Fund USD Account via Swift Payment

Relevant to

✅ App ✅ Website ❎ Capitec Widget

This method is available to South African or international clients. This is an international payment method offered by most, but not all, banks. Most offer it through their respective online banking platforms.

The navigation of your banking app or platform may differ slightly from the below steps, so it may be helpful to search how to make an international payment from your specific bank. For most banks, you'll need to take the following steps:

Log in to your banking app
Select forex/ international payment option
Enter SWIFT beneficiary details
Make payment

Helpful info to have on hand

Our EasyEquities Citibank USD account details

You can find these details on the Deposit page of your EasyEquities USD account

Your unique EasyEquities reference number

It is critical that you get this right to avoid a delay in the allocation of funds. This can also be found on the Deposit page of your EasyEquities USD account or you can read more about this here.

Reason for payment or BOP (Balance of payments) category code - for South Africans.

If your EasyEquities account is an individual account (ie. in your name), then please use the 512/01 code (foreign investments - shares)
We recommend that you avoid using the 512/07 (foreign investments - other) code

Charge allocation

This instructs the bank whether you (the applicant) want all charges included in the payment (ie. if you instruct the bank to transfer $500, you expect $500 to arrive at the other bank.)

We recommend selecting the OUR option, which indicates that you will pay all transfer charges separately to the amount of dollars you send. This ensures the amount you intended to fund your account with will arrive in your EasyEquities USD account.

Alternative options include: SHA (shared) which means you only pay your bank's outgoing transfer charge and the amount that arrives in our US account would be less than what you intended.

Beneficiary address

The banks require you to specify the beneficiary address. You should try our registered office address first. This is:

Address Line 1
25 Owl Street
Suburb
Braamfontein Werf
City
Johannesburg
Province or State
Gauteng
Postal or Zip code
2092
Country
South Africa

Some banks don't accept that and require that you use the address of the receiving bank, in which case, please use the US Bank Address below:

Address Line 1
111 Wall Street
Suburb
New York
City
New York
Province or state
NY
Postal or Zip code
10043
Country
United States of America

Tax reference number

It's worth having your tax reference number on you when you start making the SWIFT payment as most banks will require that you have it in order to submit the transfer.

Costs

Unfortunately, while reasonably easy to do, transfer by Swift payment for South Africans can be quite costly with most banks charging a minimum fee of between R180 - R250, before the spread on the exchange rate is factored in. If you're only transferring R500, this could mean that 50% or more of the Rand amount could be transfer costs and you'd end up with the dollar equivalent of only R200 arriving in your EasyEquities USD account. This will require high returns before you even break even.

The below table offers the costing information we were able to find for the major banks at the time of publishing this article.

Bank	General Info	Payment Prices & Info
	About SWIFT payments on ABSA	0.55% Commission Min. R150 Max. R750 Additional: R150 Full Pricing Guide here
	Please note Capitec do not directly facilitate SWIFT international payments. Kindly contact Capitec for more info and assistance.	N/A
	About SWIFT payments on FNB	0.52% Commission Min. R145 Max. R680 Additional: R130 Full Pricing Guide here
	About SWIFT payments on Investec	0.65% Commission Min. R175 Max. R700 Additional: R175 Pricing Guide here
	About SWIFT payments on Nedbank	0.59% Commission Min. R159 Max. R772 Additional: R112 Full Pricing Guide here
	About SWIFT payments on Standard Bank	0.50% Commission Min. R152 Max. R713 Additional: R115 Full Pricing Guide here