Please note Mercantile Bank is fully incorporated into Capitec Bank Limited and the Mercantile Bank SWIFT BIC (“LISAZAJJ”) has been deactivated effective 11 October 2021. In this regard, from 11 October 2021, all Foreign Currency/Cross Border Payments due in favour of a Mercantile Bank Account may be done so by utilizing the Capitec Bank Limited SWIFT BIC, “CABLZAJJ”. All Correspondent Banking Arrangements previously held by Mercantile Bank remain active and have been migrated to Capitec Bank Limited (CABLZAJJ).
Due to these changes, it is important that you notify any person/s that will be sending foreign currency/making cross border payments to you so that the necessary amendments to payment instructions are made and are effective from the above-mentioned date.
What else do I need to know to ensure that I can continue to receive Foreign Currency Payments into my Mercantile Bank Account from the 11th of October 2021?
- The sender must instruct/request their foreign bank to use “CABLZAJJ” as the SWIFT BIC on Payments in favour of Mercantile Bank (a division of Capitec Bank Limited) Accounts
- All Correspondent Banking Arrangements previously held by Mercantile Bank have been migrated to Capitec Bank Limited (CABLZAJJ). These arrangements remain valid and must still be utilised as the Receiver’s Correspondent Bank/Intermediary Institution
- The Sender/Foreign Bank must populate the “Account with Institution” field (Field 57A) with the correct SWIFT BIC, i.e. “CABLZAJJ”. When making payment from Internet/Mobile Banking Channels, please ensure that you select “Capitec Bank Limited” as the Beneficiary Bank. The Head Office registered with this BIC is:
5 Neutron Road,
- Our Universal Branch Code (450105) remains unchanged, however the Branch Code is not required on Foreign Currency Payments
- It is further recommended that you perform a review and update of relevant stationery, invoices, agreements, contracts, websites, etc. containing reference to the “LISAZAJJ” SWIFT BIC, as well as existing Standing Orders/Standard Settlement Instructions already in force with Suppliers/Remitters/Foreign Banks
- We are aware that certain Foreign Banks/Institutions are erroneously making use of invalid/outdated Correspondent Banking Arrangements. This is resulting in:
- a) Payments being routed incorrectly and delayed
b) Foreign Currency being converted to ZAR
c) Payment Fees being levied by Banks that fall outside of our Correspondent Banking Network
Whilst we are liaising directly with these Foreign Banks/Institutions in an effort to get their Records and Systems updated, we are encouraging our clients to reiterate the use of the correct Correspondent Bank to Foreign Banks/Institution
Please download the Comprehensive List of our Correspondent Banking Arrangements by clicking on the following link Capitec Bank Correspondent Banking Arrangement.
All questions in this regard may be directed to FXQueries.Capitec@mercantile.co.za
We enable you to trade in the spot market to lock in favorable rates for all your offshore dealings. Currently our Mercantile Treasury System allows for electronic trading at your convenience. Our system is a cradle to grave offering and is ideal for our partners and clients to manage their trading and document management through.
Protect your business from unexpected fluctuations in currency prices. An FEC is an agreement between two parties to exchange two designated currencies at a specific time in the future. Hedge your risk and protect your business from unfavourable exchange rate fluctuations.
A wide range of derivative products tailored to suit your unique risk profile. We can assist you with derivative contracts to hedge against risk (resulting from price movement in an underlying asset). By their nature, derivatives allow for leverage as they are either margin- or premium-based, rather than the full notional value. This allows you to manage your risk in line with your business profile: enjoy reduced brokerage fees by not having to trade directly in the underlying asset; take advantage of price movements in the underlying asset without needing to trade directly in it.
Purchase foreign currency from us should you wish to have foreign cash while travelling regionally or internationally. This is available from any Mercantile Bank Business Centre.