NIGERIAN BANKS SWIFT CODE CHEAT SHEET

If you’re sending money to Nigeria or receiving funds from abroad, you’ll need to know the SWIFT code of your Nigerian bank. These unique codes are essential for ensuring your international transactions go smoothly.

In this blog post, we’ll cover everything you need to know about SWIFT codes for Nigerian banks, including how to find them and how to use them correctly.

WHAT IS A SWIFT CODE (BIC)?

A SWIFT code, also known as a BIC (Bank Identifier Code), is a unique identification code assigned to banks and financial institutions worldwide. It’s like an international address for your bank, ensuring that your money goes to the right place when you make overseas transfers.

Swift Code Structure:

A SWIFT Code is typically 8-11 characters long and breaks down like this:

• First 4 characters: Represent the bank’s code.
• Next 2 characters: Represent the country code.
• Following 2 characters: Represent the city/location.
• Last 3 characters (optional): Represent a specific branch (if not included, ‘XXX’ indicates the head office)

How are SWIFT codes structured?

Let’s break down the SWIFT code for Guaranty Trust Bank Nigeria – GTBINGLA

• • “GTBI“: Abbreviated Guaranty Trust Bank code
  • “NG“: Nigeria’s country code
  • “LA“: Lagos (location of bank headquarters)

Why do I need a Swift Code for a Nigeria Bank?

• Sending Money to Nigeria: When you want to send money internationally to a Nigeria Bank account, you MUST provide the recipient’s bank Swift Code. This code ensures the money reaches the correct bank and branch.
• Receiving Money in Nigeria: If you’re expecting money from abroad into your Nigeria Bank account, you’ll need to provide the sender with the correct Swift Code for your bank. This helps the foreign bank route the funds to the right destination.

NIGERIA BANKS SWIFT CODES

If you’re sending or receiving money in a currency other than Nigerian Naira, you will need your bank’s  Swift Code for the currency you want to receive into your bank account.

ACCESS BANK SWIFT CODE

Access Bank’s SWIFT code is ABNGNGLA. This unique code identifies Access Bank within the global SWIFT network for international transfers.

GTBANK SWIFT CODE

GTBank’s SWIFT code is GTBINGLA. This unique code is essential for international transactions involving the bank.

ZENITH BANK SWIFT CODE

The Zenith Bank SWIFT code is ZEIBNGLA. This code acts as the bank’s unique identifier in the global SWIFT network.

STANBIC IBTC SWIFT CODE

The Stanbic IBTC SWIFT code is SBICNGLX. This is the bank’s unique identifier within the SWIFT network for international transactions.

UBA SWIFT CODE

UBA’s (United Bank for Africa) SWIFT code is UNAFNGLA. This unique code identifies the bank within the global SWIFT network for international financial transactions.

FIRST BANK SWIFT CODE

The First Bank of Nigeria SWIFT code is FBNINGLA. This unique code serves as the bank’s identifier within the global SWIFT network for conducting international transactions.

How do I find the SWIFT code for my specific Nigerian bank branch?

• Your Bank’s Website: The most reliable source is the official bank website. They often have a dedicated page or section for international transfers, where the Swift Code should be listed.
•  Check Your Bank Statement: Check your bank statements. Sometimes, the Swift Code is included in the header or transaction details.
• Contact Customer Service: Call your bank’s customer service line or visit a branch in person. They will be able to provide you with the SWIFT code, and even clarify if the code is for the main branch or a specific location.
• Online SWIFT Code Finders: Several websites offer SWIFT code finders. Simply enter the bank’s name and country, and the tool will locate the corresponding code.

HOW TO USE SWIFT CODES FOR INTERNATIONAL TRANSFERS TO NIGERIA

When you initiate an international money transfer to Nigeria, the SWIFT code plays a vital role in directing the funds to the correct bank account.

To ensure a smooth transfer, you’ll need to provide the following information in addition to the recipient’s bank’s SWIFT code:

• • Beneficiary Details:
    • Full Name of Recipient (exactly as it appears on their bank account)
    • Account Number of Recipient
  • Transfer Details:
    • Amount being sent (including currency)
    • Purpose of the transfer (optional, but helpful)
    • Your Name (as the sender)
    • Your Account Number (if applicable)

• Reason for Transfer (Optional): While not always required, including a brief description of the transfer purpose can help with transparency and fraud prevention.

