Everything You Need to Know About GTB Swift Code

 Everything You Need to Know About GTB Swift Code

Swift Code is the standard format for Bank Identifier Codes. This is a unique identifying code that each bank in Nigeria possesses, including GTBank. This code is quite crucial when transferring money from one account to another, and it is much more critical when dealing with international money transfers. To execute the transaction, any foreign bank to whom you are sending funds will require the quick code.

This Swift code also contributes to the speed with which such overseas transactions are completed. If no fast code is supplied, the transaction may be unable to be completed or may be delayed, significantly impacting your financial situation.This Swift Code is used by banks to convey communications among themselves in addition to moving cash from one bank to another. Any communication delivered using Swift Code is in some ways more secure than any other method. This quick code also makes it easy to identify the source of the communication.

Bank Swift Codes are made up of 8 to 11 characters, with the major office using 8 digits. It is important to understand that Swift Code is written in a certain manner.

Swift code's first four numbers are written together followed by a space, then the following two characters are written together followed by another space, and the last three characters are written together followed by yet another space, for a total of 11 characters.

Swift code of a bank The first four characters are known as the bank code and are only offered in the form of letters. The next two characters, on the other hand, reflect the ISO 3166-1 alpha-2 country code in which the bank operates, which is only represented by letters.

However, the next two characters also show the bank's geographical code. This location code is represented by a combination of numbers and letters. When the bank becomes a passive participant, its second character will be digit 1.

The last three letters of a Swift Code represent the branch code or code for the branch. The code, however, is optional. As a result, Swift Code might occasionally be 11 or 8 characters long. Furthermore, the code designating the bank's main office can be expressed by both digits and letters.

There are currently up to 40,000 active codes that function with the Swift network. Furthermore, there are approximately 50,000 additional codes that are utilized for other manual transactions. Furthermore, these additional accessible codes are only assigned to passive Swift network users.

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication, and they are in charge of processing Swift Code registration internationally.

Here's the GTBank Swift Code.

GTBINGLA is the GTBank swift code. Guaranty Trust Bank Plc is the name of the bank. The headquarters are located at 635 Akin Adesola Street, Victoria Island, Lagos, Nigeria. Please keep in mind that the bank is actively connected to the Swift network and so accepts foreign money send to their customers.