Understand all applicable fees and charges
Receiving International Payments
To successfully receive funds from abroad:
- Provide the sender with National Bank's correct SWIFT code
- Supply complete account details including branch information
- Consider time zone differences in bank processing schedules
Post-Transfer Considerations
After completing an international transfer:
- Monitor the transfer status with the sender
- Verify the received amount matches expectations
- Maintain records of all transaction documents
Conclusion
Understanding SWIFT codes is essential for international money transfers, particularly for users in Bangladesh. National Bank Limited's branch-specific SWIFT codes serve as critical components for seamless transactions. While traditional banks remain important, fintech platforms like Xe offer competitive alternatives for global money movement. Regardless of the chosen method, meticulous verification of all details ensures secure and successful transactions.