When sending my payment, what should the transfer charges be set to?
When you make an international wire transfer (MT103 SWIFT) you are able to choose who pays for the transfer charges. Sending fees should always be paid by the sender.
BEN, OUR and SHA are codes in a SWIFT document at field 71A ¨Details of Charges¨.
BEN (beneficiary) means you do not pay any charges. We would receive your payment minus all transfer charges resulting your payment to arrive short into our account.
The OUR instruction means you pay for all transfer charges and this guarantees that we will receive your payment in full. Please note that you will have to pay any sending related fees, otherwise these will be deducted from the full amount you wish to send.
SHA (shared) means you only pay your bank’s outgoing transfer charges. We would receive your payment minus the correspondent (intermediary) bank charges. This will result your payment to arrive short into our account.