How to add a beneficiary / Payee

 

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

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 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

- 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


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


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 & sort code (GBP)

- Account number & ABA/routing code (US)

- Account number & BSB (AUD)


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

Step 7:

Confirm

Review the details you have supplied before you confirm

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.

Further help?


If you have any questions about setting up a beneficiary / payee, please get in touch using the contact details below:

In the UK? Call us free
0808 115 5009

Outside the UK
020 3944 3580

Office Hours Monday - Friday

8.30am - 5.30pm

There’s always someone here to take your call.