Parallex Bank is a Nigerian commercial bank that transitioned from a microfinance bank into a national commercial bank, known for its technology driven, customer focused approach.
This complete guide covers everything you need to know about banking internationally and locally with Parallex Bank, including its SWIFT code position, how to receive money from abroad, its USSD code and mobile banking, how to open an account, its contact details, and a full profile of Parallex Bank itself.
A SWIFT code, also called a BIC (Bank Identifier Code), is an internationally recognised code that identifies a bank during a cross border transfer. It is managed by SWIFT, the Society for Worldwide Interbank Financial Telecommunication, the global network banks use to send secure payment instructions to one another.
Parallex Bank SWIFT Code
The SWIFT/BIC code for Parallex Bank is PARANGLA. This single code is used for the bank right across Nigeria, so whatever branch or city your account belongs to, the same code, PARANGLA, is used to receive international transfers into it.
Most Nigerian banks, including Parallex Bank, use a single SWIFT code for the whole bank rather than a different one for each branch. When an eleven character version is requested, the code is written as PARANGLAXXX, where the final XXX refers to the bank’s primary (head) office.
Bank
Parallex Bank Limited
SWIFT/BIC code (8 characters)
PARANGLA
SWIFT/BIC code (11 characters)
PARANGLAXXX
Head office city
Lagos
What is a SWIFT/BIC Code?
A SWIFT code, or BIC, is a standard Bank Identifier Code used to identify banks around the world. It tells anyone sending money internationally exactly which bank, in which country and at which location should receive the funds, working much like the international postal address of a bank.
Every SWIFT code is either eight or eleven characters long. An eight character code, such as PARANGLA, refers to a bank’s head office, while an eleven character code adds a three character branch identifier at the end; when this is XXX, it still points to the head office. For Parallex Bank, the eight character code is all you need to receive an international transfer.
Parallex Bank SWIFT Code Explained
Each part of PARANGLA has a specific meaning, as shown in the table below.
Part
Code
Meaning
Bank code
PARA
Identifies Parallex Bank Limited
Country code
NG
Nigeria
Location code
LA
Lagos, where the head office is based
Branch code
XXX
Primary / head office (optional, only in the 11 character form)
How to Receive International Money into Parallex Bank
To receive money from abroad into your Parallex Bank account, give the sender the details below, and their bank will route the transfer through the SWIFT network.
Account holder’s name (exactly as on your account)
Account number (your ten digit Parallex Bank account number)
Bank name: Parallex Bank Limited
SWIFT/BIC code: PARANGLA
Bank address: Victoria Island, Lagos, Nigeria
Nigeria does not use the IBAN system, so if a sender’s form asks for an IBAN, leave it blank and provide the SWIFT code and account number instead. For foreign currencies such as dollars, pounds or euros, you will usually need a domiciliary account with Parallex Bank. International transfers typically arrive within one to five working days, depending on the sending bank and any intermediary banks involved.
How to Send Money Abroad from Parallex Bank
Parallex Bank customers can also send money abroad, usually from a domiciliary account. To make an international transfer you provide the recipient’s bank details, including their bank’s SWIFT code, their account number or IBAN, their name and their bank’s address. Transfers can be arranged at a branch or, for eligible customers, through the bank’s digital channels.
International transfers from Nigeria are subject to the limits and documentation set by the Central Bank of Nigeria, and Parallex Bank applies its own exchange rate and charges, so it is worth confirming the current details, limits and fees before sending a large amount.
Parallex Bank Sort Codes and Branch Codes
A sort code is different from a SWIFT code. It is a nine digit number that identifies a specific Parallex Bank branch for domestic transfers within Nigeria, such as NEFT and RTGS. Each branch has its own sort code.
Unlike the single SWIFT code, Parallex Bank has many sort codes, one per branch. For everyday transfers through the app or internet banking you will not need to type one, but it may be requested for certain direct payments. You can obtain your branch’s sort code from the branch or from customer care.
