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What are BEN, SHA, OUR payment instructions?

    Today, it’s easy to send money anywhere in the world – you just need a device with access to the Internet and an e-money account. But how does it happen? And what do the banking abbreviations mean?

    Read on to learn more.

    What are SEPA payments?

    SEPA (stands for Single Europe Payments Area) is a project which aims at creating an integrated pan-European payment area where all EUR transfers are executed efficiently and securely.

    In other words, SEPA enables you to send and receive money within the SEPA-participating countries (full list here) as easily and conveniently as you make domestic transfers.

    The even better part is that starting November 2017, SEPA Instant Credit Transfer Scheme has enabled instant bank transfers which are settled in the beneficiary’s account for within only 10 seconds.

    How do SWIFT payments work?

    SWIFT is the global messaging system used by banks and financial institutions to transmit financial messages and instructions for transfers and transactions. In brief, the SWIFT system allows you to securely make international money transfers in different currencies.

    When you make a SWIFT transfer, you can choose who pays the transfer charges. Given that, there are certain types of codes that you should be familiar with – SHA, OUR and BEN.

    What is the difference between SHA, OUR, BEN?

    The OUR instruction means that sender covers all transfer charges. The beneficiary will receive the full amount of the transfer.

    SHA (means shared) is used when the sender and the recipient want to split the transfer fees. That means that the sender pays the fees for the payment orders and the receiver covers the charges of the intermediary banks.

    BEN (from beneficiary) means that all fees are paid by the recipient of the transfer.

    Well… that’s enough with the terms!

    Whether you want to make a transfer in EUR or send money to any bank abroad, LeoPay got you covered. Simply log in to your account and follow the guidelines – it’s that simple!