Any bank that uses the SWIFT network has its own unique code that permits it to provide its customers with limitless foreign transfers. With swift code, account holders in any bank can send and receive funds for salaries, school fees, family support, business transactions, and so on. Making speedy electronic transfer of funds can be done with Equity Bank swift codes. The bank has been able to stay above stiff competition via its swift codes as they have made it easier for people to send funds from overseas banks. However, certain requirements must be met before one can effectively use the Equity Bank swift code.
What Are Swift Codes?
SWIFT is an acronym for Society Worldwide Interbank Financial Telecommunication – an online network meant for the purpose of international transactions between banks and financial institutions. Swift codes are used in several forms of transaction and usually, it is realized as 8 or 11 characters, comprising of both letters and numbers. The first four characters represent the bank or financial institution’s codes. The country code is represented in the next two characters while the last three represent the branch code. An illustration is done below.
The SWIFT codes format for the characters are DDDD CC BB AAA
- DDDD is the bank identification code (comes in only letters)
- CC is the country code (comes in only letters) KEN for Kenya
- BB is the location code (comes in letters and digits)
- AAA is the branch code. This is optional.
Using Equity Bank Swift Code
Using the Equity Bank swift code to wire funds is an easy process that requires the customer to first file a report with his or her bank. The bank provides the needed form to be filed. With Equity, you are allowed to complete the entire procedure online without having to visit the bank. However, those that wish to do bulk transfers may need to be present at the banking hall.
A well-completed form serves as documented proof that the customer instructed Equity to remit funds in a specified foreign currency to a specified beneficiary. At the remitting, the authorized signatories involved will be authenticated by both the paying and the receiving banks. The transaction fee will then be deducted by Equity as well as the corresponding bank. The process is not only easy but straightforward.
Requirements For Making Payments Using Equity Bank Swift Code
Tested and secure ways of effecting international wire transfers with Equity Bank abound, however, overseas customers who wish to send money offshore can opt for the Equity code as it has been proved to be among the most reliable, affordable, and fastest ways of remitting funds abroad. Going by the records, this kind of transfer would take between a day to three days to be reflected in the account of the beneficiary. What’s more, the swift payment can be made from any location on the globe, all you need is a few clicks and you are there.
To effect funds transfer into an Equity Bank account from an Oversea bank, the user needs to do the following:
- Get hold of the Equity Bank Swift Code Kenya – EQBLKENA
- Access the Equity Bank branch codes
- Impute the name of the recipient’s bank which is Equity Bank Kenya in this case.
- Key in the address of the receiving bank branch in Kenya – eg Kenyatta Avenue Nakuru
- Impute the recipient’s name
- Provide the recipient’s account name
- The recipient’s account number
- Recipient’s bank branch
- The exact amount of funds to be remitted
- Application for the transfer of funds form
For the purposes of security, the sender needs to keep all details of the payment; number, date of issue, and amount. The information above will be used in populating a remitting form; this will authorize the bank to pay the stated sum to the recipient. The remitting form also requires that you fill in specific details like the beneficiary’s name and the amount to be remitted in foreign currency.
The Necessity of SWIFT Code In Transactions
With Swift codes, banking is made a whole lot easier as well as more effective. The code has top marks when it comes to credibility as it has proved to be among the most reliable means of securing international transactions between financial institutions.
Again, the code serves directory purposes since it provides necessary info about a bank in addition to the branch where the funds will be received. As much as possible, the swift code minimizes the possible mistakes people usually make during international transfers.
How To Access The Equity Bank Swift Code For Transactions
Existing customers of Equity Bank can leverage the age-old way of getting information from financial institutions by visiting any of the bank’s branches. Just enquire from the customer service person and the code will be provided in a jiffy.
The swift code can as well be searched for online from the comfort of our homes and offices. For Equity Bank, the official code is EQBLKENAXXX. XXX here is not among the characters, it just represents a space where the specific Equity branch code will be imputed when you are ready to transact.
It is important to note that Equity Bank posts all Swift codes for various countries on their official website. Currently, the countries whose swift codes are available on the website include the United States, South Africa, Germany, Japan, Australia, Sweden, Canada, Switzerland, United Kingdom, Denmark, and Norway.
For instance, the official EQUITY swift code for America is CITIUS33, for Japan is CITIGB2L, and many more. To check whether Equity offers swift service to any country you wish to remit funds to, follow the under-listed steps.
