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Topic Summary

Posted by: Drealup
« on: June 23, 2018, 09:00:31 AM »

What is the swift code for GTBank?  - The swift code for GTBank is GTBINGLA .

What is swift code by the way? Swift Code is the standard format of Bank Identifier Codes(BIC). It is a form of identification each bank possesses. The codes are mainly needed for international online shopping or money transfers; all of which needs secure movement of money from one account to another.

Correctly defining a Swift code in a transfer quicken the rate at which such international transaction is done.  However, if swift code is not provided, the transaction may not be possible.

Apart from transferring money from one bank to another, the Swift Code is also being used by banks to send messages among themselves. As one would have guessed, messages sent using the Swift Code is more secure than ones sent in another way.

Swift codes should not be confused with sort codes, there may seem similar but are two distinct set of codes alltogether.

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication and they are the ones handling Swift Code registration.

Their headquarters is located in La Hulpe, Belgium. SWIFT is the registered trademarks of S.W.I.F.T. SCRL with a registered address at Avenue Adèle 1, B-1310 La Hulpe, Belgium.

There are eight(8) to eleven(11) characters making up any Swift Code.  The first eight(8) digits of the code are reserved mainly for the primary office of the bank.  The first four digits are written together followed by a space.

The next two characters are also written together followed by another space. The next two characters are written together followed by yet another space before the last three characters are written, bring the total to 11 characters( mainly for bank branches).

The first 4 characters of the Swift Code stand for the bank code and they are only provided in form of letters. The next two characters stand for the ISO 3166-1 alpha-2 country code of the bank, that is the geographical location of the bank and it is represented only by letters. The next two characters represent the code for the location of the bank. This location code is represented by a mixture of digits and letters. For passive participating banks, it will have “1” as its second character.

The last three characters in the Swift Code stand for the code for the branch or branch code. The last three code  for branch is most atimes optional as the main bank headquater's swift code is enough to activate a transaction. So, a Swift Code can either be 11 or 8 characters.  

This code representing the primary office of the bank can be represented by both digits and letters.

So in conclusion, the main swift code for GTBank is GTBINGLA. The Guaranty Trust Bank Plc has its head office at 635, Akin Adesola Street, Victoria Island, Lagos, Nigeria.