In our writeup today we shall be guiding you on First Bank of Nigeria Swift Code for International Wire Transfer. If you are patient enough to read what we have here to the end you will be happy for doing so because in this post we have all the information you need to know about First Bank SWIFT code and how to make use of it. So, relax because you are reading the right write up.
Questions people ask most often may include;
- What is swift code?
- How does swift code work for wire transfer?
- What do you need swift code for?
- What organization make use of swift code?
- Does every First Bank of Nigeria branch have a unique swift code?
- All the questions above and more will be attended to in this post shortly.
What Is Swift Code?
SWIFT code which is also called BIC code a times and an acronym that stands for Society for Worldwide Interbank Financial Telecommunications is a distinctive or special code that identifies both financial and non-financial institutions which is mainly used for international wire transfers among banks.
What Do You Need Swift Code For?
Have you by any chance came across the need to find a swift code (or BIC code) because you were requested to key it in during an international money transfer?
Yes, you were asked to do so due to the fact that almost all the banks in the world are part of the SWIFT network globally that allows transfer of information, be it money transfer or other things between financial and and non-financial institutions and the use of these codes are required on this system.
Banks without SWIFT code may have limitations when it comes to international transfers. For instance, any bank with SWIFT code can convert different currencies. That is, for a direct international transfers SWIFT codes are needed.
Now that you have known the need for SWIFT code let me guide you on how it works.
How Does SWIFT Code Work For Wire Transfer?
Here is a simple explanation on how SWIFT code works for money; all an individual needs when trying to make international wire transfer is for the individual to go to their local bank with the recipient’s SWIFT code alongside an international bank account. Then the local bank that is, the bank which the individual want to make the transfer from will now have to send a Swift message to the recipient’s bank in request for them to accept the transfer which is being made.
What Organization Make Use Of SWIFT Code?
Initially, the co-founders of SWIFT designed the system mainly for money transfer purposes. That is to facilitate good and high communication about treasury and correspondents transactions only. With SWIFT high level of operation, they gradually expanded to provide services for institutions such as;
- Brokerage Institutes and Trading Houses
- Asset Management Companies
- Corporate Business Houses
- Treasury Market Participants.
- Foreign Exchange and Money Brokers.
- And others.
Does Every First Bank Of Nigeria Branch Have A Unique SWIFT Code?
Most times when people search online for First Bank of Nigeria SWIFT code what they search for is SWIFT code for the branch near them. That is, code for the First Bank branch in their locality.
However, Irrespective of the First bank branch in Nigeria the SWIFT code is the same. Be it that the branch is in Lagos, Abuja, plateau, Enugu and other places here in Nigeria. Below is the SWIFT code for FIRST BANK Nigeria.
SWIFT Code For First Bank Nigeria?
SWIFT code: FBNINGLAGCS
Swift code (8 characters): FBNINGLA
Branch name: FIRST BANK OF NIGERIA LTD
Branch address: Samuel Asabia House 35 Marina P.O. Box 5216, Lagos, Nigeria.
Branch code: GCS
Final Words On First Bank Swift Code
Every international wire transfer needs a SWIFT code for a successful transaction. It helps in identifying the country, name of bank and the branch in which the account was registered. The highlighted write up above is First Bank of Nigeria SWIFT code.
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