What is the Ecobank Ghana Swift Code and how safely and securely can you use it for your international money transfers?
In today’s guide, we will show you everything about the Ecobank Ghana SWIFT code and what to use the system for.
Also, you will learn more about the nomenclature of the SWIFT or BIC code.
There is more you need to know, so just stay around and continue reading.
The SWIFT Code ( Society for Worldwide Interbank Financial Telecommunication), also known as the BIC Code (Bank Identification Code) is a unique nomenclature for each bank in the world.
The primary purpose of the SWIFT/BIC code is to identify the bank receiving the money transfer (also called the destination bank ).
In this case, the Ecobank Ghana SWIFT code is used to identify your bank account at the specified Ecobank branch here in Ghana so that the money will be deposited into that account.
Come to think of it this way:
There are several Ecobank branches in Africa (Nigeria, Kenya, Togo, Cameroon, Uganda, Tanzania, Zimbabwe, Congo, etc.)
It is possible that two (2) or more people may have the same Ecobank account number in different countries.
Assuming someone is sending money to your Ecobank account from abroad with only your account number.
Where do you think the money will be deposited?
It may end up hitting another account in say Cote d’Ivoire or Guinea.
It is because of these anomalies that have made the use of other security features like the BIC code very instrumental.
The identification of the accounts is essential for the security of the transactions that are carried out both nationally and internationally. And in the case of international money transfers, an identification process using the SWIFT code system is used.
You can, therefore, use the Ecobank Ghana SWIFT Code to make international transfers regardless of which country you are sending the money to or from which you are sending the money.
As we mentioned, these codes were developed to increase security when performing international money transfers in order to eliminate errors, lessen waiting times, and avoid additional costs.
You may want to read this: Ghana Commercial bank SWIFT Code.
How Can You Find The SWIFT Code Of Your Ecobank Branch
If you want to know the Ecobank SWIFT code (BIC) of your bank account, then you have to relax. There is no need to look far and wide for this kind of code. It is usually available at the websites of the various banks.
This bank code is the international code that allows a unique identification of each bank or credit institution or its branches.
In the case of Ecobank Ghana, all accounts will have a SWIFT code (BIC) like this: ECOCGHACXXX.
Although this code is necessary for sending money to family and friends outside the country, Ecobank Ghana does not need to report it in its collection and payment files.
List Of Ecobank Ghana SWIFT Codes For International Transactions
|Bank Institution||City/Location||Ecobank SWIFT Code|
|Ecobank Ghana Limited||Accra||ECOCGHACXXX|
|Ecobank Ghana Limited||Kumasi||ECOCGHACKSI|
|Ecobank Ghana Limited||Tema||ECOCGHACTMA|
|Ecobank Ghana Limited||Takoradi||ECOCGHACTDI|
This code consists of eleven (11) alphanumeric characters broken down into:
Bank Code: The first four (4) unique characters identify the financial institution (Bank) worldwide. For Ecobank Ghana, the bank code is ECOC.
Country Code: The next two (2) characters of the Ecobank Ghana SWIFT code identifies the country or geographic location where the central business unit of the bank is located. For Ghana, this section of the BIC code is represented by GH.
Location Code: The next two (2) characters identify, within a country or geographic territory, the region or city where the central business unit of the credit institution is located. Because most banks in Ghana have their head offices in Accra, the location code of the SWIFT code is represented by AC.
Branch Code: The last three (3) characters of the SWIFT code represents the specific office or branch of the bank.
Very few banks in Ghana have registered a SWIFT/BIC code for individual branches.
When there is no registered branch of the bank, then the last three (3) digit of the Ecobank Ghana SWIFT code is represented by “XXX”. And this is the branch code for the bank.
Recommended reading: Consolidated Bank Ghana Mobile Banking Code.
Ecobank Ghana Has Registered SWIFT Codes For Four (4) Locations
The Ecobank Ghana SWIFT code for the head office in Accra is what we have stated above, ECOCGHACXXX.
SWIFT/BIC code for the Ecobank Ghana branch in Kumasi is ECOCGHACKSI.
