Universal Branch Codes in November 2021 – there is now a simplified unique number used for making Electronic Fund Transfer online which makes life easier for all banks branch codes.
In this reading, we will be discussing the difference between a bank branch code and universal branch codes which are required when you make payments online.
Branch Code – as we are all familiar with this one, a bank branch code is a special number for a particular bank branch which is a required field when making payment online.
This number is unique for each branch, for an example, with so many fnb branches nationwide, each fnb branch has its own unique branch name and branch code.
When you open a new bank account, the branch that you open your bank account with will provide you with this number which you need to remember at all times.
Every time some requires or asks for your bank account to make payment, they will require this number to use as it is a required field.
The problem with this is that, back in a day, it used to make life difficult for many people who were limited to communication.
Say for an example, you want to provide someone with your bank account and can’t remember the branch code, the person trying to make payment for you will have to wait for you until you find that code.
This is a problem of the past, universal branch codes have been introduced and many banks in South Africa have adopted to using this unique codes.
What is this universal branch code?
Bank Branch Codes
This universal branch codes are simply single global numbers that can be used globally for a bank
This number is one same number that can be used for all the branches for a specific bank.
For example, fnb branch code 250 655 is the universal branch code for fnb which is used for all the Fnb banks is South Africa.
Be rest assured if you need to use a generic global code instead of individual codes for each branch, they are safe and in use widely.
|Universal Branch Code Fnb||250655|
|Bank of Athens||410506|
|SA Post Bank||460005|