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Branch Codes For South African Banks
Transferring money between various banks in South Africa can be somewhat annoying and frustrating at times, loading a new beneficiary is not the most straight forward process and we're often on our nerves about making sure account numbers and branch codes are correct before sending off a payment.
Having made a number of payments over the years It can be frustrating at times to find which is the correct South African bank branch codes to use. Banks are starting to realise how much of an inconvenience this is for their customers and are starting to opt for universal banking codes in certain cases.
Absa and Capitec use a universal branch code while FNB, Nedbank and Standard Bank use specific codes for each branch.
Branch Codes vs Universal Branch Codes
In South Africa we can choose from banking institutions that either have universal branch codes or banks that have individual codes for every branch. If you prefer a bank that is user-friendly offering a universal code for all the branches, you will soon discover there are many to choose from.
Why Branch Codes in SA?
Why do we need branch codes and which banks in South Africa use individual branch codes and which ones don’t?
For those of you who bank at Absa and Capitec Bank for example, both have have Universal Branch Codes which is perhaps one of the most user-friendly options as far as banking is concerned, whereas other financial institutions don’t make use of this universal branch code option.
If you, like so many individuals are often at a loss as to what your branch code is, universal codes could make life a lot easier;this is particularly useful when it comes to internet banking.
Why the need for South African Bank branch codes at all?
A bank code is one that has been given to a central bank by the Banking Association of a particular country by its licensed banking institutions. As with all banking rules and regulations, banking differs vastly from one country to the next as do all the codes, and can be found online for ease of access.
South African Universal Banking Branch Codes
|South African Bank||Universal branch code|
|ABSA Bank||632 005|
|Bank of Athens||410 506|
|Bidvest Bank||462 005|
|Capitec Bank||470 010|
|SA Post Bank (Post Office)||460 005|
|Standard Bank||051 001|
Note: If you plan on transferring money from an overseas or forex account you may need to use a South African bank SWIFT code.
Tell us your money transfer story
Have you been frustrated when transferring money in a personal capacity or for your business? Are there any tips you would like to share on improving your reports? Share it with us in the comments.
Are you looking to promote your business?
South African finance business owners can create your free business listing on nichemarket. The more information you provide about your business, the easier it will be for your customers to find you online. Registering with nichemarket is easy; all you will need to do is head over to our sign up form and follow the instructions.
If you require a more detailed guide on how to create your profile or your listing, then we highly recommend you check out the following articles.
If you enjoyed this post and have a little extra time to dive deeper down the rabbit hole, why not check out the following posts on money tips.
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- Why Blockchain and Cryptocurrency Is The Future Of Money
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- Invoicing In South Africa: All You Need To Know