- Google Equity Bank Kenya
- Navigate to the bank’s official website
- Click on Banking Services
- Money Transfer Service will appear on the right-hand side; select it
- Click on the Swift service under the Money Transfer Service icon
- A page will be displayed containing a comprehensive list of correspondent banks that are offering swift services alongside their corresponding swift codes.
- If you need info on any of the displayed corresponding banks, just click on it and you will have it. You will view details such as currency, swift code, as well as the beneficiary’s swift code.
A click on the option that says transfer Canadian dollars will display important info such as
- Swift Code: CITIGB2
- Correspondent Bank: Citibank N.A. London
- Currency: CAD (CANADIAN DOLLARS)
- Beneficiary Bank: Equity Bank Ltd
- Beneficiary Swift Code: EQBLKENA
Here are some Equity Bank Swift Codes for different countries
|Name||Swift Code||Currency||Beneficiary Bank||Beneficiary Swift Code||Credit to|
|USD (UNITED STATES DOLLAR) NEW YORK||CITIUS33||USD||Bank: Equity Bank Ltd||EQBLKENA||Customer’s A/C No………….., A/C Name and Branch……….)|
|NEW YORK||CITIUS33||USD||Bank: Equity Bank Ltd||EQBLKENA||Customer’s A/C No………….., A/C Name and Branch……….)|
|LONDON||CITIGB2L||GBP (STERLING POUNDS||Bank: Equity Bank Ltd||EQBLKENA||Customer’s A/C No………….., A/C Name and Branch……….)|
|FRANKFURT||CITIDEFF IBAN: DE48 5021 0900 4116 9310 07||EUR (EURO)||Bank: Equity Bank Ltd||EQBLKENA||Customer’s A/C No………….., A/C Name and Branch……….)|
|JOHANNESBURG||SBZAZAJJ||ZAR (RAND)||Bank: Equity Bank Ltd||EQBLKENA||Customer’s A/C No………….., A/C Name and Branch……….)|
|JPY (YEN)||CITIGB2L, Correspondent Bank: Citibank N.A. London, BNF Bank Account GB06CITI18500817461658||JPY (YEN)||Bank: Equity Bank Ltd||EQBLKENA||Customer’s A/C No………….., A/C Name and Branch……….)|
|CAD (CANADIAN DOLLARS)||CITIGB2L, Correspondent Bank: Citibank N.A. London, BNF Bank Account GB81CITI18500817461666||CAD (CANADIAN DOLLARS)||Bank: Equity Bank Ltd||EQBLKENA||Customer’s A/C No………….., A/C Name and Branch……….)|
|AUD (AUSTRALIAN DOLLARS)||CITIGB2L, Correspondent Bank: Citibank N.A. London, BNF Bank Account GB59CITI18500817461674||AUD (AUSTRALIAN DOLLARS)||Bank: Equity Bank Ltd||EQBLKENA||Customer’s A/C No………….., A/C Name and Branch……….)|
|CHF (SWISS FRANCS)||CITIGB2L, Correspondent bank: Citibank N.A. London, BNF Bank account CH9789095000017461690||CHF (SWISS FRANCS)||Bank: Equity Bank Ltd||EQBLKENA||Customer’s A/C No………….., A/C Name and Branch……….)|
|SEK (SWEDISH KRONER)||CITIGB2L, Correspondent bank: Citibank N.A. London, BNF Bank account GB03CITI18500817461712||SEK (SWEDISH KRONER)||Bank: Equity Bank Ltd||EQBLKENA||Customer’s A/C No………….., A/C Name and Branch……….)|
|NOK (NORWEGIAN KRONER)||CITIGB2L, Correspondent bank: Citibank N.A. London, BNF Bank account GB37CITI18500817461682||NOK (NORWEGIAN KRONER)||Bank: Equity Bank Ltd||EQBLKENA||Customer’s A/C No………….., A/C Name and Branch……….)|
|DKK (DANISH KRONER)||CITIGB2L, Correspondent bank: Citibank N.A. London, BNF Bank account GB25CITI18500817461704||DKK (DANISH KRONER)||Bank: Equity Bank Ltd||EQBLKENA||Customer’s A/C No………….., A/C Name and Branch……….)|
Is A SWIFT Code Needed For All Forms Of Transfers?
Majorly, Equity Bank SWIFT Code is used for international remittance of funds; meaning international transfers or offshore transfers. However, the code is not compulsory for those that need to do local transfers as there are a thousand and one ways through which local transactions can be effected. Most cases of domestic money transfer only call for the use of the beneficiary’s bank account number.
