Do you use want to transfer or receive money internationally? Do you need the SWIFT code of Unity bank? You are sure to find information about that in this article as it is the primary topic we will be covering.
Unity Bank Swift Code
The SWIFT code of Unity bank is ICITNGLA.
When asked to provide your bank SWIFT or BIC code, that is the code to present.
The code was formed by combining 3 different codes in this format ICIT-NG-LA. Each code has its own meaning and when combined, they make up the bank’s SWIFT code.
To make it easy for you to recall this code, let’s look at how it was formed;
Bank code: The bank code for Unity bank is ICIT, it is the first 4 characters of the SWIFT code (bank code comes first in every SWIFT code).
Country code: we are looking at Unity bank in Nigeria so the country code of Nigeria – NG – comes next; after the bank code.
Location code: the 2 last characters of the SWIFT code are LA and these are the location code of Lagos city. Lagos is used as the location of the bank in Nigeria because the head office of the bank is located there.
In some instances, the SWIFT code would need to contain the code of the bank branch where the account was created.
This code is made up of 3 characters and you just need to add it after the location code. For example if the bank branch code happens to be PPA, the SWIFT would then look like this; ICITNGLAPPA.
What are SWIFT codes?
If you want to send or receive money internationally, you will surely be required to provide the SWIFT or BIC code of the receiving bank.
These codes are the same thing and they are used to carry out money transfer services between banks; locally and internationally but mostly internationally.
You might be wondering, what is the work of a SWIFT code in transferring money? Can’t money be transferred without SWIFT codes?
Well, the work of a SWIFT code is to ensure that the money gets to the right bank, from there the bank can transfer it to the right bank account; money cannot be sent internationally without SWIFT codes.
If a wrong SWIFT code is provided, the money might not get to the receiver’s account; it may be deposited into a wrong account or simply returned to the sender.
Nowadays, the use of international money transfer services has made it very easy for money to be transferred between countries but, wire transfer is still widely used and SWIFT codes are needed for that.
As you transfer money internationally with SWIFT codes, it is important to note that SWIFT fees do apply.
Do you know unity bank swift code? I’m sure the answer now would be Yes! This code is very important so it is important that you know the SWIFT code of your bank.
This article was most recently revised and updated on May 7, 2021