Swift Code can be refers to as a cross-border and remittance agent. It ensures your money cross border safely and get to the exact bank where it's going in your country. In Nigeria, it's important to learn about Swift Code because many account holders in the country are mistaking a Swift Code to a NIBSS code. Although but are functioning in one direction but it's crucial to understand that a swift code is meant for international payment while a NIBSS code is for inter-bank transfer within Nigeria.
The rate of cross-border remittances to Nigeria nowadays have seen significant surge, and thanks to technology and innovations like blockchain that makes national borders remittance much easier. For individuals, organizations or businesses sending or receiving money across national borders, particularly international wire transfers or SEPA payments, it’s a good idea to understand what SWIFT codes are and how to find the right one for you.
In this article, I'm going to walk you through everything you need to know about Swift Code in Nigeria and how to know your bank swift code.
What is SWIFT Code?
A Society for Worldwide Interbank Financial Telecommunication (SWIFT) Code is an unique Bank Identifier Code (BIC) that identifies banks and other financial institutions around the world. The code works by identifying country, bank and branch that an account is registered to. In Nigeria, a Swift Code represents what a bank is and where it's located.
SWIFT/BIC is usually an 8-11 character code. The first 4 letters code representing the bank - it usually looks like a shortened version of that bank's name. The following 2 letters code representing the country where the bank is located, the next 2 characters can be made up of letters or numbers - it identifies where the bank's head office is located and the las t 3 digits specifies a particular branch of the bank.
Let's take for example Access Bank SWIFT Code in Nigeria: ABNG-NG-LA-XXX. This BIC code identifies Access Bank Headquarter that's located at Victoria Island, Lagos. However, note that if you're using another branch to receive money from abroad, then that XXX must be replaced with the branch 3 digits. More so, you should also note that the XXX in the head BIC code is not necessary or compulsory.
How to Find Swift/BIC Code
There are various ways to find your Bank's Swift/BIC Code. One of the ways is using a SWIFT Code Finder. Another way is contacting your bank and you can easily get the SWIFT/BIC code in your bank account statements.
Use these methods to find your Swift/BIC Code:
1. Find SWIFT/BIC Code in your Bank Statement
Kindly login to your financial institution mobile banking app or use the bank's internet banking service to get into your account. Navigate to transaction history and download your account statement. You'll typically find the SWIFT/BIC code of your bank in your bank statements.
2. Contact your Bank to get Swift/BIC Code
You can call your bank to get the branch Swift/BIC code. You can also walk in to your bank branch and ask for the swift/bic code or request your bank statement where you can get the identifier code easily.
3. Swift/BIC Code Finder
A Swift Code Finder is a tool or service that helps individuals and businesses locate their Bank's SWIFT/BIC code worldwide. There are various kind of Bank Swift Code Lookup and we'll be listing some of the best in this article.
Bank Swift Code Finder
Here's the list of Bank's Swift/BIC Lookup you can use to find your Bank's BIC:
- Wise SWIFT/BIC Code Finder
- The SWIFT Codes.Com
- Bank.Code Swift Code
- IBAN BIC Code Lookup
- Qonto Swift/BIC Finder
- Aspire SWIFT Code Checker Tool
- Standard Chartered Bank Code Finder
- Convera’s SWIFT/BIC Lookup Tool
- Transfez SWIFT/BIC Code Online Lookup
- TopRemit SWIFT Code / BIC Finder
FAQs
Is IBAN the same as SWIFT Code?
International Bank Account Number (IBAN) is a 34-character code that identifies particular bank account in a country in foreign countries. The IBAN is an account number that's denominated in foreign currencies like USD, GBP or EUR. You can use this account number for domestic and international payments and transfer. However, a SWIFT/BIC code identifies a bank, and an International Bank Account Number (IBAN).
Is Sort Code the same as Swift Code?
No, Sort Code is not the same as a SWIFT/BIC code. Although, the the codes work typically the same but a Swift Code is for international payment while the Sort Code, also known as Nigeria Inter-Bank Settlement Systems (NIBSS), is a unique bank code that facilitates electronic payments and interbank transactions in Nigeria.
