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Q:

What are charges options and how can I use them on my templates?

A:

The charges options on your templates set out who pays the transaction fees for the payment. You’ll need to select who pays our charges and who pays the receiving bank’s charges.

With effect from 13 January 2018, the Payment Services Regulations 2017 has come into effect. It sets out a common legal framework for businesses and consumers making and receiving payments within the European Economic Area (EEA).

If you’re sending money anywhere in the EEA (including the UK) the charges must be shared. This means you’ll pay for the transaction charges that come from us, while the recipient will pay any charges from their own bank for receiving the funds. You can do this by selecting ‘Remitter’ for Our charges and ‘Beneficiary’ for the Foreign bank (agents) charges. If you’re importing templates the code SHA will need to be used in the relevant charges field.

If you’re sending money outside the EEA, you can still choose to pay the recipient's bank charges if you want to.

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