How to Get and Use GTBank Swift or Sort Code, Routing & Iban Number

When filling a form involving a local or foreign transaction, we often see fields with details like sort code, routing number, or IBAN, among others. All banks, including GTBank, are using these features; however, only a handful of persons know what they really represent and what they are used for. This article brings you up to date with details about GTBank swift or sort code and how you can obtain all these codes for your transactions.

What Is A Swift Code?

Swift is an acronym for Society for Worldwide Interbank Financial Telecommunication. It is a network that allows financial institutions worldwide to exchange and receive financial transaction information in a safe, standardized, and reliable environment. Swift also sells financial institutions software and services, much of which is intended for use on the SWIFTNet network, as well as ISO 9362 Business Identifier Codes (BICs, formerly Bank Identifier Cod; sometimes known as “SWIFT codes.”

A bank’s Swift code is a one-of-a-kind way of identifying that bank when making interbank transactions and, more significantly, international payments. The codes are also used to send and receive communications between various financial institutions. More so, it is worthy to note that the usual Nigerian bank Swift code is normally 8 or 11 characters long and are arranged as follows:

  • The first 4 characters, which are all letters is the bank code
  • The 2nd and 3rd characters, which are also given in letters represent the country code
  • The 4th and 5th characters, which may come in digits and letters represent the location code
  • The last 3 characters, which are usually optional, represent the branch code

How To Get The GTBank Swift Code

The general Swift code for GTBank is GTBINGLA, this code can be used to identify all GTBank accounts in international transactions. If you happen to forget the code as a Guarantee Trust Bank customer, you can easily request it from the customer care service unit of the nearest GTBank.

More so, GTBank customers can have access to this code by searching for it via online Swift code search platforms. Once you have gained access to the SWIFT code search platform, choose Nigeria as the country and navigate to the ‘Bank’ section and choose Guarantee Trust Bank (GTBank). When you click on search, the bank’s Swift code, GTBINGLA will load. This is a more convenient way of getting the bank’s Swift code instead of going to the branch to get it.

How To Obtain Guarantee Trust Bank’s Sort Codes

The domestic bank codes used to route money transfers between financial institutions in a country are known as sort codes. Although these numbers are like swift codes, they are only used for local transfers. More so, each individual bank branch has its own sort code that is referenced during bank transfers between other branches and banks.

It is also important to note that the bank sort code needed for your local transactions corresponds with the sort code of the bank branch your account was open in. For Guarantee Trust Bank, the different sort codes can be obtained from the bank’s website.

Does GTBank Make Use Of Routing Number?

The routing number is a 9 digit numerical code that is used to identify a certain financial institution when sending money to the United States. It is also used for domestic transfers however, this only applies to banks in the United States or banks under the Automated Clearing House (ACH) network. Therefore, Guarantee Trust Bank’s usage of the routing number is solely for foreign transactions with banks in the United States or under the Automated Clearing House network.

The routing number code is written in the following format: AAAA BBBB C and this format can be interpreted as follow:

  • AAAA is for the Federal Reserve routing symbol
  • BBBB is for the American Bankers Association Institution Identifier
  • C is the check character

What Is The IBAN Number?

An International Bank Account Number (IBAN), is a globally recognized numerical system for identifying a foreign bank account. The number is made up of a long string of characters which consists of both alphabets and numbers. These alphanumeric characters are used to check the validity of an international transaction.

IBAN was initially developed to make payments inside the European Union easier, however, it has been adopted by most European countries, as well as a number of countries in other parts of the world, primarily in the Middle East and the Caribbean. As of March 2021, the IBAN numbering system is now being used by 78 nations across the globe.

With regards to GTBank, persons who would like to make international transactions via their platform to designated international banks can visit the bank’s page for foreign transactions. When you are on the page, you will find the details that will be used for all foreign transactions and the IBAN number for each transaction will be displayed alongside other information like Sort codes and Swift codes.

Other Frequently Asked Questions About These Codes

Although the usage of these codes is common in foreign transactions, many people are still struggling to grasp what they actually stand for and how to differentiate them. Some of the frequently asked questions about sort and swift codes include:

Question 1: Is the sort code the same as the Routing Number?

Answer: The Sort code and routing number are used for the same purpose, that is, they are both used to reference a particular bank branch for both local and international transfers. However, the major difference between them is that the routing number is used in the United States while the sort code is used in the United Kingdom and several other countries, including Nigeria.

Question 2: What is the difference between IBAN and SWIFT codes?

Answer: The International Bank Account Number (IBAN) and the Society for Worldwide Interbank Financial Telecommunication (SWIFT) code are two internationally recognized and standardized means of identifying bank accounts when a transfer is made from one country to another. However, the distinction between the two lies in the information they provide. For an international transaction, a SWIFT code is used to identify a specific bank, whereas an IBAN code is used to identify an individual account engaged in a foreign transaction.

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