Selecting payment charges for priority payments – FAQs
Platform users can now select the payment charge type to be applied on their priority (SWIFT) 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.
1. What are the available payment charge types for priority payments?
There are two available payment charge types; ‘Shared’ (SHA) and ‘Ours’ (OUR).
2. 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, sometimes, 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.
3. 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.
4. Do I have to define the payment charge type on every single payment I create?
No. Your account will be setup 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 will be applied on the payment.
5. 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 contact Customer Support.
6. I cannot see the option to select payment charge type when making a regular payment.
Payment charge type applies only on priority payments made via the SWIFT network. Therefore, you will not see this option when making regular (local) payments.
7. 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 own customers. You can setup your customers’ account to have this payment charge option when they make their payments online or, you can just 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 over-ride the charge type, giving you full flexibility on how you want to interact with your customers.
8. Can I use this functionality on the Currencycloud API?
This functionality is available via the Currencycloud API as well as on Currencycloud Direct. More details on using this functionality via the API can be found on the Developer Centre.