Foreign Currency Inward Transfer (Fx Inflow)
These are foreign currency transfers received from other banks through our correspondent banks for further credit into GTBank customer domiciliary accounts. Currently GTBank customers can receive foreign currency inflows in USD, GBP and EUR. Other foreign currencies may be received, but must be converted to one of the three currencies stated above.
- An active domiciliary account in the currency being received.
- A proper remittance instruction through our correspondent banks.
Any amount in a foreign currency can be transferred to a GTBank customer from remitters in other banks both locally and offshore, for credit into the customer’s domiciliary account. The following information is required for successful application of transferred funds:
- Beneficiaries account number and name (As captured on BASIS)
- Our bank name (Guaranty Trust Bank)/ SWIFT code (GTBNGLA)
- GTBank’s account number with correspondent bank.
- Our correspondent banks name or SWIFT code.
Foreign currency Inflows in a customer’s ordinary domiciliary account can be withdrawn or utilized in four (4) different ways:
- Bank note (cash) withdrawal at any of our branches (subject to availability of cash)
- Telegraphic transfer (Foreign currency outflow)
- Foreign currency draft payable on our correspondent bank
- Sale to the bank for Naira credit
Please find attached the disposal instructions for transfer of funds to your account with Guaranty Trust Bank Plc:
- Credits above $10,000 or its equivalent in 3rd currency are reported to NDLEA & CBN as part of regulatory requirements. Suspicious foreign currency transactions are also reported to both bodies.
- Customers receive value for foreign currency Inflows when funds reflect in GTBanks account(s) offshore.
- It is imperative that the remitting bank includes the Beneficiary’s name and account number in the Swift message to enable us apply the transferred funds.
- Inflows received into individual accounts from individual remitters offshore must include details on the purpose of remittance as mandated by CBN.