Essential Guide to Making International Payments
Making payments to overseas beneficiaries can sometimes be complex. This Payment Formatting Guide will help you gather the right information to ensure your payment is sent efficiently and without delay. It is an A to Z of countries and currencies around the world detailing all the information you need to obtain from your supplier / beneficiary in order for us to make payment. It will help you ask questions and spot potential problems – for example, some countries ask for the beneficiary phone number to be include in the payment information; or your beneficiary may have given you an account number with 10 digits where the attached guide indicates it should only have 8.
As a MINIMUM requirement all payment requests must have:
- Named Beneficiary
- Named Beneficiary Bank
- Account Number
This allows us to comply with anti-money laundering regulations and audit requirements. Failure to provide this information may result in significant delays and may even result in payment failure.