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Are you making international transactions where you need to use the Ghana Commercial Bank SWIFT code? Or maybe you saw BIC code on the online form you were filling and needed to know what it was and how to use the code.
The GBC SWIFT or BIC code is easy to get but you need to know what it is and how best you can use it for safe transactions.
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 ).
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 transactions, an identification process through the SWIFT code system is used.
You can, therefore, use the SWIFT Code to make international transfers regardless of which country you are sending the money to or from which you are sending the money.
Table of Contents
- 1 How To Find The Ghana Commercial Bank SWIFT Code For Your Account
- 2 List Of Ghana Commercial Bank SWIFT/BIC Codes For International Transactions
- 3 Ghana Commercial Bank (GCB) Has Registered SWIFT Codes For Four (4) Locations.
- 4 What Is The SWIFT Or BIC Code And How To Know The Different Forms
- 5 The Difference Between SWIFT/BIC Code And IBAN Code
- 6 When Are You Going To Be Asked For The SWIFT Code?
- 7 Where To Find Your GCB SWIFT Code
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 also read this: Ultimate Guide To GCB Mobile Banking Code.
How To Find The Ghana Commercial Bank SWIFT Code For Your Account
If you want to know the 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 Ghana Commercial bank, all accounts will have a SWIFT code (BIC): GHCBGHACXXX.
Although this code is necessary for sending money to family and friends outside the country, Ghana Commercial bank does not need to report it in its collection and payment files.
List Of Ghana Commercial Bank SWIFT/BIC Codes For International Transactions
|Bank Institution||City/Location||GCB SWIFT Code|
|Ghana Commercial Bank Limited||Accra||GHCBGHACXXX|
|Ghana Commercial Bank Limited||Kumasi||GHCBGHACKSI|
|Ghana Commercial Bank Limited||Tema||GHCBGHACTMA|
|Ghana Commercial Bank Limited||Takoradi||GHCBGHACTDI|
This code consists of eleven (11) alphanumeric characters broken down into:
Credit institution code: The first four (4) unique characters identify the financial institution (Bank) worldwide. For Ghana Commercial Bank, the code is GHCB.
Country Code: The next two (2) characters of the SWIFT code identify 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.
Locality 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 SWIFT code is represented by “XXX”. And this is the branch code for the bank.
Ghana Commercial Bank (GCB) Has Registered SWIFT Codes For Four (4) Locations.
The GCB SWIFT code for the head office in Accra is what we have stated above, GHCBGHACXXX.
SWIFT/BIC code for GCB branch in Kumasi is GHCBGHACKSI
For Tema, it is represented by GHCBGHACTMA, and that of Takoradi is GHCBGHACTDI.
So you can see that the branch codes for Ghana Commercial Bank in Accra, Kumasi, Tema, and Takoradi are XXX, KSI, TMA, and TDI, respectively.
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.
Read also: Consolidated Bank Ghana Short 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.
The Difference Between SWIFT/BIC Code 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.
When Are You Going To Be Asked For The SWIFT Code?
The SWIFT 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.
So it is advisable to know the Ghana Commercial Bank SWIFT code for your branch.
Where To Find Your GCB 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 bank or any financial institution, you can use any of the SWIFT code search engines available on the internet.