Electronic transfers are the securest, fastest, and most reliable means of transferring funds to or from South Africa. To facilitate a smooth and secure transfer of funds, Absa uses the SWIFT (Society for Worldwide Interbank Financial Telecommunications) system. As the name suggests, this system is exclusively used by member banks.
When selecting an electronic transfer as payment method, funds will be debited from your account and deposited directly into the beneficiary’s foreign account.
SWIFT transfers are useful should you need funds to be transferred to you while you are abroad. Remember this in case of an emergency.
Absa’s SWIFT code is ABSAZAJJ.
Some benefits of electronic transfers:
- It is a risk-free and secure form of payment
- It is much faster than a bank draft, should time be critical
- You are able to stipulate the exact date of payment
- It is convenient and fast
- Funds received are available immediately or on value date
To make an electronic payment you need the following information:
- The beneficiary’s bank details, account number, name and residential address
- Any documentation required by the South African Reserve Bank (SARB)
How it works for online banking (On Absa Online):
An Absa Online registered customer (individual and business) can make use of the SWIFT service by clicking on the International Funds Transfer gadget under the Payments tab. The below options can be used to transfer money using SWIFT:
The below options can be used to transfer money using SWIFT:
- Pay beneficiary: This transaction will enable you to send money to an individual in another country making use of the SWIFT transfer service.
- You will need to first create a SWIFT beneficiary by using any of the following options:
- Under the Payments menu select the International Funds Transfer option
- Open the Add beneficiary tab
- Select the type of international service as SWIFT from the drop-down and capture the information against the mandatory fields
- Once created, there will be a waiting period of an hour as part of the Absa validation process
- Once done, you can send money to the beneficiary created by using the Payments menu and selecting the Pay beneficiary option
- Follow the step-by-step process as indicated on the Pay beneficiary menu option.
- You can e-mail documents for Balance of Payment (BoP) categories selected, with quote available real-time.
- Also available is the option to perform a SWIFT transfer as a future-dated payment or using a Fixed Forward Exchange Contract (FEC)
- You can also send monies overseas using the once-off payment option.
- A SureCheck will be sent to the you followed by a second SureCheck which will be sent before the result screen.
- You have the option to add the once-off payment as a beneficiary for future payments.
- Receive Funds: This transaction will enable you to receive money from an individual in another country making use of the SWIFT transfer service.
- You can perform a receive money transaction by selecting the Payments menu and the International Funds Transfer option
- Open the Receive Money tab
- The SWIFT instructions will be pre-populated.
- Follow the step-by-step process as indicated on the Receive Funds screens
- The bank will notify you of any incoming remittances from overseas on your RVN registered cellphone number or e-mail address.
- Trading hours: The SWIFT Transfer service will only be available online in the following time frames:
- 08:00 to 17:00 Mondays to Fridays
- This transaction type is not available on Saturdays, Sundays and Public Holidays
- Transaction limits: There is no minimum transaction limit for SWIFT transfers on Absa Online as a South African Reserve Bank Exchange Control limit will be applied per “Nature of Payment” (BoP code).
- The charge for this transaction type will not form part of your Absa Online monthly charge. The charge will be affected at time of transaction and will be shown to you before you accept the SWIFT transfer quote online. You will accept the quote and the charge together with the principal amount, will be debited from your ‘from’ account as was selected.
- Deal Receipts You can view or save the SWIFT transfers deal receipts in PDF which is available online under the Receipts History option and the Manage beneficiary option under the International Funds Transfer option
- The deal receipts are only available for successful transactions.
- The deal receipt can be presented to Reserve Bank (SARB) on demand as it is an official Absa document.
- Endorsed documents You can view the endorsed documents in PDF which is available online under the Manage beneficiary option under the International Funds Transfer option
- The documents are only available against successful SWIFT transfers against which documents were uploaded.
- The documents will be endorsed with the Absa eStamp and such endorsed documents can be presented to Reserve Bank (SARB) on demand
- The documents are only applicable for outgoing transactions and not applicable to incoming transactions.