A beneficiary or payee is the person you would like to transfer funds to. Whether you are sending money 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:

Step 1:

Navigate to the Create a new beneficiary page

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

Step 2:

Add Beneficiary details

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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 belongs to Yourself, or Your Own Company, select ‘Yes’

- If the bank account you’re sending money belongs to a third-party party (I.e. not yourself or your company), select 'No'

Step 3:

Select beneficiary’s country

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- 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 pe 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 3rd party

- (Optional) Friendly name: Name for your own reference (e.g. Fluffy Socks Ltd)

- Name/Company name: Account Name that matches the beneficiaries bank records

- County of beneficiary: Country in which the beneficiary is based


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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: Prefilled to your name/company name

- County of beneficiary: Country in which the beneficiary is based


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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.


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Step 5:

Enter beneficiary bank details

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

- IBAN and SWIFT/BIC

- Account number & sort code (GBP)

- Account number & ABA/routing code (US)

- Account number & BSB (AUD)


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These fields are mandatory. You will see the error messages below if the IBAN field is missed, or if the Swift / BIC are in the wrong format.

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

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Step 7:

Confirm

Review the details you have supplied before you confirm

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Step 8:

Customer authentication

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

Enter the 6-digital code received via SMS or Authy to finalise the beneficiary set up process.

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But what if I would prefer to speak to my Account Manager?


If you’d prefer to speak to your account manager, or have any questions or the details on your currency account documents do not match those of your marketplace seller account or storefront, please get in touch using the contact details below and we shall send your Account Verification Letter to you within one working day.

Call us
0207 801 1068

Office Hours

8am until 8pm Monday to Thursday

8am until 5.30pm Friday

There’s always someone here to take your call.