SWIFT is the acronym for Society for Worldwide Interbank Financial Telecommunication. The society provides a secure network over which banks all over the world send and receive information. Information is transmitted in a standardized and secure environment. The society is also charged with the responsibility of handling SWIFT Code registration.
SWIFT code is often required when carrying out international money transfers. SWIFT code is simply a standard format of Business Identifier Codes (BIC) used by banks when transferring money between them. So it is important to state that SWIFT code, SWIFT-BIC, BIC, BIC code, or SWIFT ID all refer to the same code.
What Does SWIFT Code Look Like
Typically, SWIFT codes are 8 or 11 characters long. They are usually alphanumeric which means that they can contain both numbers and letters. The is divided into four parts. The first four letters identify the bank or institution, the next two letters identify the country. The third part is made up of two letters and/or numbers and is the location code. The fourth part has three letters and/or numbers to identify the specific branch.
When funds are sent to the primary office or main branch of a bank, the last three characters can be omitted. This results in a SWIFT code with only 8 characters but transfers to other branches of a bank apart from the main branch will include the last three characters to give code with 11 characters. This helps to identify the specific branch of the bank to which the transfer is being made.
As explained above, a SWIFT code typically takes this format:
- The first 4 characters are the code for the bank (only letters);
- The next 2 characters are the country code (only letters);
- Next 2 characters are the location code (letters and digits);
- The last 3 characters represent the branch code (letters and digits).
GTBank SWIFT Code
All standard banks licensed to carry out international transfers must have a SWIFT code to facilitate such transfers. GTBank is no exception. To facilitate an international transfer to your GTBank account, the bank from which the fund originates will require GTBank’s SWIFT code. The code is provided in this article so that next time you need the code, you will easily pick it from here.
Swift code for GTB is provided below.
- Swift code: GTBINGLA
- Bank name: GUARANTY TRUST BANK PLC
- Branch name: GUARANTY TRUST BANK PLC
- Branch address: 635 AKIN ADESOLA STREET, VICTORIA ISLAND
- City: LAGOS
- Country: NIGERIA
International transfers made over the SWIFT network are faster and secure unlike those done without SWIFT code. Transactions carried out without SWIFT code be slow or impossible to process in some cases. This may lead to frustration and give you a negative banking experience.
The SWIFT network does not only allow banks to move funds internationally between them, but messages are also exchanged securely between banks over the network. Tracking of funds is equally easier when the transaction is done with SWIFT code. The source and destination of funds can be easily known.
Brief History Of GTBank
Guarantee Trust Bank is one of the leading financial institutions on the African continent. It was formed in the year 1988 by a group of over 35 young Nigerians. The group was led by Tayo Aderinokun and Fola Adeola, but other prominent members include the likes of Femi Pedro, Gbolade Osibodu, Femi Akingbe, and Akin Opeodu.
The bank was incorporated as a limited liability company in the year 1990. This gave it the license to provide commercial and other banking services to the Nigerian public. The bank commenced operations in February the following year and has grown to become one of the major banks in the country. GTBank became a publicly quoted company on the Nigerian Stock Exchange in September 1996.
In 2004, the bank raised over N11 billion from Nigerian investors to further expand its business when it undertook its second share offering. 3 years later, precisely on the 26th of July 2007, the bank became the first Subsaharan bank and the first Nigerian joint stock company to be listed on London Stock Exchange and Deutsche Börse.
The bank successfully raised US$750,000,000 at the IPO stage. Among its many achievements in Nigeria’s banking sector, GTBank can boast of being the first to introduce both online and SMS banking in Nigeria. Also, the bank was the first to introduce a Naira denominated Mastercard. GTBank became the biggest bank in Nigeria by market capitalization.
The bank till today remains one of the biggest and best banks in Nigeria with over 10,000 employees and numerous branches spread all over Nigeria.
SWIFT code is useful for making international bank transfers. As a standard bank capable of making and receiving funds internationally, GTB has its SWIFT code which has been provided in this article for those that need it.