When sending money to Bangladesh, locating the correct bank code can be challenging. This article provides a detailed guide to the SWIFT/BIC code for Bangladesh Bank, helping you complete international transfers smoothly while avoiding unnecessary delays and fees.
Bangladesh Bank's SWIFT/BIC Code
Bangladesh Bank, the central bank of Bangladesh, uses the SWIFT/BIC code BBHOBDDHXXX . However, like many large banks, different branches or specific services may use alternative SWIFT/BIC codes. Therefore, when making an international transfer, always verify the code provided by the recipient or confirm directly with Bangladesh Bank.
Why SWIFT/BIC Codes Matter
The SWIFT (Society for Worldwide Interbank Financial Telecommunication) code, also known as the BIC (Bank Identifier Code), is a unique identifier used for international bank transfers. It acts as a bank's "ID," ensuring funds reach the correct destination securely. An incorrect code may result in failed transactions, delays, or additional charges.
When to Use BBHOBDDHXXX
Consider using Bangladesh Bank's primary SWIFT/BIC code ( BBHOBDDHXXX ) in the following scenarios:
- Sending funds to Bangladesh Bank: Use this code for international transfers to Bangladesh Bank's accounts in Bangladesh.
- Recipient hasn't provided a specific branch code: If only the bank name is given, you may use BBHOBDDHXXX as a default. However, always verify with the recipient for accuracy.
- Centralized payment processing: If Bangladesh Bank handles payments through its headquarters, this code is suitable.
- Need for a widely accepted default code: In cases where a general code is required, BBHOBDDHXXX serves as a reliable option.
Bangladesh Bank Key Details
Bank Name: BANGLADESH BANK
SWIFT Code: BBHOBDDHXXX
Address: 2ND ANNEX BUILDING, FLOOR 10, MOTIJHEEL COMMERCIAL AREA
City: DHAKA
Country: BANGLADESH
Finding Local Branch Codes
While BBHOBDDHXXX is the primary code, obtaining a specific branch code ensures smoother transactions. Here’s how to locate the correct code:
- Contact the recipient: Ask them to confirm the SWIFT/BIC code with their local branch.
- Reach out to Bangladesh Bank: Visit the bank’s official website or contact customer service for branch-specific codes.
- Use SWIFT code lookup tools: Online tools may help, but always cross-check the information for accuracy.
Key Considerations for International Transfers
Beyond the SWIFT/BIC code, keep these factors in mind for seamless cross-border transactions:
- Recipient details: Ensure the beneficiary's name and account number match bank records precisely.
- Amount and currency: Verify the transfer amount and currency to avoid conversion fees.
- Transaction fees: Check both sending and receiving banks' fee structures.
- Intermediary bank charges: Some transfers involve intermediary banks, which may add extra costs.
- Processing time: International transfers typically take several business days.
- Compliance: Ensure the transaction adheres to legal and banking regulations.
Case Study: The Cost of Incorrect SWIFT Codes
John, based in the U.S., attempted to send money to his friend David in Dhaka, Bangladesh. Without verifying the SWIFT code provided by David, John initiated the transfer. Days later, the funds were returned due to an incorrect code, resulting in additional fees. This highlights the importance of double-checking SWIFT/BIC details before sending money internationally.
Final Thoughts
Using the correct SWIFT/BIC code for Bangladesh Bank is crucial for successful international transfers. By verifying codes and adhering to best practices, you can ensure secure and efficient transactions. Always confirm details with recipients or the bank to prevent errors and unnecessary expenses.