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The short answer
Parallex Bank Limited's SWIFT/BIC code is PARANGLA, or PARANGLAXXX in 11-character form, registered to its head office at Plot 1261 Adeola Hopewell Street, Victoria Island, Lagos (Remitly SWIFT directory, checked October 2026). A sender also needs your exact account name and 10-digit account number and should confirm with Parallex which currencies the account can receive and whether an intermediary bank applies.
If someone abroad is paying you into a Parallex Bank account, their bank will ask for a SWIFT code. It identifies the receiving bank on the international messaging network; your account number then identifies you. Getting one character wrong can delay the payment for days or send it back, less fees, so it is worth getting the details right the first time.
Parallex Bank SWIFT details
| Item | Detail |
|---|---|
| Bank name on the record | PARALLEX BANK LIMITED |
| SWIFT/BIC (8 characters) | PARANGLA |
| SWIFT/BIC (11 characters) | PARANGLAXXX |
| Branch code | XXX (head office) |
| Address on the record | Plot 1261 Adeola Hopewell Street, Victoria Island, Lagos, 101241 |
Source: Remitly's SWIFT code directory, checked in October 2026. We did not find the code published on a Parallex Bank page, so confirm it with the bank's customer care or your relationship officer before a first large payment.
Reading the code
- PARA
- Identifies Parallex Bank
- NG
- Nigeria
- LA
- Lagos, the location code
- XXX
- Head office. PARANGLA and PARANGLAXXX route to the same place.
What the sender needs
A SWIFT code alone does not move money. The sender's bank will ask for a set of details, and most rejected payments come from a mismatch in one of them.
- Beneficiary name exactly as on the Parallex account, with no nicknames or abbreviations.
- Your 10-digit Parallex account number.
- Bank name: Parallex Bank Limited, and the SWIFT code PARANGLA or PARANGLAXXX.
- Bank address: Plot 1261 Adeola Hopewell Street, Victoria Island, Lagos, Nigeria.
- Your own address, which many foreign banks require for compliance checks.
- The purpose of the payment, such as family support, salary or invoice payment.
- Any intermediary or correspondent bank details Parallex gives you for that currency.
Our explainer on IBAN, sort code, routing number and SWIFT covers how the different identifiers fit together.
Currency and account type
A foreign payment in US dollars or pounds should normally go into a domiciliary account in that currency. Sending dollars to a naira account may be converted on arrival or returned, depending on the bank's handling, and conversion happens at the bank's rate on the day. Before you share your details, ask Parallex:
- whether your account can receive the currency being sent, or whether you need a domiciliary account;
- which correspondent bank it uses for that currency, if any;
- what it charges to receive an inward transfer, and whether charges are deducted from the amount;
- how long a credit usually takes once the sender's bank has released it.
Charges usually come from three places: the sender's bank, any intermediary bank in the chain, and the receiving bank. The sender can choose to pay all charges, share them or pass them to you, which is why the amount that arrives can be less than the amount sent.
Worked example
Example only. A relative in the UK sends $500 with charges shared. Their bank deducts nothing from the principal, an intermediary deducts $15, and the receiving bank's inward charge is $10. You receive $500 − $15 − $10 = $475 into your domiciliary account. The actual charges depend on the banks in the chain and Parallex's own tariff, so ask for the current figure.
If speed or cost matters, SWIFT versus local payment rails compares the options.
Common mistakes that delay payments
- Using the name of a branch or a city other than the one on the SWIFT record, which some compliance teams query.
- Adding spaces or dashes inside the code. PARANGLA has no spaces.
- Confusing the letter O with the digit 0. SWIFT codes in this position are letters.
- Giving a shortened or married name that differs from the account name.
- Sending a currency the account cannot receive, which leads to conversion at an unexpected rate or a return.
- Leaving out the payment purpose, which can trigger a request for information and a hold.
If a payment does not arrive
- Ask the sender for the SWIFT confirmation (often called an MT103) showing the code, account number and amount sent.
- Send it to Parallex customer care, with your account number, and ask them to trace the inward payment. See Parallex Bank customer care for the published channels.
- Check that the name and account number on the confirmation match yours exactly.
Where Pryme fits
A Pryme account holds NGN, USD, GBP and EUR with local account details for each, so someone abroad can often pay you in their own currency without SWIFT. Money stays in the currency it arrived in until you choose to Swap. See multicurrency accounts.
Questions people ask
What is the SWIFT code of Parallex Bank?
PARANGLA, or PARANGLAXXX for the head office in Victoria Island, Lagos, according to the Remitly SWIFT directory checked in October 2026.
Is PARANGLAXXX the same as PARANGLA?
Yes. The XXX suffix denotes the head office, and both forms reach the same bank.
Can I receive dollars in my Parallex naira account?
Ask the bank first. Foreign currency normally goes into a domiciliary account in that currency; otherwise it may be converted or returned.
What address should I give for Parallex Bank on a foreign transfer?
Plot 1261 Adeola Hopewell Street, Victoria Island, Lagos, Nigeria, as on the SWIFT record.
Sources
- PARALLEX BANK LIMITED SWIFT code PARANGLAXXX (Remitly) · accessed Oct 2026
- Customer care numbers for banks and fintechs in Nigeria (TechCabal, 22 May 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.