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Q:

How do I update my template charges to comply with the Payment Services Regulations 2017?

A:

With effect from 13 January 2018 if you’re sending money anywhere in the EEA (including the UK) in any currency, you’ll need to update your payments templates for EEA payments to have Shared charges.  

It’s important to do this, so that you comply with the Payment Services Regulations 2017. 

To amend the charges on an existing template:

  1. Select ‘Payments’ from the left-hand menu and then choose ‘Manage Templates’.

  2. Choose the template you need to edit by clicking on the template reference.

  3. Select the ‘Edit Template’ option from the bottom of the page.

  4. You can then make the required changes by selecting ‘Remitter for our charges’ and ‘Beneficiary for foreign bank (agents) charges’.

If you’re importing payments or templates, you’ll need to use the code ‘SHA’ in the ‘Charges’ field.

The price of making payments within the EEA won’t change as a result of these updates.

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