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A List of SWIFT codes for South African banks
Sending money across international borders is done every day but for those who have to do this for the first time, an international remittance payment can be an intimidating task. Which is why many consumers looking to transfer forex between different nations often opt for the traditional banking system and using big banks that they trust.
The downside of international transfers with your bank comes into play when you send or receive an international wire with your bank, you might lose money on a bad exchange rate and pay hidden fees as a result. That’s because the banks still use an old system to exchange money.
If you're going to transfer money from an international account to a South African held banking account you will need to use the specific SWIFT ID for that specific bank.
What is a SWIFT code?
A banking Swift code is the standard format Bank Identifier Code (BIC) and is a unique identification code for a particular bank. Swift codes are used when transferring money and messages between banks. A Swift code consists of 8 or 11 characters.
Generally, when 8-digit codes are given, it refers to the primary office.
The makeup of a SWIFT code
- First 4 characters – Bank code (only letters)
- Next 2 characters – ISO 3155-1 alpha-2 country code (only letters)
- Next 2 characters – location code (numbers and letters)
- Lastly 3 characters – Branch code (optional)
What A the Swift Codes For South African banks
All the banks in South Africa have a unique identifying SWIFT code which you can find in the table below:
*Note: The foreign bank must use the Nedbank SWIFT code (NEDSZAJJ) in the "Receiver" and "Intermediary Institution" fields and Capitec Bank's SWIFT code (CABLZAJJ) in the "Account With" field to reduce the risk of delayed and lost payments
Tell us your money transfer story
Have you been frustrated with transferring foreign exchange for your business? How did you or the company overcome it? Are there any tips you would like to share on improving your reports? Share it with us in the comments.
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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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