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
BACS - Bankers' Automated Clearing Services is the standard UK domestic payment scheme for GBP transfers, typically processed within 3 working days
CHAPS - Clearing House Automated Payment System is the UK same-day payment scheme for urgent or high-value GBP transfers, processed in real time on the same business day
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.
Fees options for SWIFT Payments:
Intermediary and beneficiary banks might charge a fee to process SWIFT transfer requests
OUR – The payment initiator bears all the fees, with a fixed amount charged to the initiator and debited from their iBanFirst account upon payment execution.
BEN – The payment beneficiary bears all the fees; no fees are charged to the payment initiator.
SHARE – Fees are split between the payment initiator and the beneficiary, with a fixed amount charged to the initiator and debited from their iBanFirst account upon payment execution.
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: applied for payment denominated in one of the currencies of an EEA member state (i.e.: EUR, HUF, ISK, NOK, PLN, RON, SEK, CHF, CZK, DKK) and from and to an account located in a PSD country
Applicable payment fees are available here:
https://ibanfirst.com/fees for all countries, except for UK: https://info.ibanfirst.com/en-gb/fees