How to Transfer Money from Standard Bank to other Banks and How to use the SWIFT Code or IBAN number

What started out as a subsidiary of the British overseas bank, Standard Bank in 1862, has now grown into one of the largest financial services groups in South Africa known as Standard Bank Group. It also has a global presence, majorly focused on emerging markets, and operates in 30 other countries around the world, including 17 in Africa.

Standard Bank is now reputed as one of the largest banks on the continent and one of the reasons behind this is their continuous deployment of technology to make customers’ lives easier. For instance, the bank continues innovating different avenues through which customers can transfer money without any hassle. Some of these methods include the use of mobile app, USSD code, and a physical visit to a branch of the bank. Each of these methods typically takes seconds or at most a few minutes to carry out transactions. In rare cases though, there can be complications as a result of inadvertent network issues.

This transfer should normally be instant or take about a minute. However, there is a 24-hour maximum clearance period for transfers between Standard Bank accounts while payments to other banks may take two to three business days to reflect on the beneficiary’s statement. Therefore, if the payment does not reflect in the recipient’s Capitec bank account within three business days at most, then it is time to lodge a formal complaint.

The acronym “USSD” stands for unstructured supplementary data service. Simply put, it is a code that enables financial inclusion by allowing people that do not have smartphones or internet data to carry out banking transactions. Therefore, if you do not have a smartphone (and thus no Standard Bank app) or perhaps you have it but do not have data to access the internet, you can still transfer money to another account using the Standard Bank USSD code*120*2345#. Before you can utilize this code on your phone, you must have registered your phone number for it. To do this, simply dial*120*2345#and select register for cellphone banking then follow the prompts:

While the emergence of technology has reduced the need for people to physically visit their bank to get needed services, the fact remains that it is still available as an option. Therefore, one of the ways that you can transfer money from your Standard Bank account to other banks is to take a trip to the nearest Standard Bank branch near you and request a funds transfer form. You will be required to fill in the necessary details on the form, including your name and account number.

You will also be required to put the name, bank, and account details of the recipient, as well as the amount you want to transfer. The next step will be to sign the form and turn it over to the cashier for stamping and official acknowledgment. The cashier will then proceed to carry out your instructions electronically by debiting your account and crediting the beneficiary’s account with the specified amount. A duplicate copy of the form will be given to you as evidence of the transaction while the bank will retain the original copy.

A perusal of the above-listed methods will show that the fastest way to transfer money from Standard Bank to other banks is through electronic means, such as mobile app and USSD codes. For one, in the time that it will take you to go from your house to the bank physically, you can easily carry out the transfer through your phone and the beneficiary will receive the money all in a matter of minutes.

On the negative side though, network challenges can stall an electronic transaction from going through for hours, and in such a situation, it might be better to go to the bank physically and get your transaction sorted out. Of course, network challenges may also occur inside the banking halls and so, electronic transfers through mobile app and USSD code remain the fastest option, all things considered.

The methods of money transfer that we have outlined above are majorly used for domestic transfers i.e. transfers within the borders of South Africa. It is a different kettle of fish though when you want to transfer or receive funds from outside the country as you have to rely on two important codes – SWIFT code and IBAN number. For the benefit of those who do not know this, a SWIFT (Society for World Interbank Financial Telecommunication) code is an alphanumeric code that identifies the country, bank, and location where the recipient’s account number is domiciled. It, therefore, helps the service that you are using to make sure that they send your money to its correct destination. A SWIFT code can be either 8 or 11 letters in which case it will symbolize different things.

For instance, in an eleven-digit SWIFT code of AAAABBCCDDD.

On the other hand, an IBAN refers to the international banking account number. It is majorly used in the E.U. and surrounding countries and is used to pinpoint an individual’s bank account. It contains all the information found in the SWIFT code but now goes a step further to also include the individual bank account details. It is usually 34 characters long.

Going by the above, there is nothing like a Standard Bank IBAN. Rather, if you are transferring money to a recipient in the E.U., you will ask the person to provide his IBAN which is what will be used to identify the country, bank, branch, and account number, and complete the transfer. On the other hand, if someone outside the shores of the country wants to send you money through your Standard Bank account, you will provide them with the account number and then the Standard Bank swift code, which isSBZAZAJJ, to complete the transaction.