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Fund GBP Account via Swift Payment

Relevant to

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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 GBP account details 

You can find these details on the Deposit page of your EasyEquities GBP 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 GBP 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 pounds you send. This ensures the amount you intended to fund your account with will arrive in your EasyEquities GBP account.

Alternative options include: SHA (shared) which means you only pay your bank's outgoing transfer charge and the amount that arrives in our UK 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 
Citigroup Centre
Address Line 2
33 Canada Square
City 
London
Province or state 
United Kingdom
Postal or Zip code 
E14 5LB
Country 
England
BIC/SWIFT Code 
CITIGB2L
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 pound equivalent of only R200 arriving in your EasyEquities GBP 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

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