SWIFT payments and their charge types

Learn about the ways SWIFT payments are processed and the types of applicable SWIFT charges.

Local transfers

The currency of a payment corresponds to the country of destination. Example: transfer to India in ₹ (INR).

SWIFT International wire transfers

The currency of payment does not correspond to the country of destination. Example: transfer to China in €.

SWIFT is a secure international network used to quickly and accurately exchange information about financial transactions between two banks - sender bank and beneficiary bank.

Two scenarios of SWIFT payment processing

• Sender bank and beneficiary bank have a commercial relationship

If the sender and beneficiary banks have a commercial relationship, the payment processing will be free of charge.

• Sender bank and beneficiary bank don’t have a commercial relationship

If the sender and beneficiary banks do not have a commercial relationship, intermediary bank(s) will be involved to process the payment. The payment processing will incur charges depending on the number of intermediary banks involved.

Before completing the SWIFT payment, you might select the SWIFT charge you would like to be applied. You can choose whether you will cover the full amount of transfer fees (in case they will incur) or your contractor will partly cover fees that might apply.

1. OUR: Your company pays a fixed transfer fee covering any amount of charges that might incur. Your contractor will receive the full amount of the transfer.

2. SHA: Your company only pays the transfer fees of the sender bank. Your contractor will receive the full amount of the transfer if no intermediary bank(s) were involved and additional charges did not incur.

3. SHA: However, if intermediary banks are involved in the payment transfer, your contractor will not receive full payment as the charges will be deducted from the transfer amount. The total charge may vary depending on the number of intermediary banks involved and their charge amounts.

Please contact our Customer Success team in case of any questions at: customersuccess@lano.io