1. FAQ
  2. USD Account
  3. Pay Internationally

Why did the beneficiary receive less than the amount sent via SWIFT?

For SWIFT transfers, intermediary fees will be charged. The payer has the option to choose the SWIFT Fee type for their transfer:

> "SHA" - beneficiary and payer will split the intermediary fee
> "OUR" - payer will bear the entire intermediary fee

The "OUR" SWIFT fee type option is available in Aspire. If you're sending a SWIFT transfer from your USD account and want to shoulder the intermediary fees, you can tick the button "Pay USD(amount) extra and fix this amount". However, sometimes the beneficiary may still not receive the full payment amount. This is due to the way in which payments enter the US clearing system.

Once the SWIFT transfer has been initiated, a transfer reference called MT103 will be generated and is visible to the banks who will be involved with sending the transfer. When the SWIFT transfer hits the US clearing systems, certain payment data can be removed (including the payment charging type information relating to OUR) as they are not fully optimized to receive SWIFT payments. Thus, treating the transfer to have the default SWIFT fee type, "SHA", and the correspondent bank passing the payment through to the beneficiary bank can potentially deduct intermediary fee from the payment amount itself.

Please note that this payment scenario is out of Aspire as well as our partner's (The Currency Cloud Limited) control and can happen to any bank or financial institution.


Questions? If you'd like more assistance before going ahead, please let us know here or call us at +65 3165 1500 during business hours (Mon - Fri, 9:30 AM - 6:30 PM SGT).