In order for your institution to receive your payment in full, you must cover any transfer related fees charged by your bank on top of the amount you are sending to Flywire. Flywire never charges any additional fees on top of the amount that is stated in your payment request.
Most banks charge a fee for initiating a bank transfer, but the amount of the possible fee depends on your bank and any intermediary bank they may use. SEPA payments (transfers made within the Single Euro Payments Area) are typically low-cost or free of charge. However, when in doubt you should always contact your bank directly to ask if and how much they charge for initiating the transfer of your funds. Always let your bank know that you will cover all fees associated with the transfer prior to initiating your payment either by contacting them directly or by indicating you will do so when filling out a transfer application form online or at your local bank branch.
When making a SWIFT international transfer, field 71A on the form provided by your bank asks who will pay the transfer fees. You should always select “OUR” to avoid banks deducting additional fees for your transfer after completing your payment.
Here are explanations of what each option means:
- OUR: The transfer fees are expected to be paid before you initiate the transfer. This means the transfer amount is expected to be delivered in full to the beneficiary. Selecting this option safeguards you against short payments made to your institution.
- BEN: The transfer fees are expected to be covered by the beneficiary of the funds. This means that any fees will be deducted from the amount you are transferring. As a result, the money will reach Flywire’s account short which will in turn result in a short payment made to your institution.
- SHA: The transfer fees are expected to be shared. This means, some of the charges are expected to be paid before the transfer is made and some are expected to be deducted from the amount you are transferring before they reach the beneficiary. As a result, the money will reach Flywire’s account short which will in turn result in a short payment made to your institution.
In rare instances a bank may have a special agreement and/or instructions in terms of the detail of charges that will overwrite the selection of "OUR". When in doubt, please check with your bank directly to make sure that the beneficiary will not be charged for any transfer related fees and will receive the full amount.