Commonly known as Bank Identifier Code (BIC), a swift code is a unique code which identifies a particular bank, and used when transferring money and information between banks.
A Swift code consits of 8 or 11 characters.
Swift Code consist of 8-digit 4-2-2 as shown below
First 4 characters – Consist of letters only and represents Bank code
Next 2 characters – Also consisting of only letters it represents ISO 3155-1 alpha-2 country code
Next 2 characters – And location code can be numbers and letters
All the banks in south africa have Bank Identifier Code.
ABSA SWIFT Code:ABSAZAJJ
FNB SWIFT Code:FIRNZAJJ
Standard Bank SWIFT Code:SBZAZAJJ
Nedbank SWIFT Code:NEDSZAJj
Capitec SWIFT Code:CABLZAJJ
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