A Swift Code or BIC is a Bank Identifier Code used to distinguish banks and their respective branches. Swift is a acronym used for (Society for Worldwide Interbank Financial Telecommunication) is also known as BIC (Business Identifier Code).These standard codes are used for international money transfer between world banks and their branches. Every Country has particular structure for Swift Code and every character in the swift code has some symbolic meaning.
SWIFT codes is a collection of 8 or 11 characters. Complete 11 digit swift code refer to specific branch of the world, whereas 8 digit codes (or those ending in 'XXX') refer to the head office of that particular bank. Swift codes consists of 4 main parts and format of swift code is explained below:
First 4 characters (XXXX) are for bank name - also known as bank code,(contains only letters)
Next 2 characters (YY) are for country prefix - ISO 3166-1 alpha-2 country code,(contain only letters)
Next 2 characters (ZZ) are for location code,(contains letters and digits)
Last 3 characters (AAA) are for branch code, optional - 'XXX' for primary office (contains letters and digits)
|BANK NAME||CITY||BRANCH||SWIFT CODE|
|NIGERIAN INDUSTRIAL DEVELOPMENT BANK LTD||LAGOS|
Click here to get the list of swift codes of Nigeria Bank in City: LAGOS
Click here to get the details of Nigeria Bank (NIDBNGL1XXX) swift code.
TransferWise has super smart technology to transfer money Internationally, which will save your money from abroad transactions as compared to the bank transactions in the older days which charge huge hidden charges and take so many days to transfer money into your account. Do hassle free transactions with TransferWise inorder to have complete funds security and mental satisfaction that your funds will reach destination within stipulated time and have a safe delivery to your accounts. Following are the benefits of doing transactions with TransferWise:
1: Low transaction cost, much cheaper than others
2: Easy and fast money transactions.
3: Secure Bank transactions into your foreign bank accounts
4: More than 50 Currencies supported.
5: Wide network of more than 100 Countries.
6: 10 million happy customers around the globe.
7: 5 star rating and near about million reviews on TrustPilot.
1: Parents transfer University fees, Schooling fees or other expense funds to their kids abroad.
2: Business parties transfer funds to each other.
3: Persons working abroad transfer funds to their parents, relatives or family.
4: Account to Account transfer from one country to other before moving to that country.
5: Online salaries are transferred to employees by companies.
6: Freelancers work money are transferred.
7: Online Fees for any services like Legal, Visa etc.
8: Transfer your funds to family business accounts.
9: Online charities to NGO's.
10: Investors to invest money in foreign currencies.