Glossary item

Payment method

How the beneficiary will take delivery of the funds:

  • Electronic - the normal payment method - use it wherever possible.
  • Foreign Draft - a cheque drawn on a bank in the beneficiary country and sent to you in the post.
  • Pay By Cheque - this instructs the beneficiary bank to issue a cheque to their customer. You shouldn't use this without prior agreement of the beneficiary bank.
  • Pay On Application - this instructs the beneficiary bank to hold the funds until the beneficiary requests payment. You shouldn't use this without prior agreement of the beneficiary bank.
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