For Tema, it is represented by ECOCGHACTMA, and that of Takoradi is ECOCGHACTDI.
So you can see that the branch codes for Ecobank Ghana in Accra, Kumasi, Tema, and Takoradi are XXX, KSI, TMA, and TDI, respectively.
This means you can use the same BIC code ECOCGHACXXX for other Ecobank branches in say Osu, Legon, Koforidua, Cape Coast, Tamale, Sunyani, the Volta region, etc.
Furthermore, some people choose not to write the last three (3) digits of the BIC code. And when this happens, it means you are referring to the main branch of the bank.
In other words;
If the transfer is to a specific branch, the three-digit code corresponding to that office will be placed. If these digits are not written, it will be understood that the transfer is for the central bank.
As explained above, the last three digits of the SWIFT code are optional and are used if the transfer is to be made to a specific office and not to the main office.
Check out this too: GCB Mobile Banking Code.
What Is The SWIFT Or BIC Code And How To Know The Different Forms
Now that you have started to make the bank transfer and, more specifically, international payments, you will be exposed to a myriad of acronyms.
Some of these bank transfer codes include the following:
SWIFT: Society for Worldwide Interbank Financial Telecommunication
BIC: Bank Identifier Code (serve the same purpose as SWIFT)
CSC: Card Security Code
CVV: Card Verification Value
CVC: Card Verification Code
SPC: Signature Panel Code
IBAN: International Bank Account Number
Admittedly, understanding what all these bank transfer codes mean can be overwhelming.
But what is the purpose of the BIC code?
Like you have seen earlier, the code has numerous functions.
It facilitates the automatic processing of information in financial services for both financial and non-financial institutions.
The BIC is used to send messages, transmit financial transactions, and identify the parties involved. This standard applies to legal institutions and excludes individuals.
So why the SWIFT?
The creation of this standard procedure responds to the need to increase security and avoid possible mistakes when sending money between different countries.
See also: How To Activate FirstBank USSD Code.
The Difference Between BIC And IBAN Code
On many occasions, the BIC code is confused with the IBAN. Therefore, it is essential to know when to ask for one or the other to avoid transaction errors.
As we said, the SWIFT code identifies each of the banks that exist internationally while the IBAN code represents an existing bank account in these financial institutions.
As you saw earlier, the IBAN is an acronym for “international bank account number”.
It is extremely important for you to note that the IBAN is not internationally adopted bt all countries, and because of that, the structure is different from one country to another.
This is where you need to take extra caution when you are transferring money using the IBAN instead of the SWIFT.
Besides, you must know that the SWIFT code is also known as BIC (Bank Identifier Code), and therefore banking professionals use both terms interchangeably when referring to the same thing.
This means that if you are asked for this SWIFT identification number, they can refer to it in these two ways.
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When Are You Going To Be Asked For The SWIFT Code?
This code will be requested every time you go to make a money movement (payment or transfer) relative to a bank account that is in another country. For this reason, you must include this vital information in your invoices.
Otherwise, those sending you funds from abroad will have difficulties in making payments to your account.
Check this also: How To Register Wema Bank USSD Transfer Code.
Where To Find Your Ecobank Ghana SWIFT Code?
There are several ways to get this code.
Here at The Transfer Code, we are publishing the SWIFT codes for every bank, and because of that, you don’t need to go around looking for the SWIFT or BIC code for your bank.
If for any reason you didn’t find the SWIFT code for your bank on this website, you can do any of the following:
First of all, you can go to an office or branch of your bank and ask for the SWIFT code. In case you are not closer to your bank branch, you can check it out on the bank’s website.
However, these two options can only be made when you need the code corresponding to an account of an individual branch.
If you are just looking for the BIC code associated with your Ecobank Ghana branch or any financial institution, you can use any of the SWIFT code search engines available on the internet.
Read this: Heritage Bank Mobile Banking Code Activation.
Do All Bank Account Have A SWIFT Code
Not all bank accounts have a registered SWIFT code for money transfer. If you want to know if your bank has a SWIFT code then it is advisable to contact the customer service for confirmation. You can also go to the banking hall and ask if they have a SWIFT or BIC code for international money transfers.