Uses of Swift Codes
1. It Can Be Used to Accelerate Payments
Once all the required documents are provided, international transfers done with Equity Bank swift code take between a day to three days to get to its destination. There is no known reason why this kind of transaction should take longer as it is not affected by the time difference from one country to another.
2. It Guarantees Secure Payment
In addition to being transparent, Swift payment offers banks and financial institutions a platform to not only communicate but to relay explicit details of their online transactions. Leveraging swift codes, banks can track transactions, nature of payment, fees charged, and many more. When provided, this information affords the concerned parties an opportunity to better understand the dynamics of the transactions.
These details don’t just serve as proof of payment, they are there to provide you with traceability in the case of any issues. With this traceability feature, the chances of losing your funds in transit are highly reduced, guaranteeing secure movement of funds from sender to beneficiary.
3. Provides Users with Multiple Currency Payments
Being a wire transfer service, Swift payments enables users to wire money to any country of their choice. All you need do is to visit any Equity Banking hall to transact your swift payment; this can occur in any world currency of your choice – US Dollars, CBP, Rand, Yen, Kroner, Francs, Euro, and many more.
How To Use M-Pesa To Deposit Money Into An Equity Account
One of the easiest ways to remit funds to an Equity Bank account is through M-Pesa. With it, account holders can sit in the comfort of their homes, at work in their various offices, shops, or businesses, and move funds into their Equity Bank accounts using their M-Pesa account. All that is needed to effect this type of transfer is a workable account number, including the Equity Bank Mpesa pay bill number which is 247247.
Getting started involves the under-listed steps:
- On your mobile device, open the Safaricom SIM Tool kit and select the M-PESA menu
- Pick Lipa Na M-Pesa, and then select Paybill
- When the Paybill number is requested, key in 247247 (this number is for Equity Bank)
- Navigate to input your account number/the recipient’s account number where the funds are going to
- You will be prompted to input the exact amount you wish to remit.
- Once you have populated the provided field with the desired amount, go ahead and key in your M-Pesa pin.
- With all the required information provided, the onus is on you to cross-check all imputed details just to ensure that they are accurately entered.
- Press OK and then expect your response
- Immediately a transaction is deemed successful, you will receive messages from both Equity and Mpesa, confirming that your transaction is successful.
The Equity Bank Paybill M-Pesa saves account holders the stress of queuing up at the banking halls and also, it saves you time. Besides, you don’t need to worry about the cost of using this mode of transfer as its fees are quite low.
The Rationale Behind Using The Paybill To Make Funds Transfers
The risks associated with making financial transactions are numerous and may even result in loss of funds. To provide a form of security against this type of risk, Equity Bank deemed it necessary to secure its customers’ transactions with the Paybill number – 247247. Apart from being safe, the number is also easier to use; thus, customers no longer need to entertain fears when depositing funds into an Equity Bank Account.
M-Pesa also leverages the Paybill number as a trusted means of pinpointing her particular affiliate where a transfer is meant to enter. What this means in essence is that the Equity bank Paybill number enables transfers to be remitted to the bank with ease.
What are the Charges for Transferring Funds From M-Pesa to an Equity Bank Account?
Depositing funds from M-Pesa to an Equity bank account is absolutely free, however, you should also note that the sending telecommunication company which happens to be Safaricom in this case levies some charges. Users should bear in mind that the charges of M-Pesa to Equity transfer are fully dependent on the transaction sum. Now, how do you know the exact amount to pay for transfers?
Users of Safaricom are provided with a practical Safaricom M-Pesa charges calculator which comes in the form of a simple tool that assists users in calculating their M-Pesa to Equity account charges, Automated Teller Machine charges, and many more. To access the Safaricom M-Pesa Charges Calculator, visit the official website of Safaricom or goggle other internet sources.
On Safaricom.co.ke, you will find a tiny window labeled “Get M-PESA Rates” very close to “Find Your Bank Code”. There is a drop-down menu tagged “Transaction” where you will choose any of these options:
- Withdrawal from M-Pesa agent;
- Transfer from unregistered User;
- Transfer to other M-Pesa users;
- ATM withdrawal.
Another important field labeled “Enter Amount” is located right beneath the transaction drop-down menu; this is where you are required to enter the amount you wish to remit to Equity Bank via M-Pesa. The bottom of the page sports a huge dark grey button tagged “Find Rates”. Click on this button and have your M-Pesa to Equity Bank charges within seconds.