Electronic Fund Transfer
Electronic transfers are fast, reliable and the most secure means of transferring funds from, or to, 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.
Electronic transfers are normally effected at the spot rate, i.e. the value of the foreign currency two business days hence, to enable banks to facilitate the exchange of the relevant currencies, and to move the funds into the account of the receiving bank.
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
Ensure that you have the beneficiary’s bank details, account number, name and residential address at hand when making an electronic transfer payment. Also remember the required documentary evidence as called for in the SARB rules and regulations