Branch code is very significant when making a payment or online transactions.
It's a problem for most clients' faces when they want to make an urgent payment and they can't find a branch-specific code.
The solution is to use a universal branch code. Most banks in South Africa have adopted the use of universal branch codes to make your life easier.
In fact, Capitec Bank no longer issues a branch-specific code but rather a generic code that's easy to remember.
Without wasting your time, let's get started.
What is a Universal Branch Code?
Universal branch code is a generic or single code for all branches of a bank.
The generic code was introduced to solve one common customer problem - the ability to make online payments safely reach the intended account number.
Previously, when you try to make a payment online, the bank system always requires a bank-specific code in order to allocate the funds quicker to the right account.
But today, you can never go wrong with the universal branch code and be sure the money will be transferred securely to the correct bank account.
Universal Branch Codes
Here's a complete list of the branch codes for all the banks in South Africa.
- Universal branch code for Standard Bank: 051 001
- FNB Universal Branch Code: 250 655
- ABSA Bank Universal Branch Code: 632 005
- Capitec Bank Universal Branch Code: 470 010
- Universal branch code for Nedbank: 198 765
- TymeBank Universal Branch Code: 678910
- Bank of Athens Universal Branch Code: 410 506
- Universal branch code for Bidvest Bank: 462 005
- Investec Universal Branch Code: 580 105
- SA Post Bank (Post Office) Universal Branch Code: 460 005
When To Use The Universal Branch Code
Whenever someone wants to make payment online via EFT, they'll need two things:
- Account number
- Branch code
A branch code will be used to identify the bank/area in which the account was opened. However, as indicated with the above Capitec example, banks no longer issue bank-specific codes rather the universal branch code.
The universal branch code makes banking easy and helps customers do banking faster than it used to be.