Polaris Bank SWIFT Code in Nigeria: PRDTNGLA, BIC and International Wire Guide
Finding the correct Polaris Bank SWIFT code is important when an international payment is being prepared for a Nigerian account. A SWIFT code identifies the receiving financial institution, while the beneficiary’s account number identifies the customer’s account.
The SWIFT/BIC associated with Polaris Bank is PRDTNGLA. Its eleven-character head-office representation is PRDTNGLAXXX.
Polaris Bank SWIFT Details
| Bank | Polaris Bank Limited |
|---|---|
| SWIFT/BIC | PRDTNGLA |
| 11-character BIC | PRDTNGLAXXX |
| Bank code | PRDT |
| Country code | NG |
| Location code | LA |
| Listed address | 3 Akin Adesola, Victoria Island, Lagos |
What the Polaris Bank BIC Means
Each part of PRDTNGLA has a purpose.
- PRDT — identifies the bank.
- NG — identifies Nigeria.
- LA — identifies the location component.
The head-office version adds XXX to create PRDTNGLAXXX.
Why Polaris Bank Has a SWIFT Code
International payments require financial institutions to exchange standardised payment information. A BIC provides an internationally recognisable identifier for the destination institution.
For a Nigerian recipient, the sender’s bank can use the BIC to identify the receiving bank while separately carrying the customer’s beneficiary information.
This is why a SWIFT code should never be treated as a substitute for the recipient’s account number.
Receiving Money from Abroad into Polaris Bank
Imagine a Nigerian company receives payment from a foreign customer. The customer asks for “bank name, account number and SWIFT code.” The company should provide its exact beneficiary information rather than simply sending the bank’s name and a code.
The payment instructions can include:
- Company or beneficiary name
- Polaris Bank account number
- Polaris Bank name
- SWIFT/BIC
- Bank address if required
- Correspondent-bank details if applicable
- Payment purpose
The originating bank may require additional information depending on the country, currency and nature of the transaction.
What Is PRDTNGLAXXX?
When an international payment system requires an eleven-character BIC, PRDTNGLAXXX represents the head-office version of the Polaris Bank BIC.
The three-character XXX suffix is significant. It is not an arbitrary extension added to make the code longer. It represents the head office in the BIC structure.
Branch Codes and Polaris Bank
A physical bank branch and a SWIFT branch identifier are not necessarily the same thing. A bank can operate many customer-facing branches without giving every location its own BIC.
Current public SWIFT lookup information lists the Polaris Bank head-office BIC and does not justify inventing separate codes for ordinary branches that have not been assigned verified BICs.
If a beneficiary receives a specific branch code directly from Polaris Bank for a particular payment, that instruction should take precedence over an assumed head-office code.
Polaris Bank SWIFT Code vs Sort Code
The two should not be confused.
A SWIFT/BIC is used for international identification. A sort code is associated with domestic banking and clearing. A Nigerian customer sending a normal local transfer should not enter the SWIFT code simply because the payment application contains a “bank code” field.
Example of an International Payment
Suppose a Nigerian exporter has a USD account with Polaris Bank and an overseas buyer needs to make payment.
The exporter provides the beneficiary’s account details and the bank’s applicable international-payment instructions. The buyer’s bank may request PRDTNGLA as the beneficiary-bank BIC.
If the payment form requires the eleven-character head-office version, the applicable code may appear as PRDTNGLAXXX.
If a correspondent bank is specified, its information belongs in the intermediary/correspondent section rather than replacing the Polaris Bank beneficiary details.
Why Correspondent Banks Can Appear in the Instructions
Nigerian banks may use correspondent banking relationships for foreign-currency payments. The intermediary bank provides part of the route through which the payment travels.
This means a transfer instruction can legitimately contain two different SWIFT codes: one for the intermediary and one for the beneficiary bank.
Seeing two SWIFT codes does not necessarily indicate an error. What matters is putting each code in the field specified by the payment instructions.
Common Polaris Bank Transfer Errors
- Using an outdated Polaris Bank code.
- Confusing SWIFT with a local bank code.
- Entering the correspondent bank as the beneficiary bank.
- Using an incorrect account number.
- Assuming every branch has a unique BIC.
- Changing characters in PRDTNGLA.
- Providing a beneficiary name that does not match the account.
Frequently Asked Questions
What is the Polaris Bank SWIFT code?
The SWIFT/BIC is PRDTNGLA.
What is Polaris Bank’s 11-character SWIFT code?
The head-office form is PRDTNGLAXXX.
What does PRDTNGLA stand for?
PRDT identifies Polaris Bank, NG identifies Nigeria and LA is the location component.
Is PRDTNGLA needed for local transfers?
Normally, no. Local Nigerian transfers use domestic bank identifiers and account information.
Does every Polaris Bank branch have a separate SWIFT code?
Not necessarily. Use a branch-specific BIC only where it has been directly provided and verified.
Conclusion
For international banking involving Polaris Bank, the key BIC is PRDTNGLA, with PRDTNGLAXXX representing the head-office form. A successful international transfer still depends on the complete beneficiary and correspondent-bank information, not the SWIFT code alone.