A SWIFT code (also known as a SWIFT-BIC, BIC code, SWIFT ID, or ISO 9362 code) is a standard format of Bank Identifier Codes approved by the International Organization for Standardization (ISO). The code is used when transferring money between banks, particularly for international wire transfers. It can also be used to exchange other messages between banks.
As a global standard for secure financial messaging, SWIFT connects more than 11,000 financial institutions in over 200 countries and territories. These codes identify each bank involved in the transfer process and ensure the money reaches the right destination. SWIFT/BIC codes are used to identify specific banks and branches in international money transfers, making sure your money gets to the right place.
The SWIFT/BIC code for First Bank of Nigeria is FBNINGLAXXX. However, First Bank of Nigeria may use different SWIFT/BIC codes depending on the service or branch.
All SWIFT codes consist of 8 or 11 characters. An 11 digit code refers to a specific branch, while an 8 digit code (or one ending in 'XXX') refers to the bank's head office. Here's a breakdown:
- First 4 characters (letters only) - represent the bank code.
- Next 2 characters (letters only) - represent the country code.
- Next 2 characters (letters or numbers) - represent the location code.
- Last 3 characters (letters or numbers) - represent the branch code (optional).
SWIFT code registrations are handled by the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
Read also: Comprehensive SWIFT Guide
Important Note: The SWIFT code tool is provided for informational purposes only. Only your bank can confirm the correct bank account information. Before you use the SWIFT code, make sure you:
- Verify the bank: Double-check that the bank name matches the recipient's bank.
- Check the branch name: If you're using a branch-specific SWIFT code, make sure this branch matches the recipient's branch.
- Confirm the country: Banks have locations across the globe.
How do International Money Transfers Work? SWIFT Network Explained
How to Send Money Internationally with SWIFT
Here’s a step-by-step guide on how to send money internationally using the SWIFT network:
- Collect the Recipient's Account Details: You'll need the recipient's full name, bank account number, and bank name, and in some cases, the bank's address. The recipient should provide all this information.
- Identify Your Bank's SWIFT/BIC Code: Your bank's SWIFT/BIC code is an international code that uniquely identifies your bank. They should be able to provide this to you. Make sure you double-check it to avoid any errors.
- Log in to Your Online Banking System: Most banks allow international payments to be made online. The exact location of this section varies between banks, but it's typically found in the payments or transfers area.
- Enter the Payment Details: Input the recipient's bank details, including their SWIFT/BIC code and bank account number. You'll also need to input the amount you want to transfer and select the currency you want the recipient to receive. Make sure to double-check all the information before you proceed.
- Review the Payment and Fees: Before you submit the payment, review all the details to make sure they're correct. Your bank may display the transfer fees and exchange rate for the transaction. Make sure you're comfortable with these before you proceed.
- Confirm and Send the Payment: If everything looks correct, confirm the payment. Your bank will then send the money via the SWIFT network to the recipient's bank.
- Record the payment reference: After you've submitted the payment, your bank may provide a confirmation number or payment reference. Keep this number in a safe place in case you need to track the payment or address any issues later.
Check your SWIFT payment for errors before sending a SWIFT payment, double-check that the SWIFT code matches the recipient’s bank and that the account number and name are entered correctly. Even small mistakes can delay or block the transfer. Contact your bank if you've made a transfer with incorrect details.
Receiving a payment to First Bank of Nigeria in Nigeria? To receive an international payment to your First Bank of Nigeria account in Nigeria, you’ll need to provide the correct SWIFT/BIC code, account number, and other banking details. Make sure your sender has the right information to avoid delays.
Payment Formatting Rules for NGN:
Read also: Find GTBank's SWIFT Code
- Ordering Customer (SWIFT MT103 F50): Include account number, full name (no initials), and address of the ordering customer. Use of initials can delay receipt of funds by the beneficiary.
- Beneficiary Customer (SWIFT MT103 F59): Include account number, full name (no initials) address of the beneficiary customer. Use of initials may delay receipt of funds by the beneficiary. Include the beneficiary’s 10-digit NUBAN account number.
- Beneficiary Bank (SWIFT MT103 F57): Include SWIFT BIC with branch identifier (where required), full name, and address of the beneficiary bank.
There are no specific bank clearing codes for this country for cross-border payments. SWIFT BIC is key to routing payments to the beneficiary bank.
Alternatives to Traditional Bank Transfers
When you send or receive an international wire with your bank, you might lose money on a bad exchange rate and pay hidden fees as a result. That’s because the banks still use an old system to exchange money.
We recommend you use Wise, which is usually much cheaper. You join over 2 million customers who transfer in 47 currencies across 70 countries.
Benefits of Using Alternative Services:
- Lower fees We show you all fees upfront before you confirm your transfer so you know exactly what you're paying for. Our lower fees mean more savings for you.
- Faster transfers The majority of transfers are completed the same day. We understand that when it comes to your money, timing matters.
- Better exchange rates Our rates often outperform major banks, maximizing the value of your transfer.
Disclaimer: The SWIFT codes, bank names, addresses, and other related information provided on this page are for general information purposes only. While we strive to ensure accuracy, Xe does not guarantee that the information is complete, current, or error-free. The details may change without notice and may not reflect the latest data available from the respective financial institutions.
Xe makes no representations regarding the legal standing, regulatory status, or operational integrity of any bank, financial institution, or intermediary listed. We do not endorse or verify the legitimacy of any entity included, nor do we assume any responsibility for your use of the information provided.
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