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 Rand account and deposited directly into the beneficiary’s foreign account and vice versa.
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
To make an electronic payment you need the following information:
- The beneficiary’s bank details, account number, name and residential address at hand when making an electronic transfer payment
- Your required documentation as called for in the SARB rules and regulations