Imagine an international money transfer stuck in the vast financial network due to a minor SWIFT code error, causing not only delays in fund arrival but potentially additional fees. To avoid such frustrating situations, understanding and correctly using SWIFT/BIC codes becomes crucial. This article provides a comprehensive breakdown of RUPALI BANK PLC.'s SWIFT/BIC code to ensure your cross-border transactions are secure and efficient.
What is a SWIFT/BIC Code?
The SWIFT (Society for Worldwide Interbank Financial Telecommunication) code, also known as BIC (Bank Identifier Code), serves as a unique identifier for banks and financial institutions worldwide. Functioning like a bank's "ID card," it ensures international payments are accurately routed to the correct bank and account. A standard SWIFT code consists of 8 or 11 characters containing information such as bank code, country code, location code, and branch code.
RUPALI BANK PLC.'s SWIFT/BIC Code: RUPBBDDHAGC
The SWIFT/BIC code for RUPALI BANK PLC. is RUPBBDDHAGC. Let's break down this code to understand its components:
- RUPB (Bank Code): Represents RUPALI BANK PLC.
- BD (Country Code): Indicates the bank is located in Bangladesh.
- DH (Location Code): Specifies the bank's headquarters location.
- AGC (Branch Code): Identifies a specific branch. When ending with "XXX," it typically refers to the bank's headquarters.
Components of a SWIFT/BIC Code
SWIFT/BIC codes comprise 8 to 11 alphanumeric characters that identify specific banks and branches worldwide.
| Code Section | Description |
|---|---|
| RUPB | Bank Code |
| BD | Country Code |
| DH | Location Code |
| AGC | Branch Code |
Complete SWIFT/BIC Code Information for RUPALI BANK PLC.
| Item | Details |
|---|---|
| SWIFT Code (11-digit) | RUPBBDDHAGC |
| SWIFT Code (8-digit) | RUPBBDDH |
| Branch Code | AGC |
| Bank Name | RUPALI BANK PLC. |
| Branch Name | RUPALI BANK PLC. |
| Address | SIASON HOUSE |
| City | CHITTAGONG |
| Country | Bangladesh |
When to Use RUPBBDDHAGC?
Use RUPBBDDHAGC when you need to transfer funds to RUPALI BANK PLC. at the specified address, city, and country. Always verify that the SWIFT code belongs to the recipient's bank.
Important Considerations for Using SWIFT/BIC Codes
To prevent issues or delays in international transfers, using the correct SWIFT code is essential. Before using a SWIFT code, consider the following:
- Verify the Bank: Carefully check that the bank name matches the recipient's bank.
- Confirm Branch Details: If using a specific branch's SWIFT code, ensure it matches the recipient's branch.
- Check Country Information: Banks may have offices worldwide. Verify that the SWIFT code corresponds to the recipient bank's country.
Do All Branches Use the Same SWIFT Code?
Not always. Some banks use a single SWIFT code for all branches (typically the headquarters code ending with XXX). Others assign unique SWIFT codes to individual branches, often with specific final three characters. If the recipient specifies a particular branch code, using that code helps accelerate processing or ensures the payment reaches the correct destination faster.
What Happens If You Use the Wrong SWIFT Code?
Using an incorrect SWIFT code may result in delayed payments, misrouted funds, or even rejection by the recipient bank. In some cases, funds might be returned to the sender with additional fees charged. Always ensure the SWIFT code matches your bank or official headquarters code. When in doubt, contact RUPALI BANK PLC. before initiating the transfer.
Does RUPALI BANK PLC. Have Multiple Branches?
Yes, RUPALI BANK PLC. may have multiple branches. Each branch may serve different regions, offer various services, and—for international transfers—some branches might use different SWIFT codes. When providing payment instructions, always confirm the specific branch where the account is held.
Scenarios Requiring RUPBBDDHAGC
You should use RUPBBDDHAGC in the following situations:
- International Transfers: When sending or receiving international bank transfers to RUPALI BANK PLC. at the specified city and address.
- Cross-Border Payments: When making payments through the SWIFT network, this code identifies the recipient bank and branch.
- Country-Specific Payments: Some countries and payment types might not require a SWIFT code. Always consult your recipient or bank before initiating a transfer.
Decoding RUPBBDDHAGC
The SWIFT/BIC code RUPBBDDHAGC facilitates international transfers to RUPALI BANK PLC. Here's what each segment represents:
- RUPB: The bank code for RUPALI BANK PLC.
- BD: The country code indicating Bangladesh.
- DH: The location code for the bank's headquarters.
- AGC: The branch code; "XXX" would indicate the headquarters or primary branch.
Conclusion
Understanding RUPALI BANK PLC.'s SWIFT/BIC code RUPBBDDHAGC and its components helps prevent errors and delays in cross-border transactions. When making international transfers, always double-check the code details to ensure funds reach the recipient safely and accurately. For added security, confirm banking details with the recipient and consult your bank about potential fees and restrictions before initiating the transfer.