If you need to transfer funds to the Development Bank of Rwanda (BRD) but find yourself confused by the complexities of SWIFT codes, this guide will clarify the process and provide essential information for seamless cross-border transactions.
Understanding SWIFT/BIC Codes for the Development Bank of Rwanda
The Development Bank of Rwanda is a key financial institution in the country, and its SWIFT/BIC code serves as an international identifier to ensure accurate fund transfers. The primary SWIFT/BIC code for the bank is BRDRRWRWXXX . However, different branches or services may use distinct codes, so it is crucial to verify the correct code with the recipient or the bank before initiating a transfer.
When to Use the Primary SWIFT Code
The primary SWIFT code BRDRRWRWXXX applies in the following scenarios:
- International transfers: When sending money from abroad to an account at the Development Bank of Rwanda.
- No branch-specific code provided: If the recipient only supplies the bank name without a branch-specific SWIFT code.
- Centralized processing: If the bank handles payments through its headquarters.
- Default code requirement: When a widely accepted default SWIFT code is needed.
Key Bank Details
- Bank Name: Development Bank of Rwanda
- SWIFT Code: BRDRRWRWXXX
- Address: RDB Building, Boulevard de Revolution, KN3 Ave
- City: Kigali
- Country: Rwanda
Important Considerations for Cross-Border Transfers
To avoid delays or failed transactions, follow these guidelines:
- Branch-specific codes: Some branches may have unique SWIFT codes. Always confirm the correct code with the recipient.
- Intermediary banks: Certain transfers may require routing through intermediary banks. Inquire whether an intermediary is involved and obtain the relevant details.
- Recipient details: Ensure the recipient’s account number, name, and address are accurate.
- Transfer purpose: Clearly state the reason for the transfer to comply with banking regulations.
- Fees: Be aware of transaction fees charged by both sending and receiving banks.
Frequently Asked Questions
What is the difference between SWIFT and BIC codes?
SWIFT and BIC codes are identical. BIC stands for Bank Identifier Code, which is managed by the SWIFT network.
What happens if I enter the wrong SWIFT code?
An incorrect SWIFT code may result in a failed or misdirected transfer. Always verify the code before sending funds.
How long do international transfers take?
Processing times vary but typically range from one to five business days.