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Foreign Payments

All payment instructions must have:

  • Beneficiary account name (please note that this might be different from the beneficiary name, we need the full correct bank account holders name)
  • Beneficiary bank account number and bank sort code/Swift code/routing number
  • Beneficiary bank’s name and address (Preferably exact address but if not available, specified city is sufficient in most European countries and American states. Payments to Asian countries i.e. India and China need exact address).
  • Please ensure you check with your beneficiary what currency the beneficiary bank account is held in to avoid the unnecessary foreign exchange by the beneficiary bank.

 

Intermediary instructions

An intermediary bank is required when sending a payment in a currency that is not the domestic currency for the destination country. For example a USD payment to HSBC in Hong Kong will need to be routed via a US Bank.

Do not worry if you have not been provided with an intermediary bank for a payment. Our dealers are able to locate the correct intermediary using their banking directories

 

EUR payments

You must quote the International Bank Account Number (IBAN) and SWIFT Bank Identifier Code (BIC) for all cross-border intra-EU/EEA euro payment instructions.

 

The IBAN: (International Bank Account Number)

Consists of: 2 letters (country code) + 2 digits (check digits) + X digits (bank branch/domestic routing code) + Y digits (account number - can be a combination of numbers and letters)

Eg. Co-Operative Bank Plc, Cardiff University: GB23 CPBK 089003 70002203

Please note that only European countries have IBANs.

When sending EUR payments to non-European countries generally we need the account number and SWIFT (BIC) code, but other domestic routing codes can be helpful as we can get extra information about the beneficiary bank.

 

The SWIFT code (Society for Worldwide Inter-bank Financial Telecommunication)
Also known as a BIC (Bankers Identifier Code)

A SWIFT code enables the electronic/telegraphic transfer of funds between banking institutions.

Most international monetary transactions are sent via the SWIFT network.

A SWIFT code must always contain either 8 or 11 alphanumeric characters.

The first 4 characters identify the bank name, the second 4 characters identify the geographical location of the head office and the remaining 3 character suffix will identify the geographic location of the sub-branch.

Eg. Barclays Bank plc, Biarritz, France – SWIFT Code BARCFRPPBIA

 

Other currency payments (non-EUR)

When sending a payment in a currency that is the domestic currency for the destination country

For example:
GBP payment to UK

Account number (8 digits) + Sort Code (6 digits)

USD payment to US
Account number (X digits - not specified) + ABA Routing number (9 digits)

CAD payment to Canada
Account number (7-12 digits) + Transit number (4 digits /institution number/ + 5 digits /branch number/)

AUD payment to Australia
Account number (5-10 digits) + BSB routing number (6 digits)

NZD payment to New Zealand
Account number (5-10 digits) + NZ Bank code (6 digits)

SEK payment to Sweden
Account number (11-14 digits) + Clearing number (4 digits)

INR payment to India
Account number (X digits – not specified) + Indian Financial System Code (11 digits – alphanumeric) + SWIFT code

 

The general requirements are the account number and domestic routing code.

 

For European countries if the full IBAN is available please use that, if not, please refer to the table above for account number and routing code formats.

 

For some countries we do not use or do not have domestic routing codes, so we need the account number and SWIFT (BIC) codes.

For example:
ZAR payment to South Africa

Account number (X digits – not specified) + SWIFT code and if available, Bank Branch number (6 digits)

HKD payment to Hong Kong
Account number (12-15 digits) + SWIFT code

AED payment to United Arab Emirates
Account number (X digits – not specified) + SWIFT code

 

 

When sending a payment in a currency that is NOT the domestic currency for the destination country

For example:

USD payment to China
Account number (X digits – not specified) + SWIFT code

 

The general requirements are the account number and SWIFT (BIC) code and if given, intermediary instructions.

Domestic routing codes can be helpful as we can get extra information about the beneficiary bank.

For European countries if the full IBAN is available please use that, if not, please refer to the table above for account number and routing code formats

 

Payments to all South-American countries require the beneficiary’s contact name, address and telephone number due to government regulations.

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