Structured Payment
Q. What is a structured payment?
A. A structured payment is a way of transferring euros to countries within the European Union using the SWIFT system. You can transfer money via structured payment if both parties are within the EU. These countries are:
| Austria | France* | Luxembourg | Slovenia |
| Belgium | Germany | Malta | Spain |
| Bulgaria | Gibraltar | Netherlands | Sweden |
| Cyprus | Greece | Poland | |
| Czech Republic | Hungary | Portugal | |
| Denmark | Italy | Republic of Ireland (Eire) | |
| Estonia | Latvia | Romania | |
| Finland | Lithuania | Slovakia |
The funds will always be sent in euros, apart from Sweden, where either euros or Swedish kroner can be sent, so please state the currency if you're sending to Sweden.
*The following countries use the same IBAN format as France, so structured payment can be used to send money to these too: French Guiana, French Polynesia, French Southern Territories, Guadeloupe, Martinique, Mayotte, New Caledonia, Réunion, Saint Pierre et Miquelon, Wallis and Futuna Islands
Q. How much do structured payments cost?
A. The charges are to be shared. You will pay our charge of £8 and the recipient will pay the overseas bank charges. If the BIC and IBAN provided are correct, then there shouldn’t be any additional charge to the beneficiary.
If the BIC and/or IBAN provided are incorrect, then the foreign banks are allowed to charge a repair fee.
Q. How much can I send by structured payment?
A. The amount that you send has to be under 50,000 euros. If you want to transfer more you could send money via SWIFT or euroCHAPS.
Q. How long does it take for a structured payment to be received?
A. It will take 3 - 5 working days for the payment to be received.
Q. What do I need for a structured payment?
A. You will need the following:
- beneficiary bank name (and address if you have it)
- beneficiary bank BIC
- beneficiary account IBAN
- beneficiary account name
- beneficiary address (if you have it)
