In recent years, South Africa has developed a well-regulated banking system similar to other industrialized countries. It has attracted quite an interest from abroad and has seen large foreign players establish a presence within the country and acquire stakes in the local banks. In the World Economic Forum Global Competitiveness Survey in 2014, South Africa’s banking sector was ranked third out of 148 countries.
The South African banking payments system requires a six-digit branch code for incoming international transfers in addition to a SWIFT code. The branch code represents a specific bank and is mainly used for local transfers, however, including it in the details of the international transfer would make the process faster. Transferring money to South Africa usually takes up to 24 hours, however, in some cases it might take up to 48 hours for the bank to physically clear the funds to the beneficiary’s account. South
To complete an international transaction, with Covercy, to South Africa, you will need the following details: