Swift Codes: All SA Banks Swift Codes for International Payments
Why use swift codes?
Just a brief description about swift codes.
A swift code is a unique bank identifier code for international wire transfers.
It's mostly referred to as BIC - Bank Identifier Codes.
The code is used when sending and receiving money/messages between banks internationally.
Compared to branch codes, swift codes identify banks at the international level.
Here's a complete list of the top bank's swift codes in the country.
|SA Bank Name||Swift Code|
If you've noticed, the code is easily formatted to remember.
Here's the formula used for creating individual bank swift codes.
The first four (4) characters of the code represents the bank code. The nest two (2) will be the country code. And the next two (2) will represent location code. And lastly last three (3) characters would the branch code of that particular bank.
Hope that makes sense.
Why swift codes are not so popular...
When banks transfer messages and money abroad, they add a markup for the services rendered.
Therefore, the use of international branch code is not cost effective for many businesses and individuals.
You're likely to pay higher fees for the exchange rate.
Here's a review about swift code
I've personally had a bad experience with swift code.
I was supposed to receive money from an international affiliate company.
My earnings were about R650 but after processing the money with my bank, I only got about R300 of the money.
That's how bad it can become.