In today's increasingly globalized economy, cross-border remittances have become a vital component of financial activities for both individuals and businesses. This extends beyond trade payments between corporations to encompass scenarios such as overseas education, family migration, investments, and personal support.
However, international money transfers often present challenges, particularly regarding how to ensure successful fund delivery. Union Gabonaise de Banque (UGAB) addresses this by providing clear SWIFT/BIC codes to facilitate seamless international transactions.
What Is a SWIFT/BIC Code?
Before examining UGAB's specific details, it's essential to understand SWIFT/BIC codes. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) operates a global financial messaging network that standardizes communication between banks, financial institutions, and certain corporations.
Each participating institution receives a unique SWIFT code, also called a Bank Identifier Code (BIC). These 8-11 character codes identify banks and their geographic locations. Nearly all international transfers require the recipient bank's SWIFT/BIC code to ensure accurate and timely fund delivery.
Key Point: Always verify SWIFT code accuracy before initiating transfers to prevent unnecessary delays.
Union Gabonaise de Banque Overview
Headquartered in Libreville, Gabon, Union Gabonaise de Banque (UGAB) offers diversified banking services including personal banking, commercial financing, and investment management. With extensive experience supporting Gabon's economic development, UGAB has established itself as a key financial institution.
UGAB's SWIFT/BIC Code Details
The primary SWIFT/BIC code for Union Gabonaise de Banque is UGABGALIXXX . While some banks use different codes for specific services or branches, UGAB's main code typically suffices for most transactions. Confirming the correct code with recipients remains crucial to avoid transfer issues.
Essential information for transfers:
- SWIFT/BIC Code: UGABGALIXXX
- Bank Name: UNION GABONAISE DE BANQUE
- Address: AVENUE DU COLONEL PARANT
- City: LIBREVILLE
- Country: GABON
Utilizing SWIFT/BIC Codes for Transfers
1. International Transfers to UGAB
When sending funds internationally to UGAB accounts, provide the SWIFT code UGABGALIXXX to your originating bank. Note that local banks may charge international transfer fees.
2. When Specific Branch Codes Are Unavailable
If recipients cannot provide branch-specific codes, the main UGABGALIXXX code generally ensures successful transfers to UGAB accounts.
3. Centralized Payment Processing
UGAB's centralized processing system uses the main code, enhancing efficiency and transfer speed.
Transfer Processing Times
While UGAB aims for same-day processing for most cross-border transfers, actual delivery times may vary due to factors including:
- Interbank processing times across countries
- Transfer amounts
- Involvement of intermediary banks
- Foreign exchange regulations
Key Considerations for International Transfers
To optimize transfer success:
- Verify recipient details: Double-check account names, numbers, and SWIFT codes
- Understand fees: Inquire about all applicable charges
- Maintain communication: Confirm banking details with recipients beforehand
- Know transfer limits: Be aware of any country-specific restrictions
As global financial integration continues, institutions like Union Gabonaise de Banque play a crucial role in facilitating efficient cross-border transactions through standardized systems like SWIFT/BIC codes. Proper verification of transfer details remains essential for seamless international money movement.