When sending money internationally, ensuring funds reach the intended bank safely is critical. In cross-border transactions, SWIFT codes play a vital role in facilitating accurate and secure transfers. For example, BRAC BANK PLC, a financial institution based in Bangladesh, is uniquely identified by its SWIFT code BRAKBDDHXXX , which serves as a key tool for error-free transactions.
Understanding SWIFT Codes
SWIFT codes, also known as Bank Identifier Codes (BICs), consist of 8 to 11 characters and precisely identify banks and their branches worldwide. These codes enable financial institutions to communicate efficiently, minimizing errors in international transactions. Verifying the accuracy of a SWIFT code is essential to ensure funds are directed to the correct recipient.
BRAC BANK PLC, headquartered at ANIK TOWER, FLOOR 11, 220/B TEJGAON GULSHAN LINK ROAD, TEJGAO, DHAKA, DHAKA, 1208 , relies on its SWIFT code to receive international payments seamlessly.
Breaking Down the SWIFT Code
The structure of BRAC BANK PLC's SWIFT code, BRAKBDDHXXX , follows a standardized format:
- BRAK – Represents the bank's unique identifier (BRAC BANK).
- BD – Indicates the country (Bangladesh).
- DH – Specifies the city (Dhaka).
- XXX – Typically denotes the bank's head office.
This structured approach ensures clarity and efficiency in global financial communications.
Importance of Accurate SWIFT Codes
Selecting the correct SWIFT code is crucial when initiating an international transfer. Mismatched or outdated codes can lead to delays or even loss of funds. Financial institutions like BRAC BANK PLC regularly update their SWIFT codes to comply with international banking standards, so senders should always verify the latest details before proceeding with a transaction.
By understanding the role and composition of SWIFT codes, individuals and businesses can mitigate risks and ensure timely, secure cross-border payments.