Capitec Bank is the second-largest retail bank in South Africa with up to 13.9 million active customers, of which 6.2 million customers make use of their online banking platforms. If you are one of these 6.2 million customers, you should be familiar with Capitec Bank’s universal bank code and swift code as these codes are very important for online transactions. If you are not already familiar with these codes, it’s nothing to worry about. This post will give you all the information you need to know about Capitec branch codes, universal code, and swift code; and understand what they are used for.
Capitec Bank Branch Code is a Universal Code – For All Its Branches
Keeping our banks’ branch code in mind is something we oftentimes, easily forget to do. As easy to forget as this code is, keeping it in mind will be of uttermost importance especially if you are someone who does a lot of transactions online. Bank codes differ for all the different banks in South Africa. And in some banks, like Capitec, the branch code is a universal one, that is, it is the same as the branch code for all its branches. Whereas for banks like ABSA, the individual branches have different branch codes which are also different from the universal branch code. The reason why banks have Universal Branch codes and branch codes is to ensure security and accuracy during money transfers.
What is a Bank Branch Code and What is it Used for?
A bank branch code is a set of six-digit numbers that is peculiar to the bank and is used to ensure that money transfer goes to its accurate destination. It is also called generic bank codes, and all the different banks in South Africa have a unique universal branch code.
The use of bank codes has made online banking less complicated and more accurate. Therefore, as a customer of any South African bank, you should know your bank code because this code is used for money transfers to any bank, no matter the branch.
Capitec Bank Does Not Have Branch Codes
Unlike other banks like FNB and Nedbank Limited who have specific branch codes which serve as an identity for the individual branches, Capitec Bank does not. Instead, the bank uses a universal code that serves as one identity for all their branches, which means the 13.9 million customers of Capitec bank have to know just one code in order to make online and cellphone transactions.
Although having branch codes helps to make online transactions easier and more specific, even without the use of branch code, Capitec bank has been able to simplify online transactions for their clients.
Branch Code and Universal Branch Code May Differ
A branch code serves as an identity for a particular bank branch and when used during online and mobile transfers, your exact bank and branch can easily be identified, whereas a universal branch code is only specific to your bank and not your branch. So when the universal branch code is used for transactions, only your bank can be identified, as your specific branch may not be known.
This means that if you are a customer of a bank that uses branch code, do well to know not just your universal branch code, but your branch code as well. You can get your bank codes from your bank’s official website or by calling your bank’s customer care center and requesting them.
Branch Codes and Universal Codes can be Used Interchangeably at Capitec Bank
Since Capitec bank does not use branch codes for their individual branches, the universal code and branch code can be used interchangeably. Capitec universal branch code is a six-digit number that can be used to make transactions anywhere around South Africa. So when making transactions, you don’t have to worry about knowing the different branch codes for each location. All you need to know is just one code which is the universal code as well as the branch code.
Capitec Universal Branch Code
A good number of the 6.2 million customers of Capitec bank who are involved in online banking find it difficult to remember the Capitec bank universal code. Not to worry, you can easily save this page or bookmark it so that whenever you need to make use of the Capitec Universal Branch code, you can easily come back to it.
The Capitec Universal Branch code is 470 010. This code can be used to make transactions no matter the branch or location. But if you really need to find a specific Capitec branch, keep reading to find out how to find your branch name, code, and location.
A Capitec Branch Locator Can Help You Find Your Branch Code
No doubt, there is certainly a reason why the Lafferty Group has named Capitec Bank the best bank in the world for two years in a row, and of course, there is also a good reason why over 120,000 people move to Capitec bank every month. Capitec is best at making banking less complicated for its clients. In order to help clients find a specific branch and ATM, Capitec has a Capitec branch locator. And just like the Capitec Send Cash app, the branch locator is very easy to use.
How to use the Capitec Branch Locator
- Visit their official website
- Tap the menu bar at the top right corner of the home page
- Tap on quick info
- Tap on ‘Find a Branch’
- Turn on your phone’s location and tap on the blue ‘Nearest’ button.
- Filter out the search
- Tap on ‘Find’
What to Know About Capitec Bank Swift Code
Capitec Bank also has a Swift Code, otherwise called a Bank Identifier Code (BIC), which is used to identify your account’s country, bank, and branch during transactions. It is used mainly for international transactions to avoid making transactions to the wrong accounts. So whenever you are making a transaction and a BIC is required, just bear in mind that it is the same thing as your Swift Code.
Just like the Capitec universal branch code, the Swift Code is the same for all Capitec bank branches. Capitec Swift Code is an 8-character code made up of a bank code, a country code, a location code, and a branch code. The Capitec Bank Swift Code is CABLZAJJ-XXX.
What To Do if You Use the Wrong Bank’s Code
You should try as much as possible to avoid making the mistake of using another bank’s code for your transactions. In a situation where you have made such a mistake, you should call your bank as soon as possible to see if the situation can be salvaged and your transfer order reversed.
And in a situation where the transaction cannot be reversed, you would have yourself to blame for using an inappropriate code. These codes were established to make online transfers easier with minimized errors. So using the wrong code will be like thwarting their purpose.