You can specify how transfer-related fees are handled when initiating an international bank transfer via SWIFT.
Most banks will charge a transfer fee to send a wire. Your sending bank may also need to route the payment through other banks to complete the payment. These are called intermediary or correspondent banks. Those banks will often also deduct a fee from the amount before it reaches the final recipient. The total amount of these fees depends on your bank and intermediary/correspondent banks involved in processing the payment.
You must cover any transfer fees incurred when paying Deel invoices via international bank transfer, including intermediary bank fees—covering the costs guarantees that Deel receives your payment in full and that your contractors get paid on time. Field 71A (Details of Charges) on the form provided by your bank determines who will pay the transfer fees.
Note: Always select "OUR" when sending an international wire to Deel.
Selecting OUR avoids additional intermediary bank fees and ensures Deel receives the total amount and can settle your payment immediately.
OUR: The sender covers transfer fees in full. The total transferred amount is delivered to the beneficiary. Payments to Deel must be made with OUR instructions.
BEN: The beneficiary covers the transfer fees. Any fees are deducted from the transfer amount. Therefore, the beneficiary receives the transferred amount net of all fees.
SHA: The transfer fees are shared. The sender covers fees charged by the sending bank. Any fees charged later by intermediary/correspondent banks are deducted. The beneficiary receives the transferred amount net of any intermediary bank fees.
|When in doubt, please check directly with your bank and confirm the beneficiary will not be charged transfer-related fees. This allows your contractors can be paid out in time.|