Euro Pacific Bank

Choosing the charging instruction (OUR/SHA)

When you send an outgoing wire transfer (SWIFT MT103) you can choose who pays the transfer charges1.

SHA and OUR are codes on the outgoing wire transfer form, at field 71A labelled “Correspondent Bank Charges”.

  • The OUR instruction means 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.
  • SHA (shared) means you only pay EPB’s outgoing transfer charge. The receiver receives your payment minus the correspondent (intermediary) bank charges. This is the default charging instruction if no other is selected.

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.

Do I have an IBAN?

Currently, Puerto Rico does not participate in the IBAN (International Bank Account Number) standard. Therefore, Euro Pacific Bank clients do not have IBANs and should revert to their standard MT103 wiring instructions.

If your sending institution is mandating that an IBAN is needed, we recommend that you communicate to them that the transfer is a SWIFT payment, which is routed through a SWIFT code (also known as BIC code) and an account number. Often, many sending institutions request IBANs because they are accustomed to using them.

Why does my incoming wire transfer show status “Processing” but is not credited or available?

A “Processing” incoming wire transfer in your Online Banking means that the wire has arrived but is waiting to be credited, typically due to these reasons:

  1. The wire is being reviewed
  2. We are waiting for the funds to fully settle
  3. We need supporting information or documentation from you regarding the wire transfer

If the incoming wire shows “Processing” but is not credited within 72 hours, please contact us via Online Banking message, as we are likely attempting to reach you to gather supporting information and/or documentation.

Why does my incoming wire transfer show status “Pending” in my Online Banking?

An incoming wire transfer whose status is “Pending” means that we have received the SWIFT payment, but are waiting for further supporting resources from you to credit the funds. Please check your Online Banking messages and read the outstanding request(s).

In contrast, an incoming wire transfer whose status is “Processing” means that it has arrived and is waiting to fully clear before being credited to your account.

Can Euro Pacific Bank assist me in completing my bank’s wire transfer form?

As a courtesy, Euro Pacific Bank is happy to advise you how to complete your bank’s wire transfer form in order to successfully transfer funds to your Euro Pacific Bank account. You may e-mail your wire transfer form (or the required fields) to [email protected] or send an Online Banking message with the attachment.

Because banks’ wire forms are often not presented in SWIFT format and vary considerably between banks, we rely on our best judgement in completing your form, but accept no liability if the wire transfer is not successful for any reason.

To guarantee that your wiring instructions are correctly followed, we recommend that you work with the sending bank’s staff and ensure they read our Incoming Wire Transfer Disclaimers.

Why was my Incoming Wire Transfer Request cancelled?

If you are seeing a “Cancelled” incoming wire transfer in your Online Banking transactions, it does not mean that we rejected or returned your incoming wire transfer. Here are the likely reasons for cancellation:

  1. Your Incoming Wire Transfer Request was “Pending” for four weeks or more.
  2. Your Incoming Wire Transfer was not accepted due to Compliance reasons, and needed to be returned. The reason would have be given to you via internal bank message.
  3. You cancelled the Incoming Wire Transfer Request yourself.

If there is any other reason that we cancelled your Incoming Wire Transfer Request, please check your Online Banking Messages.

Why did I receive less money than what was originally wired?

Euro Pacific Bank credits the exact amount we receive from our corresponding bank, with the exception of the Blocked Amount upon your first incoming wire transfer.

Then, we assess an Incoming Wire Transfer Fee.

If the amount we credited is not the amount that was wired from your sending bank, historically that is because another intermediary bank in the payment chain assessed their own wire transfer fee.

Unfortunately, we have no control over what other intermediary banks in the payment chain do, nor can we identify who they are. We accept no liability if the funds were assessed an additional fee by an intermediary bank.

Outgoing Wire Transfer Guidelines

In an effort to continually improve your banking experience for our clients and adapt to the ever-changing regulatory environment, we urge you to follow these best practices to ensure that OUTGOING wires are sent successfully.

