news Foreign exchange transfers via SWIFT: commission fees specifics

Foreign exchange transfers via SWIFT: commission fees specifics

04 Sep, 2023

Manage your international transfers via SWIFT efficiently. Modern business requires the latest solutions, and maib gives you all the digital tools you need to be fast and efficient.

If you are dealing with international transfers via SWIFT and want to understand better the specifics of the fees charged, this mini-guide is for you.

Take note of the following tips and suggestions to correctly set up your next foreign exchange transfer via internet banking and manage your resources as efficiently as possible according to your needs.

There are three types of commission fees: OUR, SHA and BEN. Below you can see how each fee is charged so you know which to opt for on your next transfer.

Charging of commission fees for payments in USD

Type of international transfer commission fee via SWIFT	FULLPAY* the payee receives the entire amount	OUR the payee receives a reduced amount, being modified in SHA	BEN the payee receives a reduced amount	SHA the payee receives a reduced amount
maib commission fee for payment order in foreign currency	fixed fee**	Payer	Beneficiary	Payer
maib correspondent bank commission fee	fixed fee**	Payer	Beneficiary	Payer
the payee's correspondent bank commission fee	fixed fee**	Beneficiary	Beneficiary	Beneficiary
payee's bank commission fee	fixed fee**	Beneficiary	Beneficiary	Beneficiary
SWIFT service	Payer	Payer	Beneficiary	Payer

*Intermediary bank is involved in the transaction when indicated. Otherwise, it is omitted.
** The payer will pay a fixed amount of 25 USD, which will include the following types of commission fees: for the execution of the payment order in foreign currency, the maib correspondent bank's commission fee, the payee's bank's correspondent bank's commission fee and the payee's bank's commission fee.

Charging of commissions for payments in other currency (except for USD)

Type of international transfer fee via SWIFT	OUR the beneficiary receives the entire amount	BEN the beneficiary receives a reduced amount	SHA the beneficiary receives a reduced amount
maib commission for payment order in foreign currency	Payer	Beneficiary	Payer
maib correspondent bank commission	Payer	Beneficiary	Payer
the beneficiary's correspondent bank commission	not charged	Beneficiary	Beneficiary
beneficiary's bank commission	not charged	Beneficiary	Beneficiary
intermediary bank commission	not charged	Beneficiary	Beneficiary
SWIFT service	Payer	Beneficiary	Payer

The time it takes for the foreign currency transfer via SWIFT to reach the beneficiary varies from one to several working days. Several factors influence the timing: