Payment types can be selected when creating a payment and depend on the beneficiary's account, bank, and country.
Internal - Payments between iBanFirst accounts are instantaneous
SEPA - Single Euro Payments Area is the format for Eurozone euro transfers, equivalent to a domestic transfer within your own country.
PSD - Payment Services Directive, denominated in one of the currencies of an EEA member state (i.e.: EUR, HUF, ISK, NOK, PLN, RON, SEK, CHF, CZK, DKK).
SWIFT - Society for Worldwide Interbank Financial Telecommunication, for international transfers in multi-currency outside eurozone
CHAPS (Clearing House Automated Payment System): The UK's same-day, high-value sterling payment system, operated by the Bank of England and settled in real time (RTGS) between participating banks.
FPS (Faster Payments Service): The UK's near-instant sterling payment system, operated by Pay.UK, available 24 hours a day, 365 days a year. Funds are usually credited to the beneficiary's account within 2 hours.
Please note that payment speeds are not guaranteed and may vary depending on factors such as regulatory and compliance checks, payment cut-off times, as well as the beneficiary's bank.
Fee options for SWIFT payments
Intermediary and beneficiary banks may charge fees when processing a SWIFT payment. Under BEN and SHA, these fees may be deducted from the payment amount, so the beneficiary may receive less than the amount sent.
OUR: The sender bears the applicable payment charges. iBanFirst debits a fixed fee from the sender’s iBanFirst payment account when the payment is executed. This option is intended to ensure that the beneficiary receives the full amount sent.
SHARE: The sender pays iBanFirst’s fixed fee, which iBanFirst debits from the sender’s payment account when the payment is executed. The beneficiary pays any fees charged by intermediary or beneficiary banks. These fees may be deducted from the payment amount.
BEN – The beneficiary bears the applicable payment charges. The sender is not charged a fee by iBanFirst for this option. Intermediary or beneficiary banks may deduct their fees from the payment amount, so the beneficiary may receive less than the amount sent.
Depending on the local VAT rules applicable in each country, VAT is charged on service fees shown exclusive of VAT.
SEPA: For a transfer to be SEPA-eligible, it must meet the following criteria:
euro denominated
processable automatically thanks to the beneficiary’s IBAN (International Bank Account Number)
operated within the SEPA zone: includes 36 countries, namely the 27 EU member states and 9 non-EU members:
27 European Union (EU) member states: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.
the 3 European Economic Area (EEA) members (Iceland, Liechtenstein, and Norway),
plus Andorra, Guernsey, Jersey Monaco, Mayotte, San Marino, Saint-Pierre-et-Miquelon, the Isle of Man, Switzerland, the United Kingdom, and the Vatican City State.
PSD: applies to payments denominated in one of the currencies of an EEA member state (i.e.: CHF, CZK, DKK, EUR, GBP,
HUF, ISK, NOK, PLN, RON, SEK) and from and to an account located within the EEA.
Applicable payment fees are available here:
https://ibanfirst.com/fees for all countries, except for UK: https://uk.ibanfirst.com/fees and Luxembourg: https://lu-en.ibanfirst.com/fees