In this guide, I will show you GTBank SWIFT code for international wire transfer and how to use it. Read on!
What Is SWIFT Code?
SWIFT code is defined as a standard format of Business Identifier Codes which is approved by the International Organization for Standardization. It is a distinctive identification code for both financial and non-financial institutions. SWIFT is actually an abbreviation which stands for Society for Worldwide Interbank Financial Telecommunication.
What Is GTBank SWIFT Code?
GT Bank has a SWIFT Code given as GTBINGLA. The Swift Code is usually for international money transfers that are being made between banks via bank wire. More detailed explanation on that later. Just keep following.
What Do I Need SWIFT Code For?
SWIFT Code are usually needed when you want to make an international wire transfer. It identifies the name of the country and the bank name which the transfer is being made.
Banks with SWIFT Codes have certain advantages over banks without SWIFT Code. One of the advantages of banks with Swift code is that it gives the right to different currency conversion. Therefore, for any direct international transfer, SWIFT Code must be made available and that makes banks without SWIFT code limited in this case.
Is BIC The Same As SWIFT?
BIC is an acronym which means Bank Identification Code. It is usually an 8 to 11-character code that is used to identify a specific bank when you make an international transaction. It does the same work as SWIFT, It’s just like a postcode for your bank, it makes sure that your money being transferred goes to the right channel.
Is SWIFT Code General For All GT Bank Branches?
Yes, irrespective of where the bank branch is the SWIFT code is the same for all GT Banks here in Nigeria. Even if you are in Lagos, Abuja, Kwara, Rivers and other places in Nigeria the SWIFT code is GTBINLA and it mostly carries the address of the bank’s head office.
How To Make Use Of A SWIFT Code
- Use the first four characters as the bank codes.
- Use the next two characters, which comprises of only letters as the country code.
- Next two characters can be a mixture of both numbers and letters.
- The very last three characters can be both letters and digits and they are not mandatory.
Now that you have been exposed to the above information, let me show you in detail SWIFT code for GT Bank.
GTBank SWIFT Code In Detail
The following is the correct GTBank SWIFT code:
GTBank SWIFT Code / BIC: GTBINGLA
Bank / Institution: GUARANTY TRUST BANK PLC
Address: 635 AKIN ADESOLA STREET, VICTORIA ISLAND
Every bank needs a SWIFT Code for successful international wire transfer. Any bank that don’t ask you for the swift code of the recipient bank please do the asking to find out why it is so, just to be sure that you are in safe hands.
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