Euro Pacific Bank has much more control over outgoing wires, therefore less issues arise. However, please consider these tips:

  1. Economic Purpose – Similar to incoming wires, OUTGOING wires should also contain the economic purpose in SWIFT field 70. If not entered, the wire may be rejected by our correspondent banking network.
  2. Outgoing wire templates – If sending a regular wire, clients can create an outgoing wire template in the online banking platform, which can be used instead of manually filling out the wire form each time.

If you encounter any outgoing wire issues, please contact your Private Banker or email [email protected] with the information above.

Resolving Incoming Wire Issues

For all INCOMING wire issues, please take the following steps:

Step 1 – Wait 5 business days after the wire was sent. This allows an appropriate amount of time for the wire to reach Euro Pacific Bank.

Step 2 – If after 5 business days the wire has not been returned to the sending bank, please ask the sending bank to execute a wire trace, as well as e-mailing the outgoing wire receipt to [email protected].

Note: As the beneficiary bank, Euro Pacific Bank cannot trace funds that we have not received. Therefore, it is the responsibility of the sending bank to execute a trace.

Step 3 – If after 5 business days the wire has not been received AND it has been returned to the sending account, please ask the sending bank for the SWIFT wire return information which should include the actual instruction that was used when initially sent (also known as an MT103). Send all information to [email protected].

Incoming Wire Transfer Guidelines

In an effort to continually improve your banking experience and adapt to the ever-changing regulatory environment, we urge you to follow these best practices to ensure that INCOMING wires are received successfully:

  1. No PO Box addresses – Wires from bank accounts associated with a PO Boxes will be rejected by our correspondent banking network. **VERY IMPORTANT**
  2. Add Economic Purpose – All incoming wires should include the economic purpose of the payment in the SWIFT field 70 (also known as the “Message to Beneficiary” or Reference/Information field). Wires that do not state the economic purpose will be returned by our correspondent banking network. **VERY IMPORTANT**
  3. Is an Intermediary Bank necessary?
    • If for any reason you cannot specify our Intermediary Bank, you may omit our Intermediary Bank, and thereby acknowledge that the sending bank must retrieve the correct intermediary route from the SWIFT system. By omitting our Intermediary Bank, you risk that your funds are routed to an incorrect or outdated Intermediary Bank. We accept no liability if the wire transfer does not arrive successfully for any reason.
    • If your EPB wire transfer instruction does not include an Intermediary Bank, one will not be required.
  4. Do I have an IBAN? Currently, Puerto Rico does not participate in the IBAN (International Bank Account Number) standard. Therefore, Euro Pacific Bank clients do not have IBANs and should revert to their standard MT103 wiring instructions. Learn more here.
  5. When will I receive my wire transfer? Arrival of your funds depend on the processing time of the sending bank and the intermediary bank(s) in the payment chain. As soon as the funds arrive, we will update your Online Banking recent transactions. Please monitor your transactions before inquiring about the status of your wire transfer.
  6. How much will we charge for the incoming wire? We credit the exact amount our corresponding bank receives, followed by our incoming wire fee. A full list of fees are published here. We accept no liability if an intermediary bank in the payment chain charges a transfer fee.
  7. How do I know where my funds are during transit? Unfortunately, if your funds have not arrived, we have no way of knowing its status. To know exactly where your funds are within the banking channel, please request your sending bank to perform a wire trace.
  8. Wire Repair Fees – A wire repair fee will be assessed if an incoming wire transfer is not executed in proper MT103 format, meaning information is missing, misplaced, incorrect, or a combination. You are responsible for monitoring your Online Banking transactions, and if you are assessed a wire repair fee, that you read the reason and rectify the formatting issue with the sending bank for your future transfers.

We hope this helps and if you encounter wiring issues, please contact our Client Services team by sending a message through your online banking account, calling +1-888-527-4041, or e-mailing [email protected] with the information above.