Last updated on September 28th, 2022 at 06:57 pm
Receiving international payments is one of the things webmasters or bloggers deal with every time they receive promotional content from foreign-based companies.
Although most of the content promoters, most times, prefer to make payments through PayPal or Payoneer, some of them do an international wire transfer
To receive international wire transfer just the way bloggers receive Adsense payment, you would definitely need Swift code which is also known as SWIFT number
In this updated list, we’ve compiled all the 31 swift numbers you need to promptly receive international transfers. We’ll differentiate between sort code and swift code.
What is Swift code
Swift code is a standard format for Business Identifier Codes (BIC) which is used to identify banks and financial institutions globally. It says who and where they are — a sort of international bank code or ID.
Simply put, a swift code is an 8-digit code or characters associated with a Nigerian bank for customers to receive payment from abroad e.g ZEIBNGLA is the swift code for Zenith Bank Nigeria.
Apart from using the codes for international wire transfers or SEPA payments, banks also use these codes to exchange messages or communicate with each other.
Importance of swift code as a recipient
SWIFT code is also known as a Bank Identifier Code (BIC). You’ll need to give this code to anyone sending money to you from overseas. The code is made up of letters and numbers.
As the sender
If you’re sending money to someone overseas you’ll need to get the recipient’s SWIFT in order to do the transfer. Without it, cross-border can’t be done except you making an email transfer which is associated with PayPal and Payoneer.
Different country, different name, the same purpose
SWIFT codes and BIC codes are the same things and the terms are interchangeable. Other terms used by banks overseas include:
- CHIPS (Clearing House Inter-Bank Payment System) – US and Canada only
- NCC (National Clearing Code)
- BSC (Bank Sort Code)
- IFSC (Indian Financial System Code).
Example of swift codes for Nigerian banks and their meaning
As earlier pointed out, swift code is a unique 8 or 11 digit code or characters associated with a bank for the purpose of identifier in international transactions.
First 4 characters – bank code (only letters) ZEIB means Zenith Bank
Next 2 characters – ISO 3166-1 alpha-2 country code (only letters) NG stands for Nigeria. This is because Zenith bank’s swift number in Ghana is different from its headquarters in Nigeria.
Next 2 characters – location code (letters and digits) LA stands for Lagos, where Zenith’s headquarters is located.
SWIFT Codes for All Nigerian Banks
Below is a full list of sort codes associated with all financial institutions in Nigeria
|Nigerian Banks||Swift Code|
|United Bank for Africa Plc||UNAFNGLA|
|Fidelity Bank Plc||FIDTNGLA|
|First Bank of Nigeria Limited||FBNINGLA|
|Zenith Bank Plc||ZEIBNGLA|
|Guaranty Trust Bank (GTB) now Guaranty Trust Holding Company Plc (GTCO)||GTBINGLA|
|Union Bank of Nigeria Plc||UBNINGLA|
|Keystone Bank Limited||PLNINGLA|
|Titan Trust Bank Limited||TTRUNGLA|
|Unity Bank Plc||ICITNGLA|
|Access Bank Plc||ABNGNGLA|
|Sterling Bank Plc||NAMENGLA|
|Citibank Nigeria Limited||CITINGLA|
|Wema Bank Plc||WEMANGLA|
|First City Monument Bank Limited||FCMBNGLA|
|Heritage Bank Plc||HBCLNGLA|
|Skye Bank Plc now Polaris Bank Limited||PRDTNGLA|
|Stanbic IBTC Bank Plc||SBICNGLX|
|Standard Chartered Bank Nigeria Limited||SCBLNGLA|
|Providus Bank Limited||UMPLNGLA|
|Jaiz Bank Plc||JAIZNGLA|
|Globus Bank Limited||GLOUNGLA|
|SunTrust Bank Nigeria Limited||SUTGNGLA|
|Nova Merchant Bank||NVMBNGLA|
|Rand Merchant Bank||FIRNNGLA|
|FBNQuest Merchant Bank||KDHLNGLA|
|FSDH Merchant Bank||FSDHNGLA|
|Coronation Merchant Bank||CMBBNGLA|
|AFRICAN EXPORT-IMPORT BANK||AFXMNGLA|
|Kuda Bank||KUDANGBA234 is to receive payment from Payoneer|
Most times, first user may be confused about the purpose and usage of sort code and swift code, this shouldn’t be. There are similarities and differences between the two banking code.
What is bank Sort Code?
A bank sort code is an 11-digit mixture of characters and numbers for local transactions among banking institutions.
Sort code is used locally to trace the origin of the branch where a transaction is initiated. In Nigeria, for instance, banking customers may not necessarily need a sort code to make transactions, but when a huge amount is involved or there is a need to track the origin of payment, a sort code may suffice.
It’s also very important to point out that every branch of the bank has a unique sort code. For instance, if bank A has 2004 branches spread across the country, each of the branches will have their unique 11-digit sort code
Example of Bank Sort code in Nigeria
UNAFNGLA044 is the sort code for the Benin branch of United Bank For Africa Plc (UBA)while UNAFNGLA223 is used for its branch in Eziukwu,Aba, Abia State.
UNAFNGLA044: UNAF stands for United Bank For Africa, NG means Nigeria (the country the bank is domiciled), LA means the bank has its corporate office located in Lagos State while 044 stands for its branch in Eziukwu, Aba.
Last 3 characters – branch code, optional (‘XXX’ for primary office) (letters and digits)
What’s the difference between SWIFT Code and Sort Code
|Differences between SWIFT Code and Sort Code|
|SWIFT Code||Sort Code|
|It is needed to make international transactions or payment between banks||It is used for local transactions between banks|
|In Nigeria, Swift code is 8-digit, majorly characters||It is mostly 11-digit containing characters and number|
|Similarities between SWIFT Code and Sort Code|
|Both codes are associated with banking transactions|
|Both codes can be used to verify the origin of a payment|
How to get your bank’s swift code:
Most times, you can find this information online. It isn’t hidden information. Simply use a combination of your bank name and “swift code” and the code will pop up on Google search.
Alternatively, if you want to be sure, you can get a swift code of your bank on their official website or send a message to them on their social media platform