Parallex Bank SWIFT Code in Nigeria: PARANGLA, BIC and International Transfer Details
A person receiving an overseas payment into a Parallex Bank account may encounter a field labelled SWIFT, BIC, SWIFT/BIC or BIC code. These labels generally point to the international bank identifier required by the payment system.
For Parallex Bank Limited, the eight-character SWIFT/BIC is PARANGLA. The eleven-character head-office form is PARANGLAXXX.
Parallex Bank International Transfer Details
| Item | Details |
|---|---|
| Bank name | Parallex Bank Limited |
| SWIFT/BIC | PARANGLA |
| 11-character form | PARANGLAXXX |
| Bank identifier | PARA |
| Country | Nigeria |
| Location code | LA |
| Listed location | Victoria Island, Lagos |
| Listed address | Plot 1261 Adeola Hopewell Street, Victoria Island, Lagos |
What Does PARANGLA Identify?
The code is made up of several components rather than being a random collection of letters.
PARA identifies Parallex Bank. NG identifies Nigeria, and LA forms the location component. The optional three-character suffix identifies a branch or office. For the head-office version, that suffix is XXX.
This gives two commonly encountered forms:
- PARANGLA — eight-character BIC
- PARANGLAXXX — eleven-character head-office form
When Would You Need the Parallex Bank SWIFT Code?
The code becomes relevant when a payment crosses international banking channels and the receiving institution has to be identified through the SWIFT/BIC system.
A Nigerian customer may need to provide it when receiving an international wire from an employer, overseas client, relative, business partner or another institution. It may also appear in instructions for corporate payments and foreign-currency transactions.
It is not normally necessary for an ordinary domestic transfer between two Nigerian bank accounts.
A Better Way to Think About the Transfer
Instead of treating the SWIFT code as the entire payment instruction, think of an international transfer as a collection of connected identifiers.
The SWIFT/BIC points to the financial institution. The account number points to the beneficiary account. The beneficiary name identifies the person or organisation receiving the funds. A correspondent bank, where applicable, provides part of the route between the originating bank and the Nigerian institution.
Leaving out any required component can create problems even when the SWIFT code itself is correct.
How Someone Abroad Can Pay a Parallex Bank Customer
Suppose a Nigerian freelancer has a customer in Canada. The customer wants to pay the freelancer’s Parallex Bank account through an international bank transfer.
The freelancer should obtain the current international payment instructions from the bank and provide the sender with the required beneficiary information. The sender’s bank will then determine which fields are necessary.
Where the payment form requests the beneficiary bank’s SWIFT/BIC, the relevant code is PARANGLA. If an eleven-character BIC is specifically requested and the head-office form is applicable, the sender may use PARANGLAXXX.
The sender should not independently replace the beneficiary bank’s BIC with the SWIFT code of a correspondent bank.
What Information Should the Beneficiary Prepare?
- Full beneficiary name
- Parallex Bank account number
- Bank name
- SWIFT/BIC
- Bank address where required
- Currency of payment
- Purpose of payment where requested
- Correspondent-bank information where supplied by the bank
Some payments may require additional documentation. The sending and receiving institutions can request information for regulatory and compliance purposes.
Why You Should Not Guess a Branch SWIFT Code
A common online-search mistake is assuming that every branch must have a unique SWIFT code. That is not how BIC structures necessarily work.
A bank can use a general institutional BIC for international payments while individual physical branches do not have separate SWIFT identifiers. If a specific branch code is required, it should come from the bank or the beneficiary’s official payment instructions.
Do not create a code by replacing XXX with random numbers or letters.
SWIFT vs NUBAN and Domestic Bank Details
Nigeria’s domestic banking system uses account numbers and domestic bank identifiers for local transfers. A SWIFT/BIC is designed for a different purpose.
| Detail | Use |
|---|---|
| SWIFT/BIC | International bank identification |
| Account number | Identifies the customer’s account |
| NIBSS/CBN bank identifier | Domestic electronic transfers |
| Sort code | Domestic bank/branch identification in applicable clearing processes |
What If a Transfer Form Says BIC Instead of SWIFT?
Do not be concerned by the different terminology. In ordinary banking usage, SWIFT code and BIC are commonly used to describe the same type of international institution identifier.
For Parallex Bank, the eight-character BIC is PARANGLA.
Potential Reasons an International Payment May Be Delayed
- Incorrect beneficiary information
- Incorrect or incomplete SWIFT details
- Missing intermediary-bank information
- Compliance review
- Currency or correspondent-bank restrictions
- Incorrect account information
- Payment sent using an outdated instruction
A delay does not automatically mean that the SWIFT code itself is wrong. International transfers can pass through multiple institutions and screening stages.
Frequently Asked Questions
What is Parallex Bank’s SWIFT code?
The eight-character SWIFT/BIC is PARANGLA.
What is the 11-character Parallex Bank code?
The head-office form is PARANGLAXXX.
Is PARANGLA used for international transfers?
Yes. It identifies Parallex Bank Limited within the international BIC/SWIFT framework.
Do I need PARANGLA for a Nigerian-to-Nigerian transfer?
Generally, domestic Nigerian transfers use domestic banking identifiers rather than SWIFT.
Can I use PARANGLAXXX for every Parallex Bank branch?
Do not assume that every branch has the same routing arrangement. Use the bank’s current instructions if a specific branch or payment route is stated.
Final Summary
The Parallex Bank SWIFT/BIC is PARANGLA, while PARANGLAXXX is the eleven-character head-office form. Anyone preparing an international payment should combine this information with the correct beneficiary account details and any correspondent-bank instructions required for the transaction.