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.