When preparing to transfer funds to a business partner in Kazakhstan, the complexity of bank codes can be confusing. The SWIFT code, a seemingly mysterious string of characters, is actually the key to secure and efficient international fund transfers. This article provides a detailed explanation of the SWIFT code for Development Bank of Kazakhstan JSC (DBK) to facilitate cross-border transactions.
SWIFT Code Overview for Development Bank of Kazakhstan
The primary SWIFT/BIC code for Development Bank of Kazakhstan is DVKAKZKAXXX. SWIFT (Society for Worldwide Interbank Financial Telecommunication) codes, also known as BIC (Bank Identifier Codes), are standardized codes used to identify banks globally. These codes consist of 8 or 11 characters and serve to identify specific banks and branches in international wire transfers.
Breakdown of DVKAKZKAXXX:
- DVKA: Bank code representing Development Bank of Kazakhstan
- KZ: Country code for Kazakhstan
- KA: Location code indicating the bank's headquarters
- XXX: Branch code (typically used for the head office or when no specific branch is involved)
Primary Uses of SWIFT Codes
SWIFT codes are essential for:
- International wire transfers to accounts at Development Bank of Kazakhstan
- Secure interbank communication for payment instructions and letters of credit
- Accurate identification of financial institutions globally
Branch-Specific SWIFT Codes
While DVKAKZKAXXX serves as the primary code, Development Bank of Kazakhstan may use different SWIFT/BIC codes for specific services or branches. Before initiating a transfer, it's advisable to confirm the correct code with the recipient or the bank directly.
Locating the Correct SWIFT Code
Several methods exist for verifying SWIFT codes:
- Request the code directly from the recipient
- Contact the bank's customer service department
- Use reputable online SWIFT code search tools (with verification)
When to Use DVKAKZKAXXX
This primary SWIFT code is appropriate when:
- Making international transfers to DBK accounts without specific branch instructions
- Only the bank name and account number are provided
- The bank processes payments centrally through its head office
- A widely recognized default code is required
Essential Information for International Transfers
To ensure successful fund transfers, provide:
- Correct SWIFT/BIC code
- Accurate recipient account number
- Recipient's full legal name as registered with the bank
- Complete recipient address
- Transfer amount and currency
- Purpose of payment in the reference field
Preventing Transfer Delays
Consider these recommendations:
- Verify all information before submission
- Note the bank's processing deadlines
- Select appropriate transfer methods based on cost and speed requirements
- Retain transaction records for reference
About Development Bank of Kazakhstan
Development Bank of Kazakhstan (DBK) serves as one of the country's primary development finance institutions, supporting sustainable economic growth and diversification. The bank finances infrastructure projects, industrial initiatives, and export-oriented ventures.
Understanding DBK's SWIFT code is crucial for international transactions. Accurate information remains fundamental to successful fund transfers. Verification of codes and recipient details helps avoid processing delays and complications.