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:
- the time you initiate the transaction
- the country and currency in which you make the transfer
- the working schedule of the correspondent banks
- public holidays in the countries where the correspondent banks are located
- AML controls applied strictly by the correspondent banks
- lists of international sanctions
Note: The amount of the fees mentioned above can be found on the bank's website at Tariffs and commission fees applied by BC "MAIB" SA to non-lending products/services provided to legal persons
