| Step | What happens |
|---|---|
| Your bank debits your account | In rand, at the rate it quoted you |
| It sends a SWIFT message | An instruction, not the funds |
| Correspondent bank receives it | A bank holding accounts in the target currency |
| It may deduct a fee | USD 15 to USD 40, in transit |
| Further correspondents may follow | Each may deduct |
| The beneficiary bank credits the account | Possibly less its own fee |
| Code | Meaning | Effect |
|---|---|---|
| OUR | The sender pays all charges | The recipient gets the full amount, you pay more |
| SHA | Shared | You pay your bank, intermediaries deduct from the amount |
| BEN | The beneficiary pays | Everything is deducted from the amount sent |
| Problem | Usual cause |
|---|---|
| The amount arrived short | An intermediary deducted a fee under SHA or BEN |
| The transfer is delayed | Compliance screening at a correspondent |
| It was returned | A detail mismatched the beneficiary account |
| It cannot be traced | Ask for the SWIFT message reference, a UETR |
| Weekend or holiday delay | Correspondent banks keep their own calendars |
Data maintained by TradeAnswers · updated as the figures change