Lookup for BIC Code/ SWIT Code in South Africa

Officially name:Republic of South Africa (ZA)

Capital: Pretoria (executive), Bloemfontein (judicial), Cape Town (legislative)

National currency: South African rand (ZAR)

Cancellation: Cancellation notice must be received prior to processing of actual payment and/or advice of such payment to beneficiary.Thereafter, cancellation is only acceptable with consent of beneficiary.
Full details of original payment must be included in cancellation notice, which must be an authenticated cancellation message, including a MTn92.

Stop Payment of Cheques: Requirements vary from Institution to Institution. Most banks will require an authenticated message, such as an MT111.

Value Date(s): Transfers - A value date contained within a payment instruction would indicate the date on which payment should be made by the receiving bank, provided the instruction was received prior to the cut-off time. The bank making the actual credit to the beneficiary’s account must follow Exchange Control Rulings and Balance of Payments reporting requirements. In need, please contact your correspondents for further details.

Note: Foreign exchange markets are closed on Saturdays, Sundays and public holidays. Where a Public holidays falls on a Sunday, the following Monday shall be a public holiday. The country has established STP (straight through processing) guidelines for local currency (ZAR) clearing - where applicable please ask your local correspondent for a copy. In order to obtain STP all cross border inward payment instructions should contain a Balance of Payments category in field 72 of the message. These codes can be obtained on the Central Banks’ Website. Or from your authorized dealer/service provider.