SWIFT/BIC codes in Bhutan

Bhutan: banks and their SWIFT/BIC codes

This directory covers 6 banks and financial institutions in Bhutan, with 8 SWIFT/BIC codes in total. Every code identifies a bank or a specific branch or department and tells other banks where an international payment should go.

Pick a bank below to see its head office code and its other codes, plus practical notes for sending and receiving money. The rest of this page explain the structure of the codes, the cost of transfers and how to avoid mistakes.

Verifying a SWIFT code from Bhutan

The most reliable source for a SWIFT code is the recipient’s own bank details. A wrong code can cause a delay, a payment being sent back or extra fees, so compare it with the list on this page.

Our SWIFT/BIC directory is compiled from public sources that we update periodically. Even so, banks merge, rename themselves or retire codes and our data may lag behind. Treat our data as a reference: the bank details from the recipient come first. GoldexPay is an independent comparison site.

Fraudsters regularly use payment requests with new bank details from what looks like a familiar address. A valid BIC tells you nothing about who owns the account: criminals use real codes too.

Which bank in Bhutan has the most codes?

Among the 6 institutions we list, Bank of Bhutan Limited has the largest number of SWIFT/BIC codes in Bhutan. The head office uses BHUBBTBTXXX, which is the code to use when no branch is specified.

A large number of codes usually reflects that the bank registers branches and departments separately. Paying someone at Bank of Bhutan Limited? Go with BHUBBTBTXXX except when the recipient gives you a branch code.

The structure of a Bhutan SWIFT/BIC code

Each SWIFT/BIC code has 8 or 11 characters in a fixed order. First comes four letters for the bank, followed by two letters for the country and two characters for the location.

In every code from Bhutan, letters five and six are the ISO country code of Bhutan. When those two letters do not match Bhutan, the code belongs to a bank somewhere else.

The long version ends in three characters for a branch, where XXX means the head office. Use a branch code only when the recipient’s bank asks for it; otherwise the head office code is the safe choice.

Getting paid from abroad into an account in Bhutan

Someone abroad who wants to pay you needs several details about your account. That means: your name as your bank knows it, your IBAN or account number, the SWIFT/BIC code of your bank and, often, your address.

Look up the bank in the list above and compare the code with your own bank details – your bank statement is the final word. You can add the name and city of your bank as well, since some payment forms ask for it.

Do not be surprised if the amount credited is below what the sender paid. Correspondent banks can take a fee, your bank may charge for incoming payments, and when currencies differ, a markup on the rate comes on top. For business payments, state who bears the costs to avoid a shortfall.

SWIFT transfers to Bhutan

For Bhutan you usually need a SWIFT/BIC code. Without it, most banks will not process the payment.

Not all countries use IBAN numbers; in that case the local account number is used instead. The recipient’s bank usually provides a list of required details for payments from abroad. SWIFT payments can pass through correspondent banks and fees can be taken along the way.

Tracking a payment to Bhutan

A SWIFT payment to Bhutan usually takes anywhere from one to several business days, depending on the currency, the route and the banks involved. Transfers sent late in the day or just before a weekend or public holiday usually start the next business day.

A growing number of banks are connected to SWIFT gpi for faster and traceable payments. Each gpi transfer carries a unique transaction reference, the UETR that banks can use to see where the money is. Save the payment confirmation.

Sending money to Bhutan for less

If you send money to Bhutan through your bank, the stated fee is only part of what you pay. There is a transfer fee, sometimes fees from correspondent banks along the way and, above all, the exchange rate markup when currencies differ.

That exchange rate margin tends to be the biggest cost item because it is hidden in the rate. Compare the rate you are offered with the mid-market rate. The difference is your real cost.

Specialised transfer providers frequently offer a rate near the mid-market rate. GoldexPay lists these providers next to each other so you can see what actually arrives in Bhutan before you commit.