How do I initiate an international transfer using the Swift Code?

There are three main ways to initiate an international transfer using the your bank Swift Code:

• Online Banking: Most banks offer online banking platforms where you can initiate international transfers. Locate the section for international transfers and provide the recipient details, including the Swift Code, account information, and transfer amount.
• Remittance Services: Third-party money transfer services can facilitate international transactions. These services will typically ask for recipient details, including the your bank Swift Code, alongside your transfer details. Fees associated with remittance services may vary.
• Visiting Your Bank: You can also visit your local bank branch to initiate an international transfer. A bank representative will guide you through the process and ensure all the information, including the bank Swift Code, is filled out correctly.

Here’s an example to illustrate:

Imagine you’re in the US and want to send $500 USD to a friend’s bank account in Nigeria. You’ll need:

• Your friend’s full name
• Their bank account number in Nigeria
• The Nigeria Bank Swift Code (specific to their branch or currency, if applicable)
• $500 USD (transfer amount)
• A reason for the transfer (optional)

By providing this information and using online banking, a remittance service, or visiting your bank, you can initiate the international transfer using your Nigeria bank Swift Code.

Are there fees associated with SWIFT transfers?

International transfers using SWIFT codes typically involve fees. These fees can be charged by:

• • Your Bank: Sending bank may have a processing fee.
  • Intermediary Banks: Banks involved in routing the transfer might charge fees.
  • Recipient’s Bank: Receiving bank in Nigeria may have a receiving fee.

Always inquire about fees before initiating the transfer. You can contact your bank or use online comparison tools to estimate the total cost involved.

Additional Tips for a Secure Transaction:

• Verify Recipient Details: Double-check the recipient’s name, account number, and bank information before confirming the transfer.
• Large Transfers: For significant transfers, consider contacting your bank beforehand to discuss any additional security measures.
• Transparency with Recipient: Inform the recipient about the expected timeframe for receiving the funds, considering potential processing delays.

POTENTIAL ISSUES AND TROUBLESHOOTING

What if my transfer fails?

• • Common Reasons for Failures:
    • Incorrect Swift Code: Even a minor error in the Swift Code could derail your transfer.
    • Incorrect Recipient Information: Mistyping your recipient’s name or account details can lead to a failed transfer.
    • Insufficient Funds: Ensure you have enough funds in your account to cover the transfer amount and any associated fees.
    • Bank Compliance Checks: Sometimes banks may hold or flag transfers for additional review, causing delays or even rejections.
  • Steps to Rectify the Situation:
    • Double-Check Details:Meticulously verify the Swift Code and recipient information for any errors.
    • Contact Your Bank:Explain the failed transfer to your bank and inquire about the specific reason.
    • Contact Access Bank:If the error seems to be on the receiving side, the recipient or sender may need to get in touch with Access Bank to trace the transfer and identify the issue.
    • Reinitiate the Transfer (if needed):Once the cause is identified, reinitiate the transfer with the corrected information.

Other Potential Issues

• • Unexpected Fees: Be aware of potential fees charged by intermediary banks and your Nigeria bank itself, impacting the total amount your recipient gets.
  • Delays: International transfers may take several days. Be patient and confirm estimated processing times with your bank.
  • Currency Exchange Rates: If your transfer involves a currency exchange, fluctuations in exchange rates could impact the final amount received.

What to do if my SWIFT transfer fails?

• Contact Your Bank: The first step is to get in touch with your bank’s customer service department. Explain the situation and provide the transfer details. They can investigate the issue and advise on next steps.
• Gather Information: When contacting your bank, have your transfer reference number and any error messages you received ready.
• Be Patient: Resolving transfer issues can take time. Your bank will need to communicate with the recipient’s bank and potentially intermediary banks involved.

Before You Go

Remember, whenever you’re initiating an international transfer to or from Nigeria, double-check the SWIFT code to avoid delays or errors.

If you have any questions, don’t hesitate to contact your bank for assistance.  With a little preparation, your international transfers will be hassle-free.