First Bank Swift Code | Answers to All your Frequently Asked Questions

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First Bank Swift Code | Answers to All your Frequently Asked Questions.

You have probably come across the need to find a First Bank swift code (or BIC code) because you were asked for it through web banking while trying to wire money to a different bank than yours. This article provides you with information regarding the First Bank swift code and why it is very important.

What is a SWIFT code?

A SWIFT code (or BIC code) is a unique code that identifies financial and non-financial institutions and is mainly used for international wire transfers between banks. It is a set of 8 or 11 digits that represents a bank branch. You’ll need to use one when sending money internationally.

Banks use SWIFT for international transfers, but it’s not the most efficient or cost-effective solution as you might get a bad exchange rate and pay high fees. We recommend using TransferWise, which is up to 5x cheaper and gives you a great rate.

First Bank Swift Code

Sending or receiving money from abroad to FIRST BANK OF NIGERIA LTD in Nigeria? Find the right BIC / SWIFT code with our FIRST BANK OF NIGERIA LTD SWIFT code finder.

First Bank swift code is a unique identifier for every institution’s branch in the world. This code is absolutely vital for transferring money securely from one institution to another and our site is a specialized search engine for these codes and the institutions that carry them.

Please remember to always confirm the correct code with the bank or recipient before sending any money.

These codes are known as swift codes due to the organization that first introduced them (SWIFT – Society for Worldwide Interbank Financial Telecommunication) but were later standardized as BIC (Business Identifier Codes).

A swift code can be formed with either 8 or 11 characters. Generally speaking, most of the time, you will only need the eight-character swift code, that consists of 3 parts: the identifier of the institution (4 characters), the identifier of the country (2 characters), and the identifier of the location (2 characters).

However, in some cases, if your bank processes payments through a specific branch you will need the eleven digit code which includes the branch identifier as well.

FAQs

Is a SWIFT code the same for all branches?

Not every bank branch has a SWIFT code, which means you can usually use the code for the bank’s head office. Find your SWIFT code here.

Do I need an IBAN number as well?

It depends on the country you’re sending money to. In the Eurozone, you’ll always need an IBAN and a SWIFT/BIC code. Banks in the USA use SWIFT codes, but they don’t use IBANs. It’s the same in New Zealand too. More on IBAN numbers.

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