What are the different ways you could charge me when I make transfers?
International Payments
There are three main ways you could be charged.
- Deduct all charges from the payment.
- Debit all charges from the account.
- Debit only UK charges from the account.
SEPA Payments
Important:
As part of the second Payment Services Directive (PSD2), the payment service regulators have introduced the following regulation on payments for all banks across the EEA:
Where the senders Bank and the beneficiary’s Bank are located within the EEA, irrespective of the currency of the transaction, shared charging (SHA) is mandatory, which means:
- the sender must pay any charges levied by their Bank
- the beneficiary must pay any charges levied by their Bank
Note: Clients who have accounts held in Jersey, Guernsey and the Isle of Man did not see this change immediately, but this was introduced at the end of March 2018. From that date, the charge option which should be selected is Shared (SHA). All other available options will no longer be displayed.
This is the case for both sterling accounts and currency accounts.
EEA countries where shared charging would be mandatory:
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