- Branch Codes
- Branch Codes vs Universal Branch Codes
- Here are a couple of examples that might tweak your curiosity:
- Why Branch Codes in SA?
- Why bank codes at all?
- More about Swift codes for banks in South Africa
- Nedbank Zimbabwe Tellers Blame Management For Forex Scam
- Listed below is a list of the banks in South Africa that use universal codes
Bank branch codes can be difficult for you to find, that's why we have built a full branch code system here, to help you find the exact branch code you are looking for in a fast and simple way!
Absa and Capitec use a universal branch code while FNB, Nedbank and Standard Bank use specific codes for each branch.
There are numerous other banks that you can also find branch codes for here. Simply click in the block below to get started.
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.
Did you know that different countries right across the globe vary regarding banking and Branch Codes?
Here are a couple of examples that might tweak your curiosity:
- In Australia there are a couple of interesting methods incorporated into the way the Australian banking institutions go about implementing their branch codes; in the early 70’s BSB (Bank State Branch) identifiers were introduced into the Australian banking system together with the intro of MICR or cheques to automate the process and procedure of data capturing by the various banking institutions, which was also incorporated to assist with mechanical sorting and bundling with old-style cheques for speedy clearance.
Unsurprisingly, in today’s modern world BSB’s are used for electronic transactions, as cheques are not the norm when banking takes place. For those not in the know, a BSB, otherwise known as a Bank State Branch is the name given that describes Australian banking codes.
- The Czech Republic, on the other hand, has Branch Codes that are made up of four digit bank code digits preceding the account holder’s account number – the branch cannot be identified from the bank code in this country.
- In Belgium, on the other hand, all bank accounts have 12 digits and no separate branch codes.
Each account number has a protocol number which is the number by which one could see which bank the customer banks at.
- In Greece account numbers always consist of seven digits; the first three digits of bank account figures belong to the individual account holder and the last four always the branch or relevant banking institution.
If you are sold on the idea of universal banking or branch codes – take note that these could come in really handy especially when conducting internet transactions.
Here you can choose from numerous offerings including ABSA Bank, Bank of Athens, Bidvest Bank, Capitec Bank, FNB to name a few.
Perhaps in the near future all banking institutions in South Africa will catch on to this very user-friendly method of using universal branch codes.
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 bank 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.
- It is easy to confuse local Branch Codes with international banking codes, which is known as a SWIFT code.
- SWIFT codes are not only used here in South Africa but in numerous other countries, too.
More about Swift codes for banks in South Africa
- SWIFT codes make use of International Bank Account Numbers integrating Branch Codes into the prefix by making use of IBAN account numbers.
- A Swift code is the typical set-up of Bank Identifier Codes, otherwise known as BIC.
Nedbank Zimbabwe Tellers Blame Management For Forex Scam
Each Swift Code is a unique identification code for each individual bank.
- Swift codes are used when money or messages are transferred from one bank to another.
- Swift codes can consist of either eight or eleven digits.
Listed below is a list of the banks in South Africa that use universal codes
- ABSA Bank (632005).
- Bank of Athens (410506).
- Bidvest Bank (462005).
- Capitec Bank (470010).
- FNB (254005).
- Investec Private Bank (580105).
- Nedbank (198765).
- SA Post Bank (460005)
- Standard Bank (051001)
When looking for a bank or looking to change banks to one with universal branch codes to make this a more user-friendly option, there are plenty of possibilities to choose from, and perhaps in the near future all codes will be universal to make searching for branch codes a thing of the past!