Bank Code Verified

AGBKBDDH003, SWIFT Code for AGRANI BANK LIMITED, DHAKA

Swift Code: AGBKBDDH003

Bank: AGRANI BANK LIMITED

Address: MITFORD ROAD, 144

City: DHAKA

Branch: MOULVI BAZAR BRANCH,DHAKA

Postcode: 1000

Country: Bangladesh

The Importance of Swift Codes: A Gateway to Global Banking

In today’s interconnected world, international transactions occur at an unprecedented rate. Whether you are sending or receiving money from abroad, a crucial component of these transactions is the swift code.

Swift codes, also known as Bank Identifier Codes (BIC), are essential for facilitating secure and efficient international banking. In this article, we will explore the purpose and significance of swift codes, focusing on how they enable seamless connections between financial institutions around the world.

Topic 1: Anto Swift Codes

Imagine you are sending money to a friend or family member abroad. Have you ever wondered how the funds reach the intended recipient’s bank account hassle-free?

The answer lies in the swift code. A swift code is a unique identification code assigned to every bank worldwide.

Just as a social security number or a passport number identifies an individual, swift codes identify banks. These codes play a crucial role in ensuring that international transactions are conducted smoothly and securely.

Swift codes consist of a combination of letters and numbers. Let’s take an example: AGBKBDDH003.

In this case, “AGBK” represents the bank code, “BD” represents the country code (in this case, Bangladesh), “DH” represents the location code (in this case, Dhaka), and “003” represents the branch code (in this case, the Moulvi Bazar branch). Together, these codes form a unique identifier for the specific bank and branch.

Topic 2: The Role of Swift Codes in International Banking

Now that we understand the purpose of swift codes, let’s delve into their significance in international banking. Swift codes act as a crucial passport that allows financial institutions to connect with each other across the globe.

They enable secure communication and facilitate the transfer of funds between banks, ensuring that the intended recipient receives the money without any hiccups. 1.

Facilitating International Transactions:

When making an international transfer, the sender’s bank needs to communicate with the recipient bank to ensure that the money reaches its destination. Swift codes act as the key to unlock this communication.

They provide the necessary information to route the funds without errors. By using the swift code of the recipient bank, the sender’s bank can establish a direct connection, expediting the transfer process.

2. Ensuring Security and Accuracy:

Swift codes are essential for maintaining the security and accuracy of international transactions.

By using these codes, banks can authenticate each other’s identity, reducing the risk of fraudulent activities. Moreover, swift codes eliminate the confusion that may arise due to similar bank names in different countries, ensuring that the funds are directed to the correct recipient bank.

3. Enabling Quick Correspondence:

In the global economy, time is of the essence.

Swift codes enable quick and efficient correspondence between banks. Instead of relying on conventional mail or telephone calls, swift codes facilitate secure electronic messages that include all the necessary details of the transaction.

This expedites the transfer process, allowing businesses and individuals to carry out their financial activities promptly. 4.

Connecting Financial Institutions across the Globe:

With the expansion of global trade and increasing cross-border transactions, connecting financial institutions has become crucial. Swift codes serve as a universal language that banks speak, transcending geographical boundaries.

They allow banks to establish alliances, correspondent relationships, and partnerships, fostering a seamless flow of funds across different countries.

Conclusion

Swift codes are the backbone of international banking, enabling secure and efficient cross-border transactions. They act as unique identifiers for banks and provide a gateway for communication and funds transfer.

In an increasingly interconnected world, understanding the purpose and significance of swift codes is essential for anyone involved in international financial activities. So, the next time you make or receive an international transfer, remember the crucial role a swift code plays in making it possible.

Topic 3: Unveiling AGRANI BANK LIMITED

AGRANI BANK LIMITED, headquartered in Dhaka, Bangladesh, is one of the leading public sector commercial banks in the country. Established in 1972 following the nationalization of banks, Agrani Bank Limited has since then played a pivotal role in the development of the banking sector in Bangladesh.

With a large network of branches spread across the country, it provides a wide range of banking services to individuals, businesses, and institutions. Agrani Bank Limited is known for its commitment to customer satisfaction and innovative banking solutions.

The bank offers various services, including consumer banking, corporate banking, SME banking, treasury operations, and remittance services. Its comprehensive range of products and services caters to the diverse financial needs of its customers.

The bank’s commitment to excellence is reflected in its workforce, which consists of highly skilled and dedicated professionals. Agrani Bank Limited places immense emphasis on continuous training and development programs for its employees, ensuring that they stay updated with the latest industry trends and practices.

This commitment to human capital development has contributed to the bank’s success and its ability to provide top-notch services to its customers. In line with the global banking trends, Agrani Bank Limited has embraced technology to enhance its services.

The bank has invested in robust and secure information technology systems to offer online banking facilities, ensuring convenience and accessibility for its customers. With the advent of mobile banking, Agrani Bank Limited has also introduced mobile apps that allow customers to perform various banking transactions using their smartphones.

Through its strong and extensive branch network and a wide range of services, Agrani Bank Limited has become a trusted financial partner for millions of individuals and businesses in Bangladesh. The bank’s commitment to fostering economic growth and financial inclusion is evident in its support for various government initiatives and programs aimed at improving the socio-economic conditions of the country.

Topic 4: Common Uses of Swift Codes

Swift codes are integral to international banking transactions, and their usage extends beyond simple fund transfers. Let’s explore the common applications of swift codes in the global banking arena.

1. International Wire Transfers:

The most common use of swift codes is for international wire transfers.

Whether it’s sending money to a family member overseas or making a business payment to a supplier in a different country, swift codes are essential to ensuring that the funds reach the intended recipient’s bank account accurately and securely. 2.

Correspondent Banking:

Correspondent banking refers to the relationships established between banks in different countries to facilitate cross-border transactions. Swift codes play a critical role in establishing these correspondent relationships, enabling banks to provide services to customers who have banking needs outside their home country.

Correspondent banking helps facilitate trade finance, foreign exchange services, and other international financial transactions. 3.

Interbank Communication:

Bank-to-bank communication is essential for the smooth operation of the global banking system. Swift codes allow financial institutions to communicate securely and efficiently.

Through swift codes, banks exchange vital information related to transactions, compliance requirements, and other banking activities. This enables seamless communication between banks, ensuring that funds are transferred accurately and promptly.

4. Documentary Credits and Letters of Credit:

International trade often involves the use of documentary credits or letters of credit, where a bank guarantees payment to a seller once certain conditions are met.

Swift codes are used to facilitate the issuance and communication of these trade documents, ensuring that all parties involved, including banks, buyers, and sellers, are aware of the terms and conditions. 5.

Foreign Exchange Transactions:

Foreign exchange transactions involve the buying and selling of different currencies. Swift codes are used to facilitate these transactions by ensuring that the funds are transferred to the appropriate foreign exchange banks.

This allows individuals and businesses to exchange currencies efficiently, whether for travel, international investments, or trade purposes. 6.

Verification of Bank Accounts:

When conducting business or entering into financial agreements with individuals or entities in other countries, swift codes are often required to verify the authenticity of bank accounts. By using swift codes, individuals and businesses can confirm the existence and legitimacy of a bank account before proceeding with any financial transactions.

In conclusion, swift codes play a significant role in facilitating international banking transactions. Whether for wire transfers, correspondent banking, interbank communication, documentary credits, foreign exchange transactions, or bank account verifications, swift codes are crucial in ensuring efficient and secure financial operations on a global scale.

Familiarity with these codes is essential for anyone involved in international financial activities, ensuring smooth cross-border transactions and reducing errors and delays.

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