Opay Swift Code in Nigeria and How to Use Them
Opay has become one of the leading financial technology (FinTech) companies in Nigeria, offering seamless financial services such as mobile banking, payments, and transfers.
However, for users who wish to perform international transactions, a vital aspect they must understand is the Swift Code. In this detailed guide, we will discuss everything you need to know about Opay Swift Code in Nigeria, its importance, and how to use it effectively.
What is a Swift Code?
A Swift Code, also known as a Bank Identifier Code (BIC), is a unique identification code used to facilitate secure and accurate international money transfers. It consists of 8 to 11 characters that represent the bank, country, and specific branch location.
For example, a typical Swift Code format looks like this:
AAAA BB CC DDD
AAAA – Bank Code (4 letters representing the bank name)
BB – Country Code (2 letters representing the country)
CC – Location Code (2 letters or numbers for the city)
DDD – Branch Code (3 optional characters for the specific branch)
Does Opay Have a Swift Code in Nigeria?
Currently, Opay does not have an official Swift Code because it operates primarily as a mobile money operator (MMO) and not as a traditional commercial bank. However, Opay partners with several licensed financial institutions in Nigeria that do have Swift Codes. This means users can still perform international transactions through Opay’s partner banks.
How to Find Opay’s Partner Bank Swift Codes
Since Opay relies on Nigerian commercial banks for certain transactions, you can use the Swift Codes of these banks when dealing with international transfers. Below is a list of some major banks in Nigeria and their Swift Codes
Since Opay partners with these banks, users can use these Swift Codes when transferring funds internationally through Opay-linked accounts.
OPAHGB22 Is The SWIFT code for Opay Holding Limited, which is registered in the United Kingdom. This is the head office code, and you can use it for SWIFT funds transfers.
How to Use Opay for International Transactions
Even though Opay does not have a direct Swift Code, you can still send and receive money internationally using the following methods:
Using a Partner Bank Account
Opay users who have linked their accounts with Access Bank, Zenith Bank, GTBank, or other Opay partner banks can use their bank’s Swift Code for international transactions.
Steps to follow
Open your Opay mobile app and navigate to the bank transfer section.
Select your linked Nigerian bank account.
Copy the Swift Code of the bank from the table above.
Provide your bank account details along with the Swift Code when receiving an international transfer.
Using Third-Party Payment Platforms
Since Opay does not directly support international transfers, you can use third-party services like Western Union, MoneyGram, Wise (formerly TransferWise), and Payoneer to receive funds and then transfer them to your Opay account.
Steps to follow
Register with a third-party international money transfer service.
Enter your Nigerian bank details (from your linked Opay account).
Use the bank’s Swift Code for processing the transaction.
Once the funds arrive in your Nigerian bank, transfer them to your Opay wallet for easy mobile transactions.
3. Using Opay’s Virtual Dollar Card
Opay provides a virtual dollar card that allows users to make online payments in foreign currencies. While this is not the same as a Swift Code, it is useful for international transactions.
Steps to get an Opay virtual card
Use the virtual card for international payments on platforms like Amazon, Netflix, and Google Play.
Benefits of Using Opay for Transactions
Opay offers several advantages when it comes to financial transactions, including:
Fast and Secure Transfers – Opay ensures quick transfers within Nigeria and to linked accounts in partner banks.
Low Transaction Fees – Compared to traditional banks, Opay offers lower fees for transactions.
24/7 Accessibility – The Opay app allows users to send and receive money anytime.
Easy Integration – Users can link their Opay wallets to traditional bank accounts.
Multiple Payment Options – Opay supports mobile money, bank transfers, and virtual card payments.
Challenges of Using Opay for International Transactions
Despite its benefits, Opay has some limitations when it comes to international money transfers.
Lack of a Direct Swift Code – Users must rely on partner banks for international transactions.
No Direct Foreign Currency Deposits – Opay does not support USD, EUR, or GBP deposits.
Limited International Withdrawal Options – Users must first transfer funds to a Nigerian bank before withdrawing internationally.
Advantages of Using Opay Swift Code
Even though Opay does not have its own dedicated Swift Code, using a partner bank’s Swift Code through Opay provides numerous advantages:
Seamless International Transactions – Users can send and receive money globally without needing a traditional commercial bank account.
Enhanced Security – Swift Codes ensure that international transactions are processed securely with minimal risk of fraud.
Faster Processing Time – Transactions using Swift Codes are processed quickly compared to conventional money transfer methods.
Global Acceptance – Swift Codes are internationally recognized, allowing smooth transactions with financial institutions worldwide.
Reliable Banking Network – Since Opay partners with reputable Nigerian banks, users benefit from a strong banking infrastructure.
Convenience – Opay users can access international financial services directly from their mobile app, making global transactions more accessible.
Lower Costs – Compared to other international money transfer services, using Opay with a partner bank’s Swift Code may result in lower fees.
Disadvantages of Using Opay Swift Code
Despite its benefits, there are some challenges and drawbacks to using Opay’s Swift Code through its partner banks:
No Direct Swift Code – Opay does not have its own Swift Code, requiring users to rely on partner banks for international transactions.
Limited Direct International Transactions – Users may experience restrictions when attempting direct international transfers through Opay.
Dependence on Partner Banks – Any service issues with the partner banks may affect transactions.
Exchange Rate Fluctuations – When using Opay’s linked bank accounts, users may be subject to currency exchange fluctuations, which could impact the final transaction amount.
Additional Transaction Fees – Depending on the partner bank, extra charges may apply for international transactions.
Frequently Asked Questions (FAQs)
Can I receive money from abroad using Opay?
Yes, but you need to use a partner bank’s Swift Code or a third-party money transfer service.
What bank is Opay linked to in Nigeria?
Opay partners with several banks, including Access Bank, Zenith Bank, and UBA.
Does Opay provide a USD account?
No, Opay does not offer direct foreign currency accounts, but you can use partner bank USD accounts or a virtual dollar card.
Can I use Opay to make international payments?
Yes, you can use the Opay virtual dollar card for online international payments.
What is the Opay Swift Code?
Opay does not have its own Swift Code, but you can use the Swift Code of its partner banks in Nigeria.
Conclusion
While Opay does not have a direct Swift Code, users can still perform international transactions using partner bank Swift Codes and third-party payment services. Understanding how to use Opay efficiently for international transactions ensures seamless financial operations. Whether you are receiving foreign remittances or making international payments, knowing how to navigate the Opay system can help you maximize its benefits. If you frequently conduct international transactions, consider linking your Opay account to a traditional bank with a Swift Code for a smoother experience.