Universal Branch Codes for FNB, Absa, Nedbank, Standard Bank, Tymebank And More
While it’s not simple to remember the branch code where you’ve opened your banking account, it’s always required when making EFT or online payments.
The use of a universal branch code has since been introduced to address this particular problem for many consumers to easily make payments without stressing about the misallocation of funds during a transfer.
So today we’ll list the universal branch codes for major banks in South Africa for your convenience.
Let’s dive right in.
Universal Branch Codes for Major Banks
|Bank of Athens
|SA Post Bank (Post Office)
What is a Universal Branch Code?
A universal branch code is a generic and user-friendly 6-digit number for all the branches of a bank. This single code is used to identify branches and allocation of money when an internet payment is made.
Branch codes are essential in ensuring that financial transactions are processed efficiently and accurately. They help to quickly identify the specific branch of a bank where a particular account is held. This is especially important for electronic transfers, where the code is used to route the transaction to the correct branch.
Additionally, branch codes are used to distinguish between different accounts held by the same person in different branches of a bank. This is particularly useful for large banks with multiple branches, as it helps to ensure that transactions are processed to the correct account.
Most importantly, banks are slowly moving away from issuing branch-specific codes for new bank accounts, instead, they’ll offer a single universal code for all the accounts.
They even made it easier to make payments online. For example, on the FNB app, you can simply select the bank to which you’d like to pay and it’ll automatically populate the universal code for you.
How Long Does EFT Payment Take?
Even though you’ve used the correct branch code for the account number you’re making payment into, it’ll still take some time for the money to reflect unless you request instant payment that comes at a fee.
It is a normal process, banks need some time to verify the money transfer and allocate the funds accordingly since the usage of a universal branch code.
It takes about 72 hours for an EFT payment to reflect on the other bank account. And almost instantly when sending to the account number of the same bank.
We also found payments between FNB and Capitec bank take about 4 to 6 hours to fully process while other banks (Absa to Nedbank, etc…) can take longer up to 72 hours.