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The "OUR" payment instruction refers to a specific arrangement used in international money transfers, where the sender bears all charges related to the transaction.
OUR Payment Meaning
When selecting the "OUR" option, it indicates that you will pay all transfer charges, and the recipient will receive the full payment. This means that any additional fees charged by intermediaries, such as Valyuz, will be covered by the sender, and the beneficiary will not have to pay any charges on top of the transferred amount. In other words, the full amount of the transfer, including any fees, will be deducted from your account and sent to the beneficiary's account.
OUR Option Example
For example, if you are using Deel and need to send an international wire, it is recommended to select the "OUR" option. Doing so avoids additional intermediary bank fees and ensures that Deel receives the total amount, allowing them to settle your payment immediately.
OUR vs Other Options
The "OUR" option should not be confused with other options like "BEN" and "SHA". The "BEN" option means that the beneficiary pays the charges, while the "SHA" option means that the charges are shared between the sender and the beneficiary. These options may apply in different situations depending on the agreement between the parties involved.
International Money Transfer Fees Explained
When sending money overseas, understanding the different types of charges associated with international money transfers is crucial. The 'OUR', 'BEN', and 'SHA' codes represent who will bear the charges in a SWIFT MT103 instruction. OUR indicates that the sender pays all transfer charges, while BEN means the charges are paid by the beneficiary. SHA, or shared, means charges are split between the sender and the beneficiary. It's important to note that these codes can vary depending on the financial institution and the specific transaction.
Swift Code Structure and Functionality
SWIFT codes, also known as Bank Identifier Codes (BIC), are essential for international transactions. They consist of up to 11 characters and ensure that messages are routed to the correct bank. Each code contains information about the bank's country, location, and branch. Understanding the structure and functionality of SWIFT codes can help individuals and businesses avoid errors and delays in international money transfers.
Avoiding Hidden Fees When Sending Money Abroad
Sending money internationally often comes with hidden fees that can significantly impact the final amount received. To avoid unexpected charges, it's essential to understand the details of charges (OUR/SHA/BEN) specified in the transaction instructions. Choosing the right option can prevent additional bank fees and ensure that the full amount is received by the intended recipient.
Bank-to-Bank Transfer Fees and Negotiation
In some cases, individuals may have the ability to negotiate bank-to-bank transfer fees directly with their own bank or the recipient's bank. This can be particularly advantageous for high-volume senders or those transferring large sums of money. Understanding the negotiation process and potential fee structures can help parties involved in international money transfers secure better terms.
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