Every outgoing wire transfer contains a specific code that determines who should pay for the transfer fees levied by all of the banks in the payment chain.
Specifically, based on your preference, we will enter codes “OUR” or “SHA” in the “Correspondent Bank Charges” field of your outgioign wire transfer, known as SWIFT Field 71A.
- SHA – Also known as “shared”, you only pay EPB’s outgoing transfer charge. The receiver receives your payment minus the correspondent (intermediary) bank charges. This is the default charge type if no other is selected.
- OUR – You pay all transfer charges. The receiver will receive the full amount of the wire sent2. Outgoing OUR payments have an additional transfer fee to cover the cost of the intermediary charges3.
We currently do not offer OUR charge type on outgoing USD wire transfers.
1Due to EU regulations regarding certain payments made within the SEPA region SHA may be mandatory and the charging instruction will be modified accordingly.
2In the US market there is no certainty that OUR will be applied by all intermediaries as some of the domestic clearing systems do not specify a charge option and may treat the payment as SHA.
3The Bank reserves the right to amend the additional “OUR” transfer fee after the payment has been sent if the correspondent charges that are ultimately billed substantially deviate from the additional charge.