|Bank Name:||African Bank|
|Universal Branch Code:||430000|
|Phone Number:||0860 333 004|
|BIC Code (Swift):||AFRCZAJJ|
What is a Universal Branch Code?
This is the unique identifier assigned to a particular bank branch. It is used for interbank transactions and serves as a standardized code to ensure accuracy and efficiency in processing transactions between different banks.
Benefits of Universal Branch Codes
The adoption of universal branch codes brings several advantages for both banks and customers. Firstly, it enhances convenience by eliminating the need to remember multiple branch codes for different banks. With a UBC, customers can initiate transactions without worrying about the specific code for each bank.
Secondly, Streamline internet banking transactions, making it faster and more efficient to transfer funds between accounts held at different banks. This simplifies processes such as electronic funds transfers, direct deposits, and bill payments.
Here are some common use cases:
1. Transferring Funds:
When transferring money between accounts held at different banks, enter the UBC instead of the specific branch code. This ensures that the transaction is routed correctly.
2. Making Payments:
When making payments, such as utility bills or credit card bills, provide the UBC along with the account details. This ensures that the payment reaches the intended recipient promptly.
3. Electronic Funds Transfers:
When initiating electronic funds transfers, enter the branch code to facilitate the seamless movement of funds between accounts.
Universal Branch Codes vs. Swift Codes
- Scope: Universal Branch Codes are used within a specific country and are valid for online transactions within that country. On the other hand, SWIFT Codes have a global reach and are used for international transactions involving banks worldwide.
- Format: They are typically numeric and may vary in length depending on the country or banking system. SWIFT Codes, on the other hand, follow a standardized alphanumeric format and have a fixed length of either eight or eleven characters.
- Usage: Universal Branch Codes are primarily used for domestic transfers and transactions within a specific country. They simplify the process of interbank transactions and ensure the accurate routing of funds. SWIFT Codes, on the other hand, are used for international transfers where the funds need to be routed across different countries and banking systems.
- Identification: UBC identifies specific banking institutions or branches within a country. In contrast, SWIFT Codes identify individual banks or financial institutions globally. SWIFT Codes also provide additional information such as the country, city, and branch-specific details.
Check our previously published article on Access Bank Branch Code.
All SA Bank Universal Branch Codes
- ABSA Bank – 632005
- African Bank – 430000
- Bank of Athens – 410 506
- Bidvest Bank – 462005
- Capitec Bank – 470010
- First National Bank – 250655
- Investec – 580105
- SA Post Bank (Post office) – 460005
- Standard Bank – 051001