When sending international payments to OTP Mortgage Bank in Hungary, confusion about the correct SWIFT/BIC code can lead to delayed transactions, returned funds, or unexpected fees. This comprehensive guide clarifies the bank's identification codes to ensure seamless cross-border transfers.
Understanding OTP Mortgage Bank's SWIFT/BIC Codes
The primary SWIFT/BIC code for OTP Mortgage Bank is OTPJHUHBXXX . However, the institution may use different codes for specific services or branches. Verifying the exact code with the recipient or directly with the bank before initiating transfers is crucial for accurate fund delivery.
When to use OTPJHUHBXXX:
- Standard international transfers to OTP Mortgage Bank
- When recipients don't specify a branch code
- For payments processed centrally through the bank's headquarters
- As a generally accepted default when uncertain about specific codes
Complete Bank Identifier Information
The standard identification details for OTP Mortgage Bank include:
- Bank Name: OTP MORTGAGEBANK LTD
- SWIFT Code: OTPJHUHBXXX
- Address: Vaci 135-139 D
- City: Budapest
- Country: Hungary
Five Essential Verification Steps
To prevent transaction errors, financial professionals recommend:
- Confirming all details directly with the recipient
- Double-checking the SWIFT code, account number, and beneficiary name
- Contacting OTP Mortgage Bank for code verification when uncertain
- Understanding all applicable fees before initiating transfers
- Maintaining complete transaction records for future reference
The Critical Role of SWIFT/BIC Codes
These standardized identifiers serve as unique banking "passports" for international transactions. Correct codes ensure funds reach the intended destination efficiently, avoiding processing delays and unnecessary charges.
Additional Required Transfer Information
Beyond the SWIFT/BIC code, successful international transfers require:
- Exact beneficiary name matching bank records
- Correct account number in the proper format
- Precise transfer amount and currency
- Clear purpose of payment declaration
Modern Cross-Border Payment Options
While traditional bank wires remain common, digital platforms now offer alternative transfer methods with potentially faster processing and lower costs. Regardless of the chosen service, verifying the recipient's banking details remains essential for transaction security.