Just as it is with every other banks in Nigeria, you need gtbank swift code to receive any funds coming outside the country into your bank account in Nigeria and that is what this article is all about.
Before then, do you really know what a swift code is and what it is used for? If you do, that’s good but if you don’t, here is a breakdown for you.
What is GTBank Swift Code?
The swift code of Gtbank plc is “GTBINGLA”. You can see it is a simple and easy to remember code.
It is a combination of other codes and can be divided into 3 parts. The Gtb Swift Code can be divided to GTBI-NG-LA.
- The first 4 characters – GTBI – is the bank’s code which is Guaranty Trust Bank Plc in this context
- Next 2 characters – NG – is the country code which of course, in this case, is Nigeria
- The Last 2 characters – LA – is the Location or city code which is Lagos because Gtb has their head office at 635, Akin Adesola Street, Victoria Island, Lagos State.
If you know this (which is very useful if you know), you’ll be able to remember or form the code yourself without having to check for it. However, note that when writing the Swift Code anywhere, you should avoid putting spaces or hyphen (-) between the codes, everything should be written together.
Swift Code Explained
The swift code also known as Bank Identifier Code (BIC) is a unique identification code and mostly used when it comes to money transfer especially international ones.
Swift is an acronym for Society for Worldwide Inter-bank Financial Telecommunications and it is more like a network connecting banks, every bank of the Swift network has a swift code.
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The code can either be 8 or 11 characters and it is actually a combination of individual codes. We’ll be talking about the 8 character Swift code as it is the most common in Nigeria. The code is divided into 3 parts; the first 4 characters, the next 2 characters and the last 2 characters.
- The first 4 characters is the Bank code which is mainly the initials of the bank.
- Next 2 characters is the Country Code, the code of the country where the bank is located.
- Last 2 characters is the Location code or City Code, it is the code of the city where the bank has its head office in a particular country.
Why is Swift Code important?
As earlier stated, Swift codes are mostly used when it comes to money transfer especially international ones.
If you are sending money to someone outside your country, you will need to get the Swift code of the person same if you want to receive money from someone outside, you’ll need to give the person your Bank’s swift code.
Without it, international money transfer between banks may be impossible or there will be major delays; it makes the transfer easy as it identifies the banks involved.
Swift code is also used for interbank communication i.e in sending and receiving messages between banks.
I hope i have been able to do justice to your question regarding gtbank Nigeria swift code. If there is anything you are finding hard to understand, do not hesitate to drop a comment below.