About Parallex Bank
Overview and History
Parallex Bank grew from a microfinance bank into a national commercial bank, receiving its commercial banking licence in the early 2020s and rebranding as a full service, technology driven bank.
The bank focuses on digital banking and personalised service, serving retail, commercial and corporate customers across Nigeria.
Leadership
Parallex Bank is based in Lagos, Nigeria, with its head office at Victoria Island, Lagos. It is led by its Managing Director and Chief Executive Officer, Olufemi Bakre.
Services
Parallex Bank offers retail, commercial and corporate banking services, with an emphasis on digital banking, quick onboarding and support for individuals and businesses.
Digital Banking
Parallex Bank is a strongly digital focused institution. Customers can bank through the Parallex mobile app and internet banking, along with internet banking where available, which together allow transfers, airtime and data purchases, bill payments and account management, in many cases even without an internet connection.
Size and Reach
Parallex Bank serves its customers through a focused branch presence and digital channels, reflecting its recent transition into a national commercial bank.
Parallex Bank Branches
Parallex Bank has a branch network across Nigeria, with a presence in major commercial centres such as Lagos, Abuja and Port Harcourt, complemented by ATMs, agent banking and electronic channels. Because all branches share the same SWIFT code, PARANGLA, you can receive an international transfer regardless of which branch holds your account.
Parallex Bank Contact and Customer Care
Head office
Victoria Island, Lagos, Nigeria
Customer care
+234 1 631 0031, or through parallexbank.com
Email
customercare@parallexbank.com
Website
parallexbank.com
SWIFT/BIC
PARANGLA
Fees, Exchange Rates and Cheaper Alternatives
Whenever money is sent internationally, the cost is more than the visible fee. Banks and providers also apply an exchange rate when converting currencies, which can include a margin above the mid market rate, and on larger amounts this margin can cost more than the fee itself.
It is always worth comparing the total cost, not just the advertised fee. Specialist services such as Wise often use the mid market rate with a clear separate fee, while a domiciliary account with a commercial bank lets you receive and hold foreign currency directly. Comparing your options before you send or receive can save you money.
Quick Facts About Parallex Bank
SWIFT/BIC code: PARANGLA (PARANGLAXXX in full)
Full name: Parallex Bank Limited
Head office: Victoria Island, Lagos
Founded: 2022
Managing Director and Chief Executive Officer: Olufemi Bakre
Website: parallexbank.com
Frequently Asked Questions
What is Parallex Bank’s SWIFT code?
Parallex Bank’s SWIFT/BIC code is PARANGLA, written in full as PARANGLAXXX.
Does Parallex Bank have different SWIFT codes for different branches?
No. Parallex Bank uses a single SWIFT code, PARANGLA, for all of its branches nationwide.
Is Parallex Bank’s SWIFT code the same as its sort code?
No. The SWIFT code (PARANGLA) is for international transfers, while sort codes are nine digit numbers that identify individual branches for domestic transfers.
How do I receive money from abroad into my Parallex Bank account?
Give the sender your account name and number, the bank name, the SWIFT code PARANGLA, and the bank’s address. Foreign currencies usually require a domiciliary account.
Does Nigeria use IBAN?
No. Nigeria does not use IBAN. Provide the SWIFT code and account number instead.
Summary
In summary, the SWIFT/BIC code for Parallex Bank is PARANGLA (PARANGLAXXX in full), used for the whole bank across every branch. To receive money from abroad, provide this code with your account name and number, remembering that Nigeria does not use IBAN and foreign currencies usually need a domiciliary account.
SWIFT/BIC codes change when a bank restructures, merges, or opens new international operations, and some Nigerian institutions route international transfers through a correspondent bank rather than a code of their own. Before you send money, confirm the code directly with the bank, through its official app or customer care line, or by looking the institution up in the official SWIFT/BIC directory at swift.com. Sending to an incorrect or outdated SWIFT code can delay a transfer by days or route it to the wrong institution, and recovering misrouted funds is slow and sometimes costly. The details on this page are compiled from the bank’s own published information and the SWIFT registry.
