Nigeria Universal Bank LTD. SWIFT/BIC code

What KNUBNGL1 means for a payment to Nigeria Universal Bank LTD.

The short code KNUBNGL1 and the 11-character code KNUBNGL1XXX identify the same bank: Nigeria Universal Bank LTD., with its head office in Lagos. Banks worldwide use these codes to direct payments between countries to the correct bank. It comes up mostly for transfers between countries or a currency.

On this page you can read what the code means, when you need it and which other details a transfer to or from Nigeria Universal Bank LTD. requires. Remember that the BIC only identifies the bank, not the account: the IBAN or account number does that part.

Protect yourself against fake payment requests

Scammers often use payment requests containing changed bank details. That KNUBNGL1 is a real code is no guarantee that the account is legitimate; criminals use the codes of real banks too.

Check changed bank details via a separate channel, such as a phone number you already know, never via the email that asked for the change. Urgency or secrecy tend to be warning signs. If a payment was sent to the wrong account, call your bank right away: the sooner they act, the better the chance of a recall.

Fraud can also work the other way. Someone claims to have sent more than agreed and wants you to refund the difference via a different route. A payment confirmation from the sender is no proof – check your own account.

Getting paid from abroad into a Nigeria Universal Bank LTD. account

When you are waiting for a payment from another country, send the payer all details at once. What they need is: your name, account number or IBAN, KNUBNGL1XXX and, for some countries, your postal address.

You can include the bank name and Lagos too. Check each detail before you share them, because the sender’s bank usually copies them as is.

The amount you receive can be lower than what was sent. Correspondent banks can take a fee and your own bank may charge for processing, and if the money is converted, a markup on the rate applies. On invoices, it is common to agree who bears the costs, so that nobody is left short.

Why Nigeria Universal Bank LTD. has an 8- and an 11-character code

A SWIFT code is made up of fixed blocks: the first four letters stand for the bank, the next two give the country and the two after that mark the location. Together, these eight characters form KNUBNGL1.

XXX at the end of KNUBNGL1XXX is not a missing value or a mistake: it stands for the main office of Nigeria Universal Bank LTD.. Certain payment forms insist on 11 characters, in which case you simply enter XXX behind KNUBNGL1.

Type the code in one piece, in upper case and without spaces. Copying the code beats retyping it, because one wrong letter changes the bank.

How up to date is this code?

Our SWIFT/BIC directory is based on public sources. It can happen that information here is out of date. Figures such as the number of codes are from our directory and may differ from what Nigeria Universal Bank LTD. publishes.

Before any payment that matters, check the BIC with the recipient’s bank or with the recipient. GoldexPay is not affiliated with Nigeria Universal Bank LTD.. Found outdated information? Tell us via our contact form and we will look into it.

Choosing between the 2 SWIFT codes of Nigeria Universal Bank LTD.

We have 2 SWIFT/BIC codes for Nigeria Universal Bank LTD. in 2 cities. Next to the head office code KNUBNGL1XXX, you will find codes for branches, departments or specific services.

In most cases there is no need to pick a branch: payments addressed to KNUBNGL1XXX are routed within Nigeria Universal Bank LTD. without problems. Just use a branch code when the account holder gives you that exact code, for example on a letter or invoice.

Not sure which code to use? Ask the recipient, or look at a recent statement from Nigeria Universal Bank LTD.. Codes for branches are more prone to change than the head office code.

Verifying the SWIFT code of Nigeria Universal Bank LTD.

The most reliable source for a SWIFT code is the recipient’s own bank details: an invoice, a bank statement or their online banking. When the code you were given does not match KNUBNGL1 or KNUBNGL1XXX, stop and ask.

An incorrect BIC may lead to a delay, a returned payment or additional charges. Remember the IBAN: an error there can be more difficult to correct than a wrong code.

Most online banking apps check the structure of an IBAN and sometimes look up the BIC automatically, but that does not prove the account belongs to the right person. If your bank offers it, a name check before sending adds extra certainty. A small test payment can be worth it for large sums.

Tracking a transfer to or from Nigeria Universal Bank LTD.

A SWIFT payment usually takes anywhere from one to several business days – it depends on currency, route and the banks in between. Transfers sent late in the day or just before weekends and holidays often go out the next business day. Sometimes a bank asks about the purpose of a payment, which can hold things up.

If a transfer is late, contact the sending bank about the tracking status or the UETR so they can trace it along the chain. Money transfer services often provide a status in their app showing how far the payment has got.

Only the sending bank can request a trace or a recall – the recipient’s bank often cannot see a payment that has not arrived. On the receiving end, you can check your statements to see a partial amount, since fees may have been deducted.

Paying someone abroad from your Nigeria Universal Bank LTD. account

The price of an international transfer is made up of several parts, and the transfer fee is only the most visible one. You pay the fee for the transfer itself, possibly fees charged by intermediary banks in between and, above all, the margin on the exchange rate when the money is converted.

That exchange rate margin tends to be the biggest cost. A simple test: put the rate you get against the mid-market rate for the same moment and work out the difference on your amount.

Specialised transfer providers often offer a rate near the mid-market rate. Before your next transfer, take a minute to compare the total cost via GoldexPay instead of going straight to your bank. You can still use your account at Nigeria Universal Bank LTD. to fund the transfer.