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How to add a beneficiary / payee

What is a beneficiary?

A beneficiary or payee is the person to which you would like to transfer funds. Whether you are sending money to yourself or a third party abroad, it’s important to ensure you have the correct payee details.

Details you may need depending on the beneficiary’s location:

  • IBAN number – What is an IBAN number?
  • SWIFT or BIC code – What is a SWIFT / BIC code?
  • ABA number or routing code (Transfer to the US) – What is an ABA number?

Visit our dedicated page to find out more about the differences between IBANs, SWIFT and BIC codes and ABA numbers.

How to guide

Step 1:

Navigate to the Create a new beneficiary page

Click on ‘Beneficiaries’ and select ‘Create a new beneficiary’ on the left-hand menu.

Step 2:

Add Beneficiary details

Who do you want to send money to?

  • If you are sending money to a person, select ‘Individual’
  • If you are sending money to a company, select ‘Company’

Is this your own account?

  • If the bank account you’re sending money to belongs to yourself, or your own company, select ‘Yes’
  • If the bank account you’re sending money to belongs to a third party (i.e. not yourself or your company), select ‘No’

Step 3:

Select beneficiary’s country

  • Beneficiary’s bank country: the country where the bank account that you’re sending money to is located.
  • Beneficiary account currency: the currency of the account that you are sending money to – this will be pre-populated based on the country selected

When selecting the beneficiary bank country, the most frequently used countries will appear at the top of the drop-down menu.

Step 4a:

Enter key beneficiary details – sending money to a third party

  • (Optional) Friendly name: name for your own reference (e.g. Fluffy Socks Ltd)
  • Name/Company name: account name that matches the beneficiary’s bank records
  • County of beneficiary: country in which the beneficiary is based

Confirmation email:

If you would like your beneficiary to be notified automatically when a payment to their account is scheduled, please select ‘Yes’ and input the beneficiary’s email address.

Step 4b:

Enter key beneficiary details – sending money to your own account

  • (Optional) Friendly name: name for your own reference (e.g. My DBS Account)
  • Name/Company name: pre-filled to your name/company name
  • County of beneficiary: country in which the beneficiary is based

Note:

For countries outside of the EU and Australia, you will also need to input the full address of the company/person you’re sending funds to.

Step 5:

Enter beneficiary bank details

Depending on the location of your beneficiary, this section will request:

  • IBAN and SWIFT/BIC
  • Account number and sort code (GBP)
  • Account number and ABA/routing code (US)
  • Account number and BSB (AUD)

Step 6:

Add payment details

Default payment reason:

Select ‘Transfer to Own Account’ if you’re sending funds back to your own account, or select ‘Paying Overseas Suppliers’ for supplier payment.

Default payment reference:

Input notes that you would like your beneficiary to see – for example an invoice or purchase order number.

Both fields are optional.

Confirm

Review the details you have supplied before you confirm and press the submit button.

Step 7:

Customer authentication

Once you have completed entering the beneficiary details, you will receive a strong customer authentication (SCA) prompt.

Enter the six-digital code received via SMS or Authy to finalise the beneficiary set up process.