Wire transfer – the difference between BEN, OUR and SHA

Wire transfer is method of fund transfer by means of electronic from one individual or organization to another from one bank account to another. International money transfers are effected with the help of SWIFT messages. A six-digit Bank Identification Code (BIC) is assigned to each bank and transfer of funds is effected with the help of SWIFT messages. The sending bank and receiving bank in a payment transaction may charge a fee for processing the payment. The sender of wire transfer decide and inform banks how any payment charges or payment fees should be handled. The fees of the transfer can be paid by beneficiary (BEN), by the sender (OUR) can be shared (SHA).

The Difference between BEN, OUR, SHA

BEN

The Payee (recipient of the payment) will incur all of the payment transaction fees and he will receive the payment minus the transfer charges. The Payer (sender of the payment) will not pay any payment fees.

OUR

The Payer will bear all of the payment transaction fees which are normally billed separately. The Payee will not pay any payment fees and will receive the full amount of the payment.

SHA

The Payer will pay all fees charged by the sending bank and will be billed separately for the payment transfer. The Payee will pay all fees charged by the receiving bank and will receive the payment minus any correspondent /intermediary fees.