Selecting-payment-charges-for-SWIFT-payments-FAQ

Selecting payment charges for SWIFT payments FAQ

Platform users can select the payment charge type to apply to their SWIFT (priority) payments. You’ll find a list of frequently asked questions below.

Priority payments are sent via the SWIFT network. When a payment goes via SWIFT, there are intermediary bank charges that apply. The payer has the option to decide if they want these charges to be deducted from the payment amount or not.

What are the available payment charge types for priority payments?

There are two available payment charge types – ‘Shared’ (SHA) and ‘Ours’ (OUR). We do not support ‘Beneficiary’ (BEN).

What is the difference between ‘Shared’ and ‘Ours’ charge type? 

  • 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.

What is the price difference between ‘shared’ and ‘ours’ charge types? 

The payment fees for the different payment charges are provided in your contract. If you have any issues finding these, please contact your Relationship Manager directly.

Do I have to define the payment charge type on every single payment I create? 

No, your account is set up with a default option, either ‘shared’ or ‘ours’ depending on your specific needs. When making a payment, if no payment charge type is selected, then the default charge type of the account applies to the payment.

I cannot see the option to select payment charge type when making a priority payment. 

If you do not see an option to select charge type when making priority payments please email  support@hubfx.co.

I cannot see the option to select payment charge type when making a local payment. 

Payment charge type applies only on priority payments made via the SWIFT network. Therefore, you will not see this option when making local (regular) payments.

Can I give my customers the option to choose ‘shared’ and ‘ours’? 

This functionality is designed to be flexible, allowing you to decide how you want to offer this to your customers. You can set up your customers’ accounts to have this payment charge option when they make their payments online or, you can allow them to make payments with a specific charge type as default. If you are creating payments on behalf of your customers, you have the ability to override the charge type, giving you full flexibility on how you interact with your customers.

Can I use this functionality on the Currencycloud API? 

This functionality is available via the HUBFX API as well as on HUBFX Direct. More details on using this functionality via the API can be found on the Developer Centre.

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ALL RIGHTS RESERVED © 2024 HUBFX
Business Office at 7 Bell Yard, London, WC2A 2JR, United Kingdom

HUBFX Asia  Business Office at
100 Peck Seah St, 079333, Singapore

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For clients based in the European Economic Area, payment services for HUBFX are provided by CurrencyCloud B.V.. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 – 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of an electronic-money institution (Relation Number: R142701).  For clients based in the United States, payment services for HUBFX are provided by The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorised in 39 states to transmit money (MSB Registration Number: 31000206794359). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011. For clients based in the United Kingdom and rest of the world, payment services for HUBFX are provided by The Currency Cloud Limited. Registered in England and Wales No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199).

Payment services for HUBFX UK and US are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199) and The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorized in 39 states to transmit money (MSB Registration Number: 31000160311064). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011 

 

Payment services for HUBFX are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199) and The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorized in 39 states to transmit money (MSB Registration Number: 31000160311064). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011 and CurrencyCloud B.V.. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 – 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of a electronic-money institution (Relation Number: R142701)

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