Find SWIFT Codes in SOUTH AFRICA

In order to send a SWIFT payment to SOUTH AFRICA it is highly recommended to meet the following recommendations:

• Obtain all required bank information from the Beneficiary such as SWIFT BIC, account number, and beneficiary bank address.
• All foreign currency transactions between residents and non-residents must be reported to the South African Reserve Bank. Additionally, payments made to and from accounts held by residents abroad must also be reported.
• Non-residents are permitted to open and maintain domestic or foreign currency accounts locally, however, approval from the reserve bank is required for any foreign currency account. Residents are not permitted to open ZAR accounts abroad and resident or foreign currency accounts cannot exceed ZAR 2,000,000 equivalent.
• For the ordering customer (SWIFT MT103 F50), include the account number, full name (no initials), and address. Use of initials can delay receipt of funds.
• For the beneficiary customer (SWIFT MT103 F59), include the account number, full name (no initials), and address. Use of initials may delay receipt of funds.
• For the beneficiary bank (SWIFT MT103 F57), include the sort code, SWIFT BIC with branch identifier (where required), full name, and address of the beneficiary bank. The sort code should always be preceded with “//ZA” followed by the 6-digit bank code (Example: //ZA123456).
• For SWIFT BIC, use 8 or 11 alphanumeric characters in the format xxxxZAxx or xxxxZAxxxxx.
• It is recommended to include the purpose of payment as a reason for payment (SWIFT MT103 F70).
• For tax payments, include a unique 19 character Payment Reference Number (PRN) in the format /PRN/xxxxxxxxxxxxxxxxxxx.
• Ensure to use the SWIFT/BIC code of the beneficiary's bank and provide the beneficiary's address as required. Check with the bank for any additional requirements or changes in regulations.

For the following financial institutions in SOUTH AFRICA you can find a list of their correspondent banks with the currencies and nostro accounts. Also you will find an instructions how to track the payments and other useful information which will help you to send/receive a SWIFT funds transfer or investigate a status of existing payment.

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