Swift Code happens to be the standard format of Bank Identifiers Codes. This is a unique identification code which each bank in Nigeria has its own, same for GTBank. This code is very essential when you want to transfer money from one account to another and this is even more important if you are involved in international money transfer. Any foreign bank to which you are transferring the money will require the swift code to process the transaction.
This Swift code also helps to quicken the rate at which such international transaction is done. Once any swift code is not provided, the transaction may not be possible or it may be delayed and negatively impact your banking experience.
Apart from transferring funds from one bank to another, this Swift Code is also being used by banks to send messages among themselves. Any message sent using the Swift Code is somehow more secure than the one sent via any other means. This swift code also makes recognition of the source of the message well known.
Bank Swift Code is made up of 8 to 11 characters, which the primary office of the bank makes use of 8 digits. It is good to note that Swift Code is written in a specific format. Swift code’s first four digits are written together followed by a space, while the next two characters are also written together followed by another space and the next two characters are written together followed by yet another space before the last three characters are written, which brings the total to 11 characters.
Bank’s swift code first 4 characters is known as the bank code and they are only provided in form of letters. And the next two characters, on the other hand, stand for the ISO 3166-1 alpha-2 country code in which the bank is operating and this is represented only by letters.
However, the next two characters too represent the code for the location of the bank. And this location code is represented by a mixture of both digits and letters. Once the bank is a passive participant, then it will have digit 1 as its second character.
Every last three characters of a Swift Code stand for the code for the branch or branch code. Although the code is however optional. That is why sometimes Swift Code can either be 11 or 8 characters. And also, this code representing the primary office of the bank can be represented by both digits and letters.
Currently, there are up to 40,000 live codes that are in partnership with the Swift network. And there are over 50,000 extra codes that are being used for various manual transaction. Also, these other extra available codes are assigned only to passive participants in the Swift network.
This SWIFT stands for Society for Worldwide Interbank Financial Telecommunication, which are the ones responsible for the handling of the Swift Code registration globally.
Here Is GTBank Swift Code
The GTBank swift code is GTBINGLA. And the name of the bank is Guaranty Trust Bank Plc. While the head office is at 635, Akin Adesola Street, Victoria Island, Lagos, Nigeria. Please note that the bank is actively connected to the swift network and they therefore allow international money transfer for their customers.