Charge Code Selection
Complete control over how your international fees are handled.
Finseta clients can now select specific charge codes (SHA, BEN, or OUR) directly within the Finseta platform. This flexibility is available for both single transfers and via an optional new column in our mass payment templates.
What is a charge code?
When you send money internationally, banks may apply fees for processing the payment. A charge code simply tells the banks involved who will pay those fees.
When does this apply?
Charge codes are used whenever money is sent overseas through the international banking system (such as via the SWIFT network). Because the payment may pass through multiple banks, fees can be charged at different stages.
What are the options?
There are three standard charge codes:
OUR – The sender pays all fees. The recipient receives the full amount.
SHA (Shared) – Fees are shared. The sender pays their bank’s fee, and the recipient pays any fees charged by other banks.
BEN (Beneficiary) – The recipient pays all fees, which are deducted from the amount sent.
Key Benefits
Flexibility: Clients can select their desired charge codes directly within the Finseta platform, without involvement from the team.
Cost Management: Choose the fee structure that aligns with your specific vendor agreements or internal accounting preferences.
Seamless Integration: We’ve designed this to be non-disruptive. Your existing mass payment templates will continue to work perfectly, with the new charge code column remaining entirely optional.
