Investec Securities LTD. SWIFT/BIC code

What IVESZAJ2 means for a payment to Investec Securities LTD.

IVESZAJ2 and IVESZAJ2XXX are two spellings of the same bank identifier, and both lead to Investec Securities LTD. in Johannesburg. A BIC does one job: it makes sure that an international payment reaches the right bank. In practice you usually see the code on international invoices, in payment forms and on the account details that Investec Securities LTD. provides.

Below we go through the practical questions: receiving money at Investec Securities LTD., paying someone in another country and how to verify a SWIFT code before you confirm a payment. The BIC identifies a bank or branch, not a specific account, which is why you always need the account number too.

How up to date is this code?

Our SWIFT/BIC directory draws on publicly available sources and we update it periodically. Even so, banks merge, rename themselves or change codes. Figures such as the number of codes are from our own dataset.

Before any payment that matters, always check the code with Investec Securities LTD. or with the recipient. GoldexPay has no connection to Investec Securities LTD., we only compare transfer services. Spotted outdated information? Tell us via our contact form so we can correct it.

International transfers from Investec Securities LTD.: the real cost

An international bank payment costs rather more than the fee suggests. On top of the transfer fee, banks in between may deduct a fee, and if the money changes currency the bank usually uses a rate that is less favourable than the actual market rate.

That exchange rate margin is often the biggest item even though it is not listed as a fee. An easy check: set the rate you get against the mid-market rate and work out the difference on your amount.

For a lot of currency pairs, a specialist provider turns out to be less expensive than a traditional bank transfer. GoldexPay lists these services next to each other so you can see the amount the recipient gets for the same amount sent. Choosing a specialist does not mean leaving Investec Securities LTD.: you simply pay the service from your account.

Watch out for payment fraud

One of the most common tricks goes like this: an email arrives with a request claiming that a supplier now has a new bank account. A correct SWIFT code says nothing about whether the request is genuine.

Never trust contact details in the same message that contains the change. Be suspicious of urgent requests, odd spelling or a sender address that is slightly off. If money was sent to a fraudster, call your bank right away.

Scams also work the other way: someone claims to have sent more than agreed and wants you to return the extra to a new account. Do not act before the money has really arrived.

Is IVESZAJ2 still correct? How to check

The safest source for a SWIFT code is the recipient’s own bank details: an invoice, a bank statement or their online banking. If the code you have differs from IVESZAJ2 or IVESZAJ2XXX, stop and ask – contact the recipient or Investec Securities LTD..

A wrong SWIFT code may lead to a delay, a payment being sent back or extra fees. Do not forget the IBAN: an error there is harder to undo than a wrong code.

A format check in your banking app merely tells you that the code is valid, not that it is the right account. Some banks now compare the name against the account before you confirm; take any warning seriously. When you pay someone new, many people start with a small amount first and wait for confirmation.

8 or 11 characters: IVESZAJ2 versus IVESZAJ2XXX

A BIC is built from fixed blocks: characters one to four stand for the bank, the next two give the country and the two after that indicate the location. That gives you IVESZAJ2.

Many payment forms work with either length. If yours requires eleven characters, enter IVESZAJ2XXX, otherwise IVESZAJ2 is fine.

Enter the code in one piece, in upper case and without separators, exactly as shown here. A wrong character may route the money to a different institution.

Head office or branch code at Investec Securities LTD.?

Our database contains 2 SWIFT/BIC codes for Investec Securities LTD. in 1 places. Next to the head office code IVESZAJ2XXX, you will find codes for regional offices and specialised units.

Unless the recipient tells you otherwise, go with IVESZAJ2XXX or its short form IVESZAJ2. A branch code only makes sense if the recipient’s bank explicitly mentions it.

The safest route is to copy the code straight from the account holder’s bank details. Codes for branches are more prone to change than IVESZAJ2XXX when a bank merges or closes offices.

Paying into Investec Securities LTD. in ZAR

The local currency of South Africa is the South African Rand (ZAR). Money sent in a different currency will be converted into ZAR before it reaches the account. There is rarely a separate charge for that conversion; it is built into the rate.

Who does the conversion has an effect on how much arrives, as rates and margins differ per bank. Check what ZAR the recipient gets with several services.

Exchange rates move during the day. If you pay regularly, small differences in the rate make a real difference over time.

Getting paid from abroad into a Investec Securities LTD. account

For a transfer from abroad into your account at Investec Securities LTD., the sender needs more than the BIC. That means: your name exactly as it appears on the account, your account number or IBAN, the SWIFT/BIC code IVESZAJ2XXX (or IVESZAJ2) and, often, your postal address.

The sender’s bank might request the address of your bank. A typo in the IBAN can be more trouble than it looks; copy them from your banking app rather than typing.

Expect that the amount credited is smaller than the amount on the sender’s receipt. Intermediary banks may deduct a fee and your own bank may charge for processing, and if the currency changes, a markup on the rate comes on top. Make clear with the sender who pays which costs before the money is sent.

When will the money arrive at Investec Securities LTD.?

There is no single answer for international payments: some land within a day while others need several business days. Payments made after the cut-off time or just before weekends and holidays often start the next business day. Compliance checks on larger or unusual payments may also cause a delay, even when all details are correct.

When a payment takes longer than expected, contact your bank about the tracking status so they can trace it along the chain. Money transfer services often show a status in their app so you can see how far the money has got.

Only the sending bank can request a trace. On the receiving end, you can look at your statements for a slightly lower amount, since fees may have been deducted.