Islamic Cooperation Bank For Development and Investment SWIFT/BIC code

What RCDFIQBA means for a payment to Islamic Cooperation Bank For Development and Investment

RCDFIQBA and RCDFIQBAXXX are two spellings of the same SWIFT/BIC code, and both point to Islamic Cooperation Bank For Development and Investment in Baghdad. The code has a single purpose: it ensures that an international payment ends up at the right bank. It comes up mainly for payments that cross a border or a currency.

Below we go through the practical side: receiving money at Islamic Cooperation Bank For Development and Investment, paying someone in another country and how to check the code before you confirm a payment. The BIC names a bank or branch, not a specific account; the IBAN or account number does that.

Watch out for payment fraud

A common scam goes like this: an email arrives with a request claiming that a company now has new bank details and asking you to pay there from now on. A valid SWIFT code tells you nothing about who owns the account.

Before paying, verify changed bank details through a phone call. Urgency or secrecy are warning signs; a genuine business can wait for you to check. If money was sent to the wrong account, contact your bank immediately.

Scams also target the receiver: someone claims to have sent more than agreed and asks you to return the extra. Do not act before the money is actually in your account and check with Islamic Cooperation Bank For Development and Investment if anything seems off.

Verifying the SWIFT code of Islamic Cooperation Bank For Development and Investment

The most reliable place for the correct BIC is a document from the bank itself, such as a statement or the account details in online banking. When the code you were given differs from RCDFIQBA or RCDFIQBAXXX, stop and ask: check with the recipient or with Islamic Cooperation Bank For Development and Investment directly.

A wrong SWIFT code can cause delays, a payment being sent back or additional charges. An error in the IBAN or account number can be a bigger problem, because the money may be credited to someone else; check it just as carefully.

Most online banking apps check the structure of an IBAN and some suggest the matching BIC. More and more banks compare the name against the account. When you pay someone new, some people send a small test amount before sending the rest.

What the XXX in RCDFIQBAXXX means

The layout of a BIC never changes: four characters for the institution, two for the country and two for the location. In this case, that core is RCDFIQBA.

Many banks and apps accept either length. If yours requires eleven characters, use RCDFIQBAXXX, otherwise RCDFIQBA is fine.

Leave out spaces, dots when you enter RCDFIQBA. Pasting the code beats typing it by hand: a typo can point to another bank.

Receiving money from abroad at Islamic Cooperation Bank For Development and Investment

If you are waiting for money from abroad, send the payer a complete set of details. Share your name as the bank knows it, your account number or IBAN, SWIFT code RCDFIQBAXXX and your address, which some banks require.

Some sending banks want the bank’s address; it does no harm to include it. Check every detail before you send them, because the sender’s bank usually copies them as is.

Expect that the incoming amount is below the amount on the sender’s receipt. Intermediary banks may deduct a fee and your own bank may charge for processing, and if the currency changes, an exchange rate margin applies. For business payments, it is common to agree who bears the costs, so that nobody is left short.

Where our SWIFT data comes from

The codes on this page are taken from public sources which we refresh regularly. Even so, banks merge, rename themselves or retire codes. Counts and locations are from our directory and may differ from what Islamic Cooperation Bank For Development and Investment publishes.

Treat our data as a reference, rather than as the final word: the recipient’s bank details come first. GoldexPay is not affiliated with Islamic Cooperation Bank For Development and Investment. If you notice something that is out of date, we appreciate a short note.

Which of the 2 codes of Islamic Cooperation Bank For Development and Investment do you need?

Having 2 codes in 1 cities, Islamic Cooperation Bank For Development and Investment belongs to the banks that register individual codes for parts of the organisation and departments. The main code is RCDFIQBAXXX.

For most incoming transfers, the head office code RCDFIQBAXXX works fine. If you have been given a specific code, use it as it is rather than swapping it for the head office code.

Not sure which code applies? Ask the recipient or the bank itself. Branch codes are more likely to change than the head office code when a bank merges or closes offices.

International transfers from Islamic Cooperation Bank For Development and Investment: the real cost

When you send money abroad through Islamic Cooperation Bank For Development and Investment, the visible fee is only part of what you pay. You pay the transfer fee, sometimes charges from correspondent banks along the way and, above all, the exchange rate markup.

That exchange rate margin is often the biggest item even though it is not listed as a fee. A simple test: put the rate you get next to the mid-market rate for the same moment and look at the difference.

Specialised transfer providers often offer a rate near the mid-market rate. On GoldexPay you can compare the amount that arrives with different providers. You can still keep your account at Islamic Cooperation Bank For Development and Investment to fund the transfer.

Tracking a transfer to or from Islamic Cooperation Bank For Development and Investment

There is no fixed delivery time: many arrive within a day while others need several business days. Bank holidays in the sending or receiving country can add a day or more, since banks do not process on those days. Sometimes a bank asks what the payment is for, which can hold things up.

Many banks are connected to SWIFT gpi. Each gpi transfer carries a unique transaction reference, the UETR that banks can use to trace it. Money transfer services often show tracking online so you can see where the money is.

The bank that sent the money can request a trace or a recall; the receiving side usually has nothing to trace yet. On the receiving end, you can look at your statements for a partial amount because fees can reduce the amount.