Three models of cross-border remittance New Zealand bank wire transfer charges

Remittances to New Zealand through bank channels, whether it's living expenses, tuition, buying New Zealand goods, or using a $50,000-a-year convenience line, are the safest and most convenient way to do so, and the exchange rate is very good. Many people are not very understanding of the model of international remittances, basically a blind eye, with the natural trust in the bank, directly to the counter to handle, although now there are more advanced online banking and mobile banking, banks also put the lucrative international remittance business packaged into a "black box", so that ordinary users are difficult to see its details.

Many people for the bank's SWIFT wire transfer network wire transfer charging model is a fog. It's even more dizzy to see the bank's money order say SHA, a code that simply translates into the word "common." In fact, the bank's international remittance on the wire charge model is three, it is easy to remember.

The so-called charging model, in English, is Payment Instruction. It is divided into SHA/OUR/BEN.

SHA, shared in short, refers to the sender of the remittance, and the recipient share the cost, the payer bears the "remittance fee", the payer bears the intermediary line fee and the collection bank fee. In the case of RMB remittance NZD, basically, in the case of SHA, the fee issued is between RMB50-300 (depending on the bank) (not related to the amount of the remittance) and the collection fee of the receiving bank is between NZ$15-25. This is the most common mode of RMB remittance, and the most common mode of domestic banks for individual international remittance business.

BEN, in short, means that the payer bears all the costs and the payer does not pay the wire transfer fee.

OR, the payer bears all the costs (issuer), i.e. the payer (the recipient of the New Zealand dollar) no longer charges the dozen NZ dollars, and the payer bears all the costs. This model is most applicable in scenarios such as cross-border tuition transfers, where banks in RMB pay a little more and use OUR to ensure that school accounts receive the exact amount of remittances.

Some domestic banks do not support the BEN or OUR model, if you want to remit fees according to different scenarios, or should ask the bank counter, and then choose the right way.
Pay Tips 22-12-20


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