Swift Payment Fees

Priority payments are sent via the Swift network and intermediary bank charges may apply.  The payer decides if they want these charges to be deducted from the payment amount or not.

There are two available payment charge options and the payment fees are different for each:

• Shared (SHA): The intermediary bank charges are deducted from the payment amount. As a result, the payment amount received in the beneficiary bank account may be less than the full amount expected.
• Ours (OUR): The intermediary bank charges are covered by the payer and not deducted from the payment amount. The beneficiary receives the full payment amount but the payer will be charged a higher payment fee to cover the intermediary bank charges.

Charges shared (SHA) payment fees

Any charges that may be applied by correspondent banks are deducted from the payment amount. Sometimes, this may mean that the payment amount received by the beneficiary is less than the full amount expected.

Due to the need for increased transparency regarding payment fees under the Payment Services Directive 2 (PSD2), Swift payments must be sent Charges Shared (SHA) when the originating institution and beneficiary are both in EEA countries, and the payment is sent via an EEA-based payment institution. Under PSD2, the payment amount received by the beneficiary will not be impacted. In order to meet PSD2 requirements and ensure that the beneficiary receives the full payment amount, the beneficiary bank reserves the right to charge receipt fees; these fees are listed as a separate charge.

Charges Ours (OUR) payment fees

The intermediary bank charges are covered by the payer and not deducted from the payment amount so the beneficiary receives the amount in full. Please note that payments to countries in the European Economic Area (EEA) on behalf of an EEA-based payment institution cannot be sent using Charges Ours, irrespective of the currency of the payments or if an FX conversion is involved. Any Swift payment sent by an EEA-based payment institution to countries in the EEA will automatically default to Charges Shared.

We have four pricing tiers for Swift Charges Ours and the fee applied increases with the tiers.  The tier is determined by the country,  please see the following tables for detail.

* Payments on behalf of corporates and EEA-based Financial Institutions can only be sent Swift SHA as per PSD2.