How to deposit using SWIFT code?

How to Deposit Using SWIFT Code

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global messaging network that facilitates secure and reliable financial transactions between banks and other financial institutions around the world. It enables customers to transfer funds internationally using a standardized format and unique identifier known as the SWIFT code.

To deposit into an Absa bank account using a SWIFT code, follow these steps:

1. Gather Necessary Information:

• Your Absa bank account number
• Absa’s SWIFT code: ABSAZAJJ
• The clearing code: 632005

2. Inform the Sender:

• Provide the sender with the above information.
• Instruct them to initiate a SWIFT transfer to your Absa account.

3. Use Absa Online Banking (Optional):

• Log in to Absa Online Banking.
• Navigate to the “Payments” tab.
• Select “International funds transfer.”
• Enter the sender’s information, amount, and any other required details.

Additional Notes:

• SWIFT transfers typically take 1-3 business days to complete.
• There may be fees associated with SWIFT transfers, depending on the sender’s bank and the amount being transferred.
• Absa requires the clearing code 632005 for all incoming international funds transfers.
• Ensure the account details you provide are accurate to avoid any delays or errors.

Example:

To deposit USD 1,000 into an Absa account with the account number 1234567890, the sender would need to initiate a SWIFT transfer to:

• SWIFT Code: ABSAZAJJ
• Account Number: 1234567890
• Clearing Code: 632005
• Amount: USD 1,000

By following these steps, you can easily receive international funds into your Absa bank account using a SWIFT code.