What is the difference between SWIFT charging codes SHA, OUR and BEN?
SHA – all correspondent bank transfer fees are shared between the ordering customer and the beneficiary customer. The ordering customer only pays Loyal Bank’s standard fee. Most SWIFT wire transfers are sent with charges SHA. OUR – all correspondent bank transfer fees are paid by the ordering customer including any fees charged by any foreign bank. With charges OUR the beneficiary receives the exact amount sent by the ordering customer although the beneficiary’s bank might still make a charge for receiving the funds. The sender will have to pay 0.375% min. USD 61.00 (or currency equivalent) max. USD 422.50 (or currency equivalent) for an OUR wire transfer. BEN – all bank fees are paid by the beneficiary customer by a deduction from the amount of the transfer except for Loyal Bank’s standard fee which is paid by the ordering customer. Loyal Bank has no control over the amounts that foreign banks might deduct and senders should agree with the beneficiary that the beneficiary pays these c
