How bank charges work when making bank transfers

Article author
Ana De Sousa
  • Updated

When making an international or domestic bank transfer via SWIFT, you can specify how transfer-related fees are managed.

Most banks will charge a fee to send a wire transfer. Additionally, your sending bank may route the payment through intermediary or correspondent banks, which can also deduct fees before the amount reaches the final recipient. The total fee amount depends on your bank and the intermediary banks involved.

To ensure Remote receives the full payment amount, you must cover any transfer fees incurred, including those from intermediary banks. This is crucial when paying invoices to avoid any deductions that could affect the final amount received.

Selecting "OUR" in Field 71A

Field 71A on the bank transfer form determines who will pay the transfer fees. To cover all fees and ensure Remote receives the full amount, always select the "OUR" option. This means you, the sender, will bear all the costs associated with the transfer.

Always select "OUR" when sending a wire transfer. This avoids additional intermediary bank fees and ensures Remote receives the total amount, settling your payment immediately. 

Was this article helpful?

0 out of 0 found this helpful

Have more questions? Submit a request

Comments

0 comments

Article is